TABLE 7. Sudan, flood-irrigated, budgeted per acre costs and returns for a 200 acre farm
         with above average management, Carlsbad Basin, 2001.
              Planting Dates: August 20 - September 30
              Harvesting dates: June 15 - July 1
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         ITEM                  PRICE             YIELD                                                          TOTAL
---------------------------------------------------------------------------------------------------------------------
GROSS RETURNS
    GRAZING                  $90.00                 1 TON      (STACKED)                                      $90.00
                                                                                                              _______
         TOTAL                                                                                                $90.00
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                                                                 PURCHASED
PURCHASED INPUTS               PRICE             QUANTITY          INPUTS                                       TOTAL
--------- ------              -----             -----------       --------                                      -----
    SEED                      $0.34                25  LBS        $8.50                                        $8.50
    NITROGEN (N)              $0.42               250  LBS      $105.00                                      $105.00
    PHOSPHATE (P2O5)          $0.39                60  LBS       $23.40                                       $23.40
    CANAL WATER                                    24  AC. IN.   $47.00                                       $47.00
    PUMP WATER*                                     0  AC. IN.                                                 $0.00
                                                                 _______                                      _______
         SUBTOTAL                                               $183.90                                      $183.90
 
                               POWER         ACCOMPLISHMENT    PURCHASED              FUEL             FIXED
PREHARVEST OPERATIONS           UNIT              RATE            INPUTS    LABOR   & LUBE  REPAIRS     COST    TOTAL
---------- ----------      --------------      -----------     ---------   -----    -----   -------    -----    -----
    PLOW                   145 HP                0.67  HR                  $4.56    $8.47    $4.40   $12.05   $29.48
    DISC (2X)              145 HP                0.28  HR                  $1.90    $3.54    $1.46    $4.89   $11.79
    DRAG                   96 HP                 0.17  HR                  $1.16    $1.24    $0.11    $0.56    $3.06
    BORDER DISC            27 HP                 0.05  HR                  $0.34    $0.14    $0.02    $0.08    $0.58
    DRILL                  96 HP                 0.21  HR                  $1.43    $1.53    $0.35    $6.49    $9.80
    IRRIGATE (6X)                                3.00  HR                 $19.05    $0.00    $0.00    $0.00   $19.05
                                                _________                 _______  _______  _______  _______  _______
         SUBTOTAL                                4.38  HR                 $28.43   $14.91    $6.34   $24.07   $73.75
 
OVERHEAD EXPENSES
-------- --------
    DOWNTIME                                     0.35  HR                  $2.35                               $2.35
    EMPLOYEE BENEFITS                                                      $5.12                               $5.12
    INSURANCE                                                     $0.57                                        $0.57
    LAND TAXES                                                                                        $1.84    $1.84
    SUPERVISION AND MANGEMENT                                              $9.99                               $9.99
    OTHER EXPENSES                                              $125.56                                      $125.56
                                                _________        _______  _______                    _______  _______
         SUBTOTAL                                0.35  HR       $126.13   $17.45                      $1.84  $145.42
                                                ---------        -------  -------  -------  -------  -------  -------
TOTAL OPERATING EXPENSES                         4.73  HR       $310.03   $45.89   $14.91    $6.34   $25.90  $403.07
 
NET OPERATING PROFIT                                                                                        ($313.07)
 
    INTEREST ON OPERATING CAPITAL           (  $97.26     @        9.00%)                                      $8.75
    INTEREST ON EQUIPMENT INVESTMENT                                                                          $17.21
 
RETURN TO LAND AND RISK                                                                                     ($339.04)
=====================================================================================================================
    * Pump water costs are shown under irrigation in the preharvest operations section.
                                         BUDGET SUMMARY
 
GROSS RETURN                                   $90.00
  VARIABLE OPERATING EXPENSES        $331.28
RETURN OVER VARIABLE EXPENSES                ($241.28)    (GROSS MARGIN)
  FIXED EXPENSES                      $25.90
NET FARM INCOME                              ($267.18)    (RETURN TO CAPITAL, LABOR, LAND & RISK)
  LABOR AND MANAGEMENT COST           $45.89
NET OPERATING PROFIT                         ($313.07)    (RETURN TO CAPITAL, LAND & RISK)
  CAPITAL COSTS                       $25.96
RETURN TO LAND AND RISK                      ($339.04)
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