WATER USE. LAND USE AC.IN. TOTAl ACREAGE SUMMARY: (ACRES) PER AC. AC.IN.

Transcription

1 TABLE 1. Acreage Summary, Otero County, BUDGET AREA... DELL CITY AREA, OTERO COUNTY FARM SIZE 640 ACRES IRRIGATION TYPE PIVOT/FLOOD NUMBER OF CROPS.. 5 WATER USE LAND USE AC.IN. TOTAl ACREAGE SUMMARY: (ACRES) PER AC. AC.IN. ALFALFA ESTABLISHMENT * ALFALFA ,200 WHEAT ,250 ARP 0.00 FLEX IN COTTON WHITE CORN ,400 COTTON ,275 ARP 0.00 FLEX IN COTTON GRAIN SORGHUM ARP 0.00 FLEX IN COTTON ROADS, CORNERS, DITCHES, HOMESTEAD * DOUBLE-CROPPED ,633 ACRE FEET PER ACRE OF WATER RIGHTS 2.82 TABLE 2. Basic cost information for Dell City area, Otero County, Item Labor Wage Rate: Equipment operators General & Irrigators Purchased Inputs: Fertilizer: Nitrogen (N) Phosphate (P205) Anhydrous Ammonia (NH3) $/hour $/hour $/pound $/pound $/ton $8.55 $ $ Seed: Alfalfa Wheat White Corn Cotton $/pound $/pound $/bag $/pound $ $ $7.55 Diesel fuel Gasoline Electricity (Rio Grande Elec) LP Gas $/gallon $/gallon cents/kwhr $/gallon $2.70 $ $2.75 Baling Wire $/pound $1.32 Employee Liability Insurance $/$1,000 wages $20.00 Employee Benefits percent/wages 18.00% Labor Downtime percent 25.00% Financial Rates: Operating Capital Interest Rate Land Interest Rate Equipment Interest Rate Real Interest Rate percent percent percent percent 5.50% 5.00% 5.50% 3.00% Land Taxes $ /acre (full value) Personal Property Tax Rate - NR - R $/$1,000 (Assessed Value) $24.34 $18.97 Supervision Factors Field Crop-Irrigation Field Crop-Equipment & General $/labor hour $/labor hour $ Management Rate percent 7.00% TABLE 3. Overhead cost information for Dell City area, Otero County, Item Electricity (Domestic & Shop) Telephone Accounting & Legal Misc. Supplies & Hand Tools Pickup and Auto miles 65,405 Insurance - general liability (non-employee) - fire/theft Property Taxes - non-planted land - other than land & machinery Building repairs and maintenance Dues, fees, publications Farmstead per mile $ per month $ per month $3,048 $2,972 $1,861 $5,766 $32,703 $2,007 $1,588 $6,010 $1,524 $457 $203 Total $58,137 Total per planted acre

