TABLE 10.  Summary of per acre costs and returns for a 500 acre farm with above average
           management, Artesia-Lake Arthur area, 2001.
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                                               ALFALFA  ALFALFA               OAT   PICKER STRIPPER
                                        ESTABLISHMENT       HAY   BARLEY      HAY   COTTON   COTTON
                                             -----------------------SPRINKLER----------------------
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                                                  TONS     TONS      CWT     TONS      LBS      LBS
 
PRIMARY YIELD                                    4.50     6.50    35.00     3.50   700.00   700.00
PRIMARY PRICE                                  120.00   120.00     2.70    80.00     0.69     0.65
  GOVERNMENT PAYMENTS                            0.00     0.00    11.90     0.00    67.20    67.20
  SECOND INCOME                                  0.00    40.00    40.00     0.00    54.60    54.60
 
GROSS RETURN                                  $540.00  $820.00  $146.40  $280.00  $604.80  $576.80
 
 
CASH OPERATING EXPENSES
     SEED                                      $59.00            $34.10   $23.00    $8.40   $10.20
     FERTILIZER                                $34.00   $38.00   $63.00   $21.00    $4.80    $4.80
     CHEMICALS                                 $30.28  $110.21   $19.07            $86.01   $86.09
     CROP INSURANCE                                               $5.88             $1.64    $1.19
     OTHER PURCHASED INPUTS                             $71.20
     CANAL WATER
     FUEL, OIL & LUBRICANTS-EQUIPMENT          $41.83   $23.36   $11.45   $17.47   $35.28   $30.64
     FUEL-IRRIGATION                           $54.99   $62.85   $36.66   $36.66   $36.66   $36.66
     REPAIRS                                   $41.97   $44.67   $16.09   $21.38   $60.45   $23.93
     CUSTOM CHARGES                                              $24.91           $104.77  $136.20
     LAND TAXES                                          $1.56    $1.56    $1.56    $1.56    $1.56
     OTHER EXPENSES                             $0.81   $39.91   $39.55   $39.64   $40.02   $39.96
                                              ________ ________ ________ ________ ________ ________
         TOTAL CASH EXPENSES                  $262.89  $391.75  $252.27  $160.70  $379.60  $371.23
 
RETURN OVER CASH EXPENSES                     $277.11  $428.25 ($105.87) $119.30  $225.20  $205.57
 
FIXED EXPENSES                                 $92.11   $96.48   $40.64   $47.83  $180.77   $71.35
 
         TOTAL EXPENSES                       $355.00  $488.22  $292.91  $208.53  $560.37  $442.57
 
NET FARM INCOME                               $185.00  $331.78 ($146.51)  $71.47   $44.43  $134.23
 
LABOR AND MANAGEMENT COSTS                     $96.99  $103.67   $30.42   $46.45   $97.71   $91.18
 
NET OPERATING PROFIT                           $88.01  $228.11 ($176.93)  $25.02  ($53.28)  $43.04
 
CAPITAL COSTS
     INTEREST ON OPERATING CAPITAL                      $12.08    $7.12    $3.51    $6.73    $6.48
     INTEREST ON EQUIPMENT INVESTMENT          $38.29   $21.96   $11.02   $16.30  $122.84   $29.69
                                              ________ ________ ________ ________ ________ ________
         TOTAL CAPITAL COSTS                   $38.29   $34.04   $18.15   $19.81  $129.57   $36.17
 
RETURN TO LAND AND RISK                        $49.72  $194.07 ($195.08)   $5.21 ($182.85)   $6.87
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