TABLE 9. Summary of per acre costs and returns, 30 acre farm with above average management, De Baca
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                                                               PERMANENT
                                               ALFALFA  ALFALFA  PASTUREPERMANENT
                                         ESTABLISHMENT      HAY     EST.  PASTURE
                                    ------------------FLOOD--------------------------
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                                                           TONS              AUMS
 
PRIMARY YIELD                                             5.00             10.00
PRIMARY PRICE                                            90.00             12.00
  GOVERNMENT PAYMENTS                                     0.00              0.00
  SECOND INCOME                                          10.00              0.00
 
GROSS RETURN                                           $460.00           $120.00
 
 
CASH OPERATING EXPENSES
     SEED                                      $50.15            $48.45
     FERTILIZER                                 $0.00   $47.96   $29.40   $29.40
     CHEMICALS                                          $12.86
     CROP INSURANCE
     OTHER PURCHASED INPUTS                             $15.43
     CANAL WATER                                        $39.00            $39.00
     FUEL, OIL & LUBRICANTS-EQUIPMENT           $9.65    $0.00    $9.69    $0.20
     FUEL-IRRIGATION
     REPAIRS                                    $0.84    $0.00    $0.61    $0.01
     CUSTOM CHARGES                             $0.00
     LAND TAXES                                          $0.60             $0.60
     OTHER EXPENSES                             $0.27  $125.52    $0.38  $125.74
                                              ________ ________ ________ ________
         TOTAL CASH EXPENSES                   $60.92  $241.36   $88.53  $194.96
 
RETURN OVER CASH EXPENSES                     ($60.92) $218.64  ($88.53) ($74.96)
 
FIXED EXPENSES                                 $62.24   $34.24   $73.53   $28.88
 
         TOTAL EXPENSES                       $123.16  $275.60  $162.05  $223.83
 
NET FARM INCOME                              ($123.16) $184.40 ($162.05)($103.83)
 
LABOR AND MANAGEMENT COSTS                     $46.13   $51.46   $60.25   $49.08
 
NET OPERATING PROFIT                         ($169.29) $132.94 ($222.30)($152.91)
 
CAPITAL COSTS
     INTEREST ON OPERATING CAPITAL                       $3.43             $5.33
     INTEREST ON EQUIPMENT INVESTMENT                    $0.00             $4.88
                                              ________ ________ ________ ________
         TOTAL CAPITAL COSTS                    $0.00    $3.43    $0.00   $10.21
 
RETURN TO LAND AND RISK                      ($169.29) $129.51 ($222.30)($163.12)
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