2 TABLE 4 Pumping costs and data for irrigation wells Otero County INPUT DATA DELIVERY PSI: DEPTH CHARACTERISTICS: SPRINKLER 40 STATIC.. 75 DRAW DOWN 50 HEAD CASING. 350 GALLONS PER MINUTE (GPM) WORK HORSE 60 EFFICIENCY FACTOR: ELECTRICITY LP GAS DIESEL FUEL PER : ELECTRICITY 7 34 CENTS/KwHr LP GAS $2 75 $/GAL DIESEL $2 70 $/GAL FUEL PUMPING S ELECTRIC WELL: PER HOUR $6 16 PER ACRE INCH $2 53 LP GAS WELL: PER HOUR $32 90 PER ACRE INCH $13 53 DIESEL WELL: PER HOUR $16 31 PER ACRE INCH $6 71 TABLE 5 Equipment summary for a 640 acre sprinkler-irrigated farm with above average management Otero County EQUIPMENT VARIABLE S S ANNUAL ITEM & SIZE FUEL, OIL, FUEL, OIL REPAIR HOURS NUMBER REPAIR DEPRECIATION TAXES VALUE LUBRICANT PER HR PER HR PER HR OF USE TRACTOR $ $ $809 $ $899 $128 $1 20 TRACTOR ## HP $ $7 933 $1 765 $24 21 $5 39 $5 985 $364 $19 38 COTTON STRIPPER 2 ROW 52 1 $6 400 $245 $4 68 $3 900 $237 $78 97 SWATHER 16 FT $ $1 557 $223 $10 11 $1 45 $3 621 $294 $25 42 BALER $3 900 $52 22 $550 $45 $2 50 BALE WAGON $9 890 $6 503 $23 23 $2 250 $183 $8 69 PLANTER 6 ROW 27 1 $4 250 $55 $2 04 $850 $34 $32 52 CHISEL 7 SHANK 26 1 $1 200 $39 $1 49 $160 $10 $6 50 ROLLING CULTIVATOR 6 ROW 73 1 $3 000 $273 $3 72 $400 $24 $ FT $3 000 $488 $3 72 $400 $24 $3 24 PLOW 4 BTM 67 1 $4 000 $332 $4 96 $533 $32 $8 45 DRAG 14 FT 59 1 $250 $1 01 $33 $2 60 FLOAT 14 FT 27 1 $ $60 $4 $2 35 DRILL 20 FT 27 1 $3 600 $47 $1 73 $720 $29 $27 75 LISTER 4 ROW 4 ROW 19 1 $1 600 $38 $1 98 $213 $13 $11 79 SPRAYER 30 FT 14 1 $1 500 $10 72 $200 $12 $14 79 SHREDDER 2 ROW 25 1 $1 250 $5 20 $167 $10 $7 22 COTTON TRAILER 8 BALE 85 4 $4 800 $4 05 $480 $39 $6 14 CENTER PIVOT SPRINKLER $ $2 000 $ ELECTRIC WELL $ $ $6 16 $3 120 $ $ $ $ $ $ EQUIPMENT LIST NEW USED YEARS EQUIP MAX FUEL ACCUM INTEREST ITEM VALUE VALUE LIFE CODE HOURS /HR COEF HOURS AGE EXPENSE TRACTOR TRACTOR ## HP COTTON STRIPPER 2 ROW SWATHER 16 FT BALER BALE WAGON PLANTER 6 ROW CHISEL 7 SHANK ROLLING CULTIVATOR 6 ROW FT PLOW 4 BTM DRAG 14 FT FLOAT 14 FT DRILL 20 FT LISTER 4 ROW 4 ROW SPRAYER 30 FT SHREDDER 2 ROW COTTON TRAILER 8 BALE CENTER PIVOT SPRINKLER ELECTRIC WELL INTEREST PRORATION ALFALFA CORN FOR HAY WHEAT GRAIN COTTON MILO dollars per acre USAGE LIST ALFALFA ALFALFA PER ACRE EST HAY WHEAT CORN COTTON MILO S hours per acre ======== ======== ======== ======== ======== ======== ALFALFA ESTABLISHMENT ACRES: 55 PUMP WATER: 6 00 MACHINE OVER CUSTOM CHISEL PLOW (2X) DRAG (2X) DRILL IRRIGATE (3X) ALFALFA HAY ACRES: 280 PUMP WATER: MACHINE OVER CUSTOM DRAG IRRIGATE (11X) SWATHER (5X) 16 FT BALER (5X) LOAD (5X) WHEAT ACRES: 170 PUMP WATER: MACHINE OVER CUSTOM ANHYDROUS APPL DRILL IRRIGATE (5X) COMBINE (CUSTOM) [ PER ACRE] CORN FOR GRAIN ACRES: 50 PUMP WATER: MACHINE OVER CUSTOM CHISEL ANHYDROUS APPL & SPRAY LISTER PLANTER ROLLING CULT (3X) IRRIGATE (8X) COMBINE (CUSTOM) PER ACRE HAUL (CUSTOM) PER CWT 0 20 HAUL (CUSTOM) ADD CHARGE PER CWT OVER 10 CWT 0 00 COTTON ACRES: 84 5 PUMP WATER: MACHINE OVER CUSTOM PLOW (2X) FLOAT (2X) LISTER PLANTER ROLLING CULT (4X) HAND HOE (CUSTOM) IRRIGATE (6X) COTTON STRIPPER HAUL GIN COTTON (CUSTOM) 0 20 SHREDDER GRAIN SORGHUM ACRES: 25 5 PUMP WATER: MACHINE OVER CUSTOM CHISEL ANHYDROUS APPL & SPRAY LISTER PLANTER ROLLING CULT (3X) IRRIGATE (6X) COMBINE (CUSTOM) PER ACRE ANNUAL REPAIR S AS A PERCENT OF NEW VALUE Hours of Use * * * * ** ** ** ** ** * Based on unpublished data of D R Hunt Department of Agricultural Engineering University of Illinois ** Based on "Agricultural Machinery Data" in Agricultural Engineers Yearbook Codes tractors 2 balers combines forage harvesters windrowers pickups 3 rotary hoe disks moldboard plows chisels field cultivators row cultivators laser plane 4 harrows wagons floats roto buck drag roller water furrow bed shaper 5 balewagons cotton pickers cotton strippers corn pickers corn heads forage equipment rotary mowers stalk choppers feed wagons farm trucks 6 rakes cutterbar mower 7 baler w/ engine manure spreader 8 planters drills seeding equipment mounted sprayers 9 fertilizer distributing equipment

