TABLE 3. Alfalfa establishment, flood-irrigated, budgeted per acre costs and returns for a 10 acre part-time farm,
         Cibola County, 2001.
              Planting Dates: May 15 - July 1
              Harvest Dates: August 20 - September 10
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         ITEM                  PRICE             YIELD                                                          TOTAL
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GROSS RETURNS
    OAT HAY                  $80.00              2.00  TONS (IN FIELD)                                       $160.00
                                                                                                             _______
         TOTAL                                                                                               $160.00
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                                                               PURCHASED
PURCHASED INPUTS               PRICE             QUANTITY        INPUTS                                         TOTAL
--------- ------               -----            -----------      ------                                       ------
    ALFALFA SEED              $2.95                20  LBS       $59.00                                       $59.00
    OAT SEED                  $0.23                50  LBS       $11.50                                       $11.50
    WIRE                      $0.36                17  LBS        $6.17                                        $6.17
    CANAL WATER                                    18  AC. IN.    $9.00                                        $9.00
                                                                 ______                                       ______
         SUBTOTAL                                                $85.67                                       $85.67
 
 
                            POWER            ACCOMPLISHMENT    PURCHASED              FUEL             FIXED
PREHARVEST OPERATIONS        UNIT                 RATE            INPUTS    LABOR   & LUBE  REPAIRS     COST    TOTAL
---------- ----------      ------              ----------      ---------   -----    -----   -------   -----   ------
    PLOW                   40 HP                 1.31  HR                  $6.75    $5.68    $0.50   $16.73   $29.66
    DISC (2X)              40 HP                 1.06  HR                  $5.46    $4.60    $0.87   $31.18   $42.10
    DRAG (2X)              40 HP                 0.62  HR                  $3.19    $2.69    $0.05   $20.41   $26.35
    DRILL                  40 HP                 0.41  HR                  $2.11    $1.78    $0.03    $1.76    $5.69
    BORDER DISC            40 HP                 0.10  HR                  $0.52    $0.43    $0.04   $27.04   $28.04
    IRRIGATE (3X)                                2.25  HR                 $11.59                              $11.59
                                                _________                 ______   ______   ______   ______  _______
         SUBTOTAL                                5.75  HR                 $29.61   $15.18    $1.50   $97.12  $143.42
 
HARVEST OPERATIONS
------- ----------
    SWATHER (CUSTOM)                                             $17.50                                       $17.50
    BALER                  40 HP                 0.65  HR                  $3.35    $2.82    $0.15   $36.28   $42.60
                                                _________        ______   ______   ______   ______   ______   ______
         SUBTOTAL                                0.65  HR        $17.50    $3.35    $2.82    $0.15   $36.28   $60.10
 
OVERHEAD EXPENSES
-------- --------
    DOWNTIME                                     2.19  HR                 $11.27                              $11.27
    EMPLOYEE BENEFITS                                                      $3.96                               $3.96
    INSURANCE                                                     $0.40                                        $0.40
    LAND TAXES                                                                                        $0.31    $0.31
    SUPERVISION AND MANAGEMENT                                            $12.36                              $12.36
 
                                                 _________       ______   ______                     ______   ______
         SUBTOTAL                                2.19  HR         $0.40   $27.58                      $0.31   $28.29
                                                 _________      _______   ______   ______   ______   ______  _______
TOTAL OPERATING EXPENSES                         8.59  HR       $103.57   $60.54   $18.00    $1.65  $133.72  $317.48
 
NET OPERATING PROFIT                                                                                        ($157.48)
 
    INTEREST ON OPERATING CAPITAL           (  $48.71     @        9.00%)                                      $4.38
    INTEREST ON EQUIPMENT INVESTMENT                                                                         $143.96
 
RETURN TO LAND AND RISK                                                                                     ($305.83)
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