TABLE 5.  Summary of per acre costs and returns for a 1,600 acre farm with
          above average management, Curry County, 2001.
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                                                                   GRAIN
                                                 WHEAT           SORGHUM
                                                  ------DRYLAND-----
---------------------------------------------------------------------------------
 
 
 
PRIMARY YIELD                                   18.00  BUSHELS    18.00  CWT
PRIMARY PRICE                                    3.00              3.00
  GOVERNMENT PAYMENTS                            8.28              9.90
  SECOND INCOME                                 12.00  ACRE        4.00  ACRE
 
GROSS RETURN                                   $74.28            $67.90
 
 
CASH OPERATING EXPENSES
     SEED                                       $3.30             $1.56
     FERTILIZER                                                  $10.00
     CHEMICALS                                  $6.72            $25.21
     CROP INSURANCE                             $0.08             $0.11
     OTHER PURCHASED INPUTS
     FUEL, OIL & LUBRICANTS-EQUIPMENT           $4.88             $8.70
     REPAIRS                                    $2.17             $3.70
     CUSTOM CHARGES                            $12.13            $13.09
     LAND TAXES                                 $0.31             $0.31
     OTHER EXPENSES                            $15.08            $15.13
                                             _________         _________
         TOTAL CASH EXPENSES                   $44.68            $77.82
 
RETURN OVER CASH EXPENSES                      $29.60            ($9.92)
 
FIXED EXPENSES                                  $9.51            $17.53
 
         TOTAL EXPENSES                        $54.18            $95.34
 
NET FARM INCOME                                $20.10           ($27.44)
 
LABOR AND MANAGEMENT COSTS                      $7.46            $10.68
 
NET OPERATING PROFIT                           $12.64           ($38.12)
 
CAPITAL COSTS
     INTEREST ON OPERATING CAPITAL              $0.40             $2.04
     INTEREST ON EQUIPMENT INVESTMENT           $5.76            $10.87
                                             _________         _________
         TOTAL CAPITAL COSTS                    $6.16            $12.91
 
RETURN TO LAND AND RISK                         $6.48           ($51.04)
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