3 TABLE 6. Alfalfa establishment, sprinkler-irrigated, budgeted per acre costs and returns for a 640 acre farm with above average management, Dell City area, Otero County, Planting dates: August 1 - September 1 ITEM QUANTITY PUMP WATER* $ LBS 6 AC. IN. $ $ SUB $ $ CHISEL PLOW (2X) DRAG (2X) DRILL IRRIGATE (3X) 0.48 HR 0.28 HR 0.30 HR 0.30 HR $4.10 $2.39 $2.57 $1.03 $2.25 $11.62 $6.78 $7.26 $1.75 $15.20 $1.37 $4.97 $2.55 $ $5.18 $13.36 $6.33 $5.99 $3.47 $2.06 $13.10 $34.05 $18.05 $17.44 $6.57 $19.50 SUB 1.82 HR $15.25 $50.84 $12.11 $39.56 $ $2.74 $ $ $17.17 SUB $20.90 $21.20 OPERATING EXPENSES 1.94 HR $ $36.15 $50.84 $12.11 $39.56 $258.96

4 TABLE 7. Alfalfa hay, pivot sprinkler-irrigated, budgeted per acre costs and returns for a 640 acre farm with above average management, Dell City area, Otero County, Harvesting dates: June 1 - October 10 ITEM ALFALFA HAY $ $15.00 YIELD 6.50 TONS (STACKED) 1.00 ACRE $1, $15.00 $1, QUANTITY NITROGEN (N) PHOSPHATE (P2O5) INSECTICIDE ESTABLISHMENT: Principal : Interest BALING TWINE PUMP WATER* $16.03 $ LBS 200 LBS 2 X/ACRE 5 YEARS 56 LBS 40 AC. IN. $23.25 $48.00 $ $51.79 $7.50 $23.25 $48.00 $32.05 $51.79 $ SUB $ $59.29 $ DRAG IRRIGATE (11X) 0.15 HR 1.10 HR $1.28 $8.25 $2.19 $ $13.71 $3.89 $ SUB 1.25 HR $9.53 $ $13.98 $ HARVEST OPERATIONS SWATHER (5X) BALER (5X) LOAD (5X) 16 FT 0.55 HR 0.85 HR 1.00 HR $4.70 $7.27 $8.55 $5.56 $12.42 $ $24.76 $13.98 $3.14 $9.89 $25.04 $23.82 $57.81 SUB 2.40 HR $20.52 $32.60 $26.55 $27.01 $ HR.60 $5.13 $5.41 $87.53 $5.13 $ $87.53 SUB 0.60 HR $95.91 $98.06 $ OPERATING EXPENSES 4.25 HR $ $ $ $26.69 $ $ NET OPERATING PROFIT $ ( 5.50% ) $4.56 $18.50 RETURN TO LAND AND RISK $ * Pump water costs are shown under irrigation in the preharvest operations section. BUDGET SUMMARY GROSS RETURN $1, VARIABLE OPERATING EXPENSES $ RETURN OVER VARIABLE EXPENSES $ (GROSS MARGIN) EXPENSES $ NET FARM INCOME $ (RETURN TO CAPITAL,, LAND & RISK) AND MANAGEMENT $ NET OPERATING PROFIT $ (RETURN TO CAPITAL, LAND & RISK) CAPITAL S $23.06 RETURN TO LAND AND RISK $600.88

