TABLE 8. Summary of per acre costs and returns, 10 acre part-time farm,
         Cibola County, 2001.
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                                                               PERMANENT
                                               ALFALFA  ALFALFA  PASTUREPERMANENT    FIELD
                                         ESTABLISHMENT      HAY     EST.  PASTURE     CORN
                                             --------------------FLOOD--------------------
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                                                  TONS     TONS              AUMS      CWT
 
PRIMARY YIELD                                    2.00     3.50              5.00    40.00
PRIMARY PRICE                                   80.00   110.00             12.00     3.57
  GOVERNMENT PAYMENTS                            0.00     0.00              0.00     0.00
  SECOND INCOME                                  0.00    10.00              0.00     0.00
 
GROSS RETURN                                  $160.00  $395.00            $60.00  $142.80
 
 
CASH OPERATING EXPENSES
     SEED                                      $70.50            $42.75             $9.81
     FERTILIZER
     CHEMICALS
     CROP INSURANCE
     OTHER PURCHASED INPUTS                     $6.17   $10.80
     CANAL WATER                                $9.00    $9.00    $9.00    $9.00    $9.00
     FUEL, OIL & LUBRICANTS-EQUIPMENT          $18.00    $8.46   $13.84    $0.00   $11.63
     FUEL-IRRIGATION
     REPAIRS                                    $1.65    $0.45    $1.47    $0.00    $1.40
     CUSTOM CHARGES                            $17.50   $17.50
     LAND TAXES                                 $0.31    $0.31    $0.31    $0.31    $0.31
     OTHER EXPENSES                             $0.40  $181.91    $0.34  $181.75  $184.65
                                              ________ ________ ________ ________ ________
         TOTAL CASH EXPENSES                  $123.53  $228.43   $67.71  $191.06  $216.80
 
RETURN OVER CASH EXPENSES                      $36.47  $166.57  ($67.71)($131.06) ($74.00)
 
FIXED EXPENSES                                $133.40  $163.96   $86.92   $16.73   $58.11
 
         TOTAL EXPENSES                       $256.94  $392.39  $154.63  $207.79  $274.91
 
NET FARM INCOME                               ($96.94)   $2.61 ($154.63)($147.79)($132.11)
 
LABOR AND MANAGEMENT COSTS                     $60.54   $54.04   $45.48   $21.20  $309.09
 
NET OPERATING PROFIT                         ($157.48) ($51.43)($200.11)($168.99)($441.20)
 
CAPITAL COSTS
     INTEREST ON OPERATING CAPITAL              $4.38    $1.09             $0.41    $1.14
     INTEREST ON EQUIPMENT INVESTMENT         $143.96   $98.66             $0.00   $68.56
                                              ________ ________ ________ ________ ________
         TOTAL CAPITAL COSTS                  $148.35   $99.75    $0.00    $0.41   $69.70
 
RETURN TO LAND AND RISK                      ($305.83)($151.18)($200.11)($169.40)($510.90)
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