TABLE 6. Wheat, sprinkler-irrigated, budgeted per acre costs and returns for a 320 acre farm with above average management, Roswell-Hagerman area, 2001. Planting dates: August 15 - November 1 Harvesting dates: June 15 - July 1 --------------------------------------------------------------------------------------------------------------------- ITEM PRICE YIELD TOTAL --------------------------------------------------------------------------------------------------------------------- GROSS RETURNS WHEAT $5.00 40.00 CWT $200.00 ASCS DEFICIENCY $0.77 40.00 CWT $30.80 ASCS DIVERSION $0.00 $0.00 GRAZING $44.00 1.00 ACRE $44.00 _______ TOTAL $274.80 --------------------------------------------------------------------------------------------------------------------- PURCHASED PURCHASED INPUTS PRICE QUANTITY INPUTS TOTAL --------- ------ ----- ----------- -------- ----- SEED $0.11 100 LBS $11.00 $11.00 NITROGEN (N) $0.42 150 LBS $63.00 $63.00 PHOSPHATE (P205) $0.39 50 LBS $19.50 $19.50 INSECTICIDE (CUSTOM) $17.75 1 ACRE $17.75 $17.75 PUMP WATER* 28 AC. IN. CROP INSURANCE $1.96 $1.96 $1.96 SUBTOTAL $113.21 $113.21 POWER ACCOMPLISHMENT PURCHASED FUEL FIXED PREHARVEST OPERATIONS UNIT RATE INPUTS LABOR & LUBE REPAIRS COST TOTAL ---------- ---------- -------------- ----------- --------- ----- ----- ------- ----- ----- PLOW 145 HP 0.48 HR $3.62 $6.07 $3.32 $12.23 $25.24 DISC (2X) 145 HP 0.28 HR $2.11 $3.54 $2.27 $9.06 $16.99 FERTILIZE DEALER APPLIED DRILL 96 HP 0.21 HR $1.59 $1.47 $0.92 $4.78 $8.75 DITCHER (2X) 130 HP 0.10 HR $0.76 $1.02 $0.32 $3.03 $5.12 IRRIGATE (4X) 1.00 HR $6.45 $100.99 $4.11 $23.53 $135.08 _________ _______ _______ _______ _______ _______ SUBTOTAL 2.07 HR $14.53 $113.09 $10.94 $52.63 $191.18 HARVEST OPERATIONS ------- ---------- COMBINE (CUSTOM) $14.18 $14.18 HAUL (CUSTOM) $8.00 $8.00 _______ _______ COMBINE & HAUL (CUSTOM) $22.18 $22.18 OVERHEAD EXPENSES -------- -------- DOWNTIME 0.27 HR $2.02 $2.02 EMPLOYEE BENEFITS $2.62 $2.62 INSURANCE $0.29 $0.29 LAND TAXES $1.56 $1.56 SUPERVISION AND MANAGEMENT $20.72 $20.72 OTHER EXPENSES $60.72 $60.72 _________ _______ _______ _______ _______ SUBTOTAL 0.27 HR $61.01 $25.36 $1.56 $87.93 --------- ------- ------- ------- ------- ------- ------- TOTAL OPERATING EXPENSES 2.34 HR $196.40 $39.88 $113.09 $10.94 $54.19 $414.50 NET OPERATING PROFIT ($139.70) INTEREST ON OPERATING CAPITAL ( 89.46 @ 9.00%) $8.05 INTEREST ON EQUIPMENT INVESTMENT $26.66 RETURN TO LAND AND RISK ($174.41) ===================================================================================================================== * Pump water costs are shown under irrigation in the preharvest operations section. BUDGET SUMMARY GROSS RETURN $274.80 VARIABLE OPERATING EXPENSES $320.42 RETURN OVER VARIABLE EXPENSES ($45.62) (GROSS MARGIN) FIXED EXPENSES $54.19 NET FARM INCOME ($99.82) (RETURN TO CAPITAL, LABOR, LAND & RISK) LABOR AND MANAGEMENT COST $39.88 NET OPERATING PROFIT ($139.70) (RETURN TO CAPITAL, LAND & RISK) CAPITAL COSTS $34.71 RETURN TO LAND AND RISK ($174.41) ===================================================================================================