TABLE 4. Wheat, flood-irrigated, budgeted per acre costs and returns for a 520 acre farm with above average management, Curry County, 2001. Planting Dates: August 15 - September 15 Harvesting Dates: June 15 - July 15 --------------------------------------------------------------------------------------------------------------------- ITEM PRICE YIELD TOTAL --------------------------------------------------------------------------------------------------------------------- GROSS RETURNS WHEAT $3.00 65 BUSHELS $195.00 ASCS DEFICIENCY $0.46 65 BUSHELS $29.90 ASCS DIVERSION $0.00 $0.00 GRAZING $40.00 1 ACRE $40.00 _______ TOTAL $264.90 --------------------------------------------------------------------------------------------------------------------- PURCHASED PURCHASED INPUTS PRICE QUANTITY INPUTS TOTAL --------- ------ ------ ----------- -------- ----- SEED $0.11 60 LBS $6.60 $6.60 ANHYDROUS AMMONIA (NH3) $0.2000 100 LBS $20.00 $20.00 NITROGEN (N) $0.42 18 LBS $7.56 $7.56 PHOSPHORUS (P205) $0.39 46 LBS $17.94 $17.94 INSECTICIDE (CUSTOM) $9.14 1 ACRE $9.14 $9.14 HERBICIDE (CUSTOM) $10.19 1 ACRE $10.19 $10.19 PUMP WATER* 15 AC. IN. CROP INSURANCE $0.15 $0.15 $0.15 SUBTOTAL $71.58 $71.58 POWER ACCOMPLISHMENT PURCHASED FUEL FIXED PREHARVEST OPERATIONS UNIT RATE INPUTS LABOR &OIL REPAIRS COST TOTAL ---------- ---------- -------------- ----------- --------- ----- ----- ------- ----- ----- DISC (3X) 185 HP 0.33 HR $2.49 $4.79 $4.20 $12.30 $23.78 ANHYDROUS APPL 185 HP 0.17 HR $1.28 $2.47 $2.17 $4.43 $10.34 LISTER 185 HP 0.12 HR $0.91 $1.74 $1.69 $4.01 $8.35 FERT SPREADER 145 HP 0.05 HR $0.38 $0.73 $0.18 $1.85 $3.13 DRILL 145 HP 0.13 HR $0.98 $1.89 $1.28 $7.77 $11.92 IRRIGATE (3X) 1.50 HR $9.68 $47.07 $1.12 $8.22 $66.08 _________ _______ _______ _______ _______ _______ SUBTOTAL 2.30 HR $15.72 $58.68 $10.64 $38.58 $123.61 HARVEST OPERATIONS ------- ---------- COMBINE (CUSTOM) $24.74 $24.74 HAUL (CUSTOM) $10.40 $10.40 _______ _______ SUBTOTAL $35.14 $35.14 OVERHEAD EXPENSES -------- -------- DOWNTIME 0.20 HR $1.51 $1.51 EMPLOYEE BENEFITS $2.83 $2.83 INSURANCE $0.31 $0.31 LAND TAXES $0.88 $0.88 SUPERVISION AND MANAGEMENT $20.44 $20.44 OTHER EXPENSES $47.51 $47.51 _________ _______ _______ _______ _______ SUBTOTAL 0.20 HR $47.83 $24.78 $0.88 $73.49 --------- ------- ------- ------- ------- ------- ------- TOTAL OPERATING EXPENSES 2.50 HR $154.55 $40.50 $58.68 $10.64 $39.46 $303.82 NET OPERATING PROFIT ($38.92) INTEREST ON OPERATING CAPITAL ( $56.05 @ 9.00%) $5.04 INTEREST ON EQUIPMENT INVESTMENT $14.83 RETURN TO LAND AND RISK ($58.79) ===================================================================================================================== * Pump water costs are shown under irrigation in the preharvest operations section. BUDGET SUMMARY GROSS RETURN $264.90 VARIABLE OPERATING EXPENSES $223.86 RETURN OVER VARIABLE EXPENSES $41.04 (GROSS MARGIN) FIXED EXPENSES $39.46 NET FARM INCOME $1.58 (RETURN TO CAPITAL, LABOR, LAND & RISK) LABOR AND MANAGEMENT COST $40.50 NET OPERATING PROFIT ($38.92) (RETURN TO CAPITAL, LAND & RISK) CAPITAL COSTS $19.88 RETURN TO LAND AND RISK ($58.79) ===================================================================================================