5 TABLE 8. Wheat, flood-irrigated, budgeted per acre costs and returns for a 640 acre farm with above average management, Dell City area, Planting dates: August 15 - September 15 Harvesting dates: July 15 - July 15 ITEM WHEAT $7.33 YIELD CWT CWT 1.00 ACRE BASE 0.85 $ $ QUANTITY ANHYDROUS (NH3) LIVESTOCK FAC & EQUIP PUMP WATER* CROP SUB LBS 125 LBS 25 AC. IN. $66.00 $ $92.54 $66.00 $ $97.54 ANHYDROUS APPL DRILL IRRIGATE (5X) 2.50 HR $7.00 $1.03 $18.75 $1.75 $63.32 $ $3.88 $3.47 $3.97 $18.50 $6.57 $86.04 SUB 3.10 HR $7.00 $23.88 $76.69 $3.95 $17.65 $ HARVEST OPERATIONS COMBINE (CUSTOM) $26.00 $26.00 SUB $26.00 $ HR.48 $1.28 $4.30 $22.52 $1.28 $ $22.52 SUB 0.15 HR $95.78 $28.10 $ OPERATING EXPENSES 3.25 HR $ $51.98 $76.69 $3.95 $25.09 $ NET OPERATING PROFIT ($97.37) ( 5.50% ) $3.65 $6.15 RETURN TO LAND AND RISK ($107.17) * Pump water costs are shown under irrigation in the preharvest operations section. BUDGET SUMMARY GROSS RETURN $ VARIABLE OPERATING EXPENSES $ RETURN OVER VARIABLE EXPENSES ($20.30) (GROSS MARGIN) EXPENSES $25.09 NET FARM INCOME ($45.39) (RETURN TO CAPITAL,, LAND & RISK) AND MANAGEMENT $51.98 NET OPERATING PROFIT ($97.37) (RETURN TO CAPITAL, LAND & RISK) CAPITAL S $9.80 RETURN TO LAND AND RISK ($107.17)

6 TABLE 9. White corn, flood-irrigated, budgeted per acre costs and returns for a 640 acre farm with above average management, Dell City area, Otero County, Planting dates: April 15 - May 15 Harvesting dates: October 1 - November 15 ITEM CORN $6.61 $20.00 YIELD CWT 1.00 ACRE $ $20.00 $ QUANTITY NITROGEN (N) PHOSPHATE (P2O5) TRACE ELEMENTS ANHYDROUS (NH3) INSECTICIDE (CUSTOM) HERBICIDE LIVESTOCK FAC & EQUIP PUMP WATER* $ $16.03 $ LBS 70 LBS 65 LBS 175 LBS 3 ACRE 1 ACRE 48 AC. IN. $46.25 $9.30 $16.80 $9.75 $36.75 $48.08 $9.45 $46.25 $9.30 $16.80 $9.75 $36.75 $48.08 $9.45 SUB $ $ CHISEL ANHYDROUS APPL & SPRAY LISTER PLANTER ROLLING CULT (3X) IRRIGATE (8X) 0.19 HR 0.17 HR 0.39 HR 4.00 HR $7.00 $1.62 $1.03 $1.45 $3.33 $30.00 $4.60 $2.91 $2.48 $5.70 $ $1.37 $1.08 $ $1.82 $5.18 $3.88 $7.11 $3.74 $5.73 $2.72 $7.62 $13.10 $18.50 $15.20 $8.56 $10.18 $13.58 $ SUB 5.41 HR $7.00 $42.06 $ $8.80 $39.14 $ HARVEST OPERATIONS COMBINE (CUSTOM) HAUL (CUSTOM) $23.25 $14.00 $23.25 $14.00 SUB $37.25 $ HR.84 $2.33 $7.57 $39.89 $2.33 $ $39.89 SUB 0.27 HR $96.15 $49.79 $ OPERATING EXPENSES 5.68 HR $ $91.85 $ $8.80 $46.58 $ NET OPERATING PROFIT ($131.83) ( 5.50% ) $7.04 $13.48 RETURN TO LAND AND RISK ($152.35) * Pump water costs are shown under irrigation in the preharvest operations section. BUDGET SUMMARY GROSS RETURN $ VARIABLE OPERATING EXPENSES $ RETURN OVER VARIABLE EXPENSES $6.59 (GROSS MARGIN) EXPENSES $46.58 NET FARM INCOME ($39.99) (RETURN TO CAPITAL,, LAND & RISK) AND MANAGEMENT $91.85 NET OPERATING PROFIT ($131.83) (RETURN TO CAPITAL, LAND & RISK) CAPITAL S $20.52 RETURN TO LAND AND RISK ($152.35)

