TABLE 7. Field corn, flood-irrigated, budgeted per acre costs and returns for a 10 acre part-time farm,
         Cibola County, 2001.
              Planting Dates: May 25 - June 25
              Harvest Dates: October 15 - November 20
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         ITEM                  PRICE             YIELD                                                          TOTAL
---------------------------------------------------------------------------------------------------------------------
GROSS RETURNS
    CORN                      $3.57             40.00 CWT                                                    $142.80
                                                                                                            _________
         TOTAL                                                                                               $142.80
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                                                               PURCHASED
PURCHASED INPUTS               PRICE             QUANTITY        INPUTS                                         TOTAL
--------- ------             ------             -----------      -------                                       ------
    CORN SEED                 $0.98                10  000        $9.81                                        $9.81
    CANAL WATER                                    30  AC. IN.    $9.00                                        $9.00
                                                                _______                                      _______
         SUBTOTAL                                                $18.81                                       $18.81
 
                               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                   40 HP                 0.31  HR                  $1.60    $1.34    $0.03   $10.21   $13.17
    HAND RIDGE                                  10.00  HR                 $51.50                              $51.50
    HAND PLANT                                   5.00  HR                 $25.75                              $25.75
    HAND HOE                                     5.00  HR                 $25.75                              $25.75
    IRRIGATE (3X)                                2.25  HR                 $11.59                              $11.59
                                                _________                _______   ______   ______   ______   _______
         SUBTOTAL                               24.93  HR                $128.39   $11.63    $1.40   $58.11  $199.52
 
HARVEST OPERATIONS
------- ----------
    HAND PICK                                   25.00  HR                $128.75                             $128.75
                                                _________                _______   ______   ______  _______  _______
         SUBTOTAL                               25.00  HR                $128.75    $0.00    $0.00    $0.00  $128.75
 
OVERHEAD EXPENSES
-------- --------
    DOWNTIME                                     0.67  HR                  $3.45                               $3.45
    EMPLOYEE BENEFITS                                                     $30.86                              $30.86
    INSURANCE                                                     $3.09                                        $3.09
    LAND TAXES                                                                                        $0.31    $0.31
    SUPERVISION AND MANAGEMENT                                            $17.65                              $17.65
    OTHER EXPENSES                                              $181.56                                      $181.56
                                                _________        _______ _______                     _______  _______
         SUBTOTAL                                0.67  HR       $184.65   $51.95                      $0.31  $236.92
                                               ----------      --------- -------  -------  -------  ------- ---------
TOTAL OPERATING EXPENSES                        50.60  HR       $203.46  $309.09   $11.63    $1.40   $58.42  $584.00
 
NET OPERATING PROFIT                                                                                        ($441.20)
 
    INTEREST ON OPERATING CAPITAL           (  $12.66     @        9.00%)                                      $1.14
    INTEREST ON EQUIPMENT INVESTMENT                                                                          $68.56
 
RETURN TO LAND AND RISK                                                                                     ($510.90)
=====================================================================================================================
                                         BUDGET SUMMARY
 
GROSS RETURN                                  $142.80
  VARIABLE OPERATING EXPENSES        $216.49
RETURN OVER VARIABLE EXPENSES                 ($73.69)    (GROSS MARGIN)
  FIXED EXPENSES                      $58.42
NET FARM INCOME                              ($132.11)    (RETURN TO CAPITAL, LABOR, LAND & RISK)
  LABOR AND MANAGEMENT COST          $309.09
NET OPERATING PROFIT                         ($441.20)    (RETURN TO CAPITAL, LAND & RISK)
  CAPITAL COSTS                       $69.70
RETURN TO LAND AND RISK                      ($510.90)
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