TABLE 9. Summary of per acre costs and returns, 300 acre farm with above average
         management, Cibola County, 2001.
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                                                                PERMANENT             WHEAT
                                               ALFALFA   ALFALFA  PASTUREPERMANENT      FOR     SWEET
                                         ESTABLISHMENT       HAY     EST.  PASTURE    GRAIN      CORN
                                             ------------------------FLOOD-------------------------
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                                                   TONS     TONS              AUMS       BU       DOZ
 
PRIMARY YIELD                                     3.50     4.00              6.00    65.00    700.00
PRIMARY PRICE                                    80.00   120.00             12.00     3.00      2.00
  GOVERNMENT PAYMENTS                             0.00     0.00              0.00     0.00      0.00
  SECOND INCOME                                   0.00    10.00              0.00   122.00      0.00
 
GROSS RETURN                                   $280.00  $490.00            $72.00  $317.00 $1,400.00
 
 
CASH OPERATING EXPENSES
     SEED                                       $65.90            $42.75             $8.80    $75.00
     FERTILIZER                                          $15.60                               $67.95
     CHEMICALS                                            $1.50                               $45.64
     CROP INSURANCE                                                                  $0.00
     OTHER PURCHASED INPUTS                              $12.34                      $5.14
     CANAL WATER                                 $9.00    $9.00    $9.00    $9.00    $9.00     $9.00
     FUEL, OIL & LUBRICANTS-EQUIPMENT           $17.81   $13.50   $12.28    $0.00   $19.61    $77.00
     FUEL-IRRIGATION
     REPAIRS                                     $7.06    $8.62    $3.71    $0.00    $6.57    $21.23
     CUSTOM CHARGES                                                                 $28.92
     LAND TAXES                                  $0.31    $0.31    $0.31    $0.31    $0.31     $0.31
     OTHER EXPENSES                             $66.70   $66.83    $0.32   $66.55   $66.77    $70.77
                                              ________  ________ ________ ________ ________ ________
         TOTAL CASH EXPENSES                   $166.78  $127.70   $68.38   $75.86  $145.12   $366.89
 
RETURN OVER CASH EXPENSES                      $113.22  $362.30  ($68.38)  ($3.86) $171.88 $1,033.11
 
FIXED EXPENSES                                  $25.20   $23.18   $15.37   $14.56   $21.09   $354.42
 
         TOTAL EXPENSES                        $191.98  $150.89   $83.76   $90.42  $166.21   $721.31
 
NET FARM INCOME                                 $88.02  $339.11  ($83.76) ($18.42) $150.79   $678.69
 
LABOR AND MANAGEMENT COSTS                      $43.64   $72.54   $30.30   $22.73   $56.76   $392.34
 
NET OPERATING PROFIT                            $44.38  $266.57 ($114.06) ($41.16)  $94.03   $286.35
 
CAPITAL COSTS
     INTEREST ON OPERATING CAPITAL               $3.83    $1.92             $0.41    $1.76    $10.02
     INTEREST ON EQUIPMENT INVESTMENT           $24.18   $20.32             $0.00   $20.99   $189.49
                                              ________  ________ ________ ________ ________ ________
         TOTAL CAPITAL COSTS                    $28.01   $22.24    $0.00    $0.41   $22.75   $199.51
 
RETURN TO LAND AND RISK                         $16.37  $244.34 ($114.06) ($41.56)  $71.28    $86.84
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