7 TABLE 10. Upland cotton (stripper), flood-irrigated, budgeted per acre costs and returns for a 640 acre farm with above average management, Dell City area, Otero County, Planting dates: April 15 - May 15 Harvesting dates: November 1 - January 15 ITEM COTTON LINT COTTON YIELD 1, LBS 1, LBS 1, LBS LBS BASE $ $ $84.03 $ QUANTITY NITROGEN (N) PHOSPHATE (P2O5) HERBICIDE (CUSTOM) INSECTICIDE (CUSTOM) CROP PUMP WATER* $ $19.93 $ LBS 72 LBS 184 LBS 1 X/ACRE 1 X/ACRE FCIC 30 AC. IN. $ $22.32 $44.16 $19.93 $ $ $22.32 $44.16 $19.93 $ SUB $ $ PLOW (2X) FLOAT (2X) LISTER PLANTER ROLLING CULT. (4X) HAND HOE (CUSTOM) IRRIGATE (6X) 0.48 HR 0.28 HR 0.32 HR 0.17 HR 0.52 HR 3.00 HR $4.10 $2.39 $2.74 $1.03 $1.45 $4.45 $22.50 $11.62 $6.78 $4.68 $2.91 $4.12 $7.60 $75.98 $4.97 $ $1.26 $13.36 $6.33 $1.14 $3.74 $8.82 $3.63 $4.77 $34.05 $18.05 $8.86 $8.56 $15.65 $18.10 $ SUB 5.03 HR $39.86 $ $13.67 $44.95 $ HARVEST OPERATIONS COTTON STRIPPER HAUL GIN COTTON (CUSTOM) 0.62 HR 1.00 HR $ $5.30 $8.55 $9.06 $14.62 $ $49.70 $7.34 $67.55 $31.50 $ SUB 1.62 HR $ $13.85 $23.68 $4.48 $57.04 $ POST HARVEST OPERATIONS SHREDDER 0.29 HR $2.48 $ $2.44 $ HR $1.07 $7.74 $9.67 $73.99 $7.74 $9.67 $1.07 $73.99 SUB 0.91 HR $96.38 $91.39 $ OPERATING EXPENSES 7.85 HR $ $ $ $18.48 $ $1, NET OPERATING PROFIT ($68.32) ( 5.50% ) $10.03 $37.57 RETURN TO LAND AND RISK ($115.91) * Pump water costs are shown under irrigation in the preharvest operations section. BUDGET SUMMARY GROSS RETURN $ VARIABLE OPERATING EXPENSES $ RETURN OVER VARIABLE EXPENSES $ (GROSS MARGIN) EXPENSES $ NET FARM INCOME $79.26 (RETURN TO CAPITAL,, LAND & RISK) AND MANAGEMENT $ NET OPERATING PROFIT ($68.32) (RETURN TO CAPITAL, LAND & RISK) CAPITAL S $47.60 RETURN TO LAND AND RISK ($115.91)

8 TABLE 11. Grain sorghum, flood-irrigated, budgeted per acre costs and returns for a 640 acre farm with above average management, Dell City area, Otero County, Planting dates: May 1 - June 15 Harvesting dates: October 15 - November 15 ITEM GRAIN SORGHUM $6.08 $10.00 YIELD CWT CWT 0.00 CWT 1 ACRE BASE 0.85 $ $10.00 $ QUANTITY ANHYDROUS (NH3) NITROGEN (N) PHOSPHATE (P2O5) INSECTICIDE HERBICIDE LIVESTOCK FAC & EQUIP PUMP WATER CROP SUB $ $14.17 $12.26 $ LBS 150 LBS 18 LBS 46 LBS 1 ACRE 1 ACRE 36 AC. IN. $12.48 $31.50 $5.58 $11.04 $14.17 $12.26 $87.03 $12.48 $31.50 $5.58 $11.04 $14.17 $12.26 $1.96 $93.99 CHISEL ANHYDROUS APPL & SPRAY LISTER PLANTER ROLLING CULT (3X) IRRIGATE (6X) 0.19 HR 0.17 HR 0.39 HR 3.00 HR $7.00 $1.62 $1.03 $1.45 $3.33 $25.65 $4.60 $2.91 $4.12 $5.70 $91.18 $1.37 $1.08 $ $1.26 $1.82 $5.18 $3.88 $7.11 $3.74 $8.82 $2.72 $5.72 $13.10 $18.50 $15.20 $8.56 $15.65 $13.58 $ SUB 4.41 HR $7.00 $37.71 $ $9.56 $40.33 $ HARVEST OPERATIONS COMBINE (CUSTOM) 14 FT SP $15.00 $15.00 SUB 0.00 HR $15.00 $ HR.75 $9.43 $6.79 $24.18 $9.43 $ $24.18 SUB 1.10 HR $96.06 $40.39 $ OPERATING EXPENSES 5.51 HR $ $78.10 $ $9.56 $47.76 $ NET OPERATING PROFIT ($150.12) ( 5.50% ) $4.39 $14.08 RETURN TO LAND AND RISK ($168.59) BUDGET SUMMARY GROSS RETURN VARIABLE OPERATING EXPENSES RETURN OVER VARIABLE EXPENSES EXPENSES NET FARM INCOME AND MANAGEMENT NET OPERATING PROFIT CAPITAL S RETURN TO LAND AND RISK $ $47.76 $78.10 $18.47 $ ($22.30) ($70.06) ($148.16) ($166.62) (GROSS MARGIN) (RETURN TO CAPITAL,, LAND & RISK) (RETURN TO CAPITAL, LAND & RISK)

9 TABLE 12. Summary of per acre costs and returns for a 640 acre farm with above average management, Dell City area, Otero County, ALFALFA ALFALFA WHITE STRIPPER WHEAT ESTABLISHMENT HAY CORN COTTON GRAIN SORGHUM TONS CWT CWT LBS CWT PRIMARY YIELD PRIMARY GOVERNMENT PAYMENTS SECOND INCOME 6.50 $ $ $ $26.61 $ , $84.03 $ $6.08 $10.00 GROSS RETURN $1, $ $ $ $ CASH OPERATING EXPENSES FERTILIZER CHEMICALS CROP OTHER CANAL WATER FUEL, OIL & LUBRICANTS-EQUIPMENT FUEL-IRRIGATION CUSTOM CHARGES $ $35.65 $15.20 $ $ $34.79 $ $26.69 $95.91 $66.00 $ $13.37 $63.32 $3.95 $33.00 $95.78 $46.25 $72.60 $57.52 $28.76 $ $8.80 $44.25 $96.15 $ $22.32 $ $44.16 $69.00 $75.98 $18.48 $ $96.38 $12.48 $48.12 $26.43 $1.96 $30.39 $91.18 $9.56 $22.00 $96.06 CASH EXPENSES $ $ $ $ $ $ RETURN OVER CASH EXPENSES ($183.25) $ ($22.74) $4.16 $ ($26.69) EXPENSES $39.56 $ $22.65 $44.14 $ $45.33 EXPENSES $ $ $ $ $ $ NET FARM INCOME ($222.81) $ ($45.39) ($39.99) $79.26 ($72.02) AND MANAGEMENT S $36.15 $ $51.98 $91.85 $ $78.10 NET OPERATING PROFIT ($258.96) $ ($97.37) ($131.83) ($68.32) ($150.12) CAPITAL S $4.56 $18.50 $3.65 $6.15 $7.04 $13.48 $10.03 $37.57 $4.39 $14.08 CAPITAL S $23.06 $9.80 $20.52 $47.60 $18.47 RETURN TO LAND AND RISK ($258.96) $ ($107.17) ($152.35) ($115.91) ($168.59)

10 TABLE 13. Whole farm summary, Dell City area, Otero County, ALFALFA HAY ACRES CROP WHEAT ACRES CROP WHITE CORN ACRES CROP COTTON ACRES LINT GRAIN SORGHUM ACRES CROP $340,900 $43,633 $4,250 $23,125 $1,000 $61,685 $13,182 $7,100 $7,750 $255 GROSS RETURN $502,881 CASH OPERATING EXPENSES FERTILIZER CHEMICALS CROP OTHER CANAL WATER FUEL, OIL & LUBRICANTS-EQUIPMENT FUEL-IRRIGATION CUSTOM CHARGES $36,400 $40,130 $6,832 $266 $3,937 $22,019 $54,791 $11,056 $27,768 $1,485 $58,555 CASH EXPENSES $263,238 RETURN OVER CASH EXPENSES $239,643 EXPENSES $31,791 EXPENSES $295,029 NET FARM INCOME $207,852 AND MANAGEMENT S $65,751 NET OPERATING PROFIT $142,101 CAPITAL S $3,208 $10,433 CAPITAL S $13,642 RETURN TO LAND AND RISK $128,459 RETURN RETURN ON LAND VALUE TO RISK* INVESTMENT** $500 /ACRE $750 /ACRE $1,000 /ACRE $1,250 /ACRE $1,500 /ACRE $118,859 $114,059 $109,259 $104,459 $99, % 20.89% 16.91% 14.21% 12.25% * RETURN TO LAND AND RISK MINUS (INTEREST TIMES LAND VALUE TIMES ACREAGE) ** NET OPERATING PROFIT DIVIDED BY (MACHINERY AND EQUIPMENT VALUE PLUS LAND VALUE)