Table 1. Yield, income, and summary of expenses per acre and per bushel, by category, contour levee system, Mississippi, 1994-95.
Item High Average Low
Yield (bu/acre) 160.00 133.59 114.50
Total Income 565.60 469.31 401.49
Direct Expenses
   Custom 119.75 78.63 64.03
   Fertilizer 68.50 48.40 32.66
   Herbicide 115.89 64.38 28.84
   Insecticide 13.38 1.58 0.00
   Hauling 16.00 13.37 11.45
   Seed 37.36 20.43 15.60
   Other 0.55 0.55 0.55
   Growth regulator 5.52 2.89 0.00
   Harvest aid 3.24 0.65 0.00
   Fungicide 19.78 1.69 0.00
   Diesel Fuel 31.68 25.77 17.24
   Repair and Maintenance 44.49 37.38 22.11
   Interest on Operating Capital 17.37 13.06 9.32
Labor
   Operator 23.40 17.57 9.29
   Hand 9.82 2.12 0.58
   Irrigation 7.53 3.82 1.76
   Unallocated 21.06 15.81 8.36
Total Direct Expenses 430.84 347.41 273.55
Returns above Direct Expenses 202.55 121.90 37.88
Total Fixed Expenses 103.57 85.72 51.81
Total Specified Expenses 520.38 433.13 349.81
Returns Above Total Specified Expenses 117.50 36.18 -53.67
Total Specified Expenses per Bushel 4.00 3.28 2.70



Table 2. Yield, income, and summary of expenses per acre and per bushel, by category, straight levee pattern, Mississippi, 1994-95.
Item High Average Low
Yield(bu/acre) 162.50 141.83 102.50
Total Income 571.50 498.37 354.83
Direct Expenses
   Custom 103.24 77.68 55.53
   Fertilizer 71.28 50.02 34.43
   Herbicide 97.26 62.00 19.51
   Insecticide 14.34 2.38 0.00
   Hauling 16.25 14.19 10.25
   Seed 25.38 18.05 14.33
   Other 2.72 0.49 0.28
   Growth regulator 4.55 2.54 0.00
   Harvest aid 3.18 0.56 0.00
   Fungicide 24.40 2.65 0.00
   Diesel Fuel 24.07 19.93 10.46
   Repair and Maintenance 33.20 26.65 22.41
   Interest on Operating Capital 15.06 12.38 8.39
Labor
   Operator 17.17 12.31 7.94
   Hand 8.72 2.12 0.69
   Irrigation 7.62 2.98 1.29
   Unallocated 15.46 11.08 7.15
Total Direct Expenses 381.38 317.41 243.93
Returns above Direct Expenses 273.25 180.97 4.03
Total Fixed Expenses 78.49 63.39 49.76
Total Specified Expenses 446.96 380.79 299.89
Returns above Total Specified Expenses   117.58 -63.09
Total Specified Expenses per Bushel 4.27 2.72 2.13



Table 3. Yield, income, and summary of expenses per acre and per bushel, by category, furrow-irrigated levee pattern, Mississippi, 1994-95.
Item High Average Low
Yield(bu/acre) 150.00 136.45 118.50
Total Income 491.50 452.00 412.83
Direct Expenses
   Custom 106.70 87.49 77.03
   Fertilizer 77.19 61.41 41.32
   Herbicide 120.29 106.86 92.94
   Insecticide 1.59 1.03 0.00
   Hauling 14.00 12.84 11.70
   Seed 22.03 18.02 14.45
   Other 13.13 9.05 2.83
   Growth regulator 4.46 3.75 2.81
   Harvest aid 3.24 1.53 0.00
   Fungicide 0.00 0.00 0.00
   Diesel Fuel 18.98 18.21 17.28
   Repair and Maintenance 32.97 25.42 18.77
   Interest on Operating Capital 15.73 14.77 13.82
Labor
   Operator 10.38 8.43 6.05
   Hand 2.09 1.54 0.94
   Irrigation 9.36 6.52 2.84
   Unallocated 9.35 7.59 5.44
Total Direct Expenses 394.39 380.50 359.41
Returns above Direct Expenses 127.31 71.49 28.20
Total Fixed Expenses 72.55 58.67 46.36
Total Specified Expenses 464.08 439.17 408.90
Returns above Total Specified Expenses 55.36 12.82 27.81
Total Specified Expenses per Bushel 3.77 3.44 3.10



Table 4. Average yield, income, and summary of expenses per acre and per bushel, by category, by levee pattern, Mississippi, 1994-95.
Item Straight Contour Furrow
Yield(bu/acre) 141.83 133.59 136.45
Total Income 498.37 469.31 452.00
Direct Expenses
   Custom 77.68 78.63 87.49
   Fertilizer 50.02 48.40 61.41
   Herbicide 62.00 64.38 106.86
   Insecticide 2.38 1.58 1.03
   Hauling 14.19 13.37 12.84
   Seed 18.05 20.43 18.02
   Other 0.49 0.55 9.05
   Growth Regulator 2.54 2.89 3.75
   Harvest Aid 0.56 0.65 1.53
   Fungicide 2.65 1.69 0.00
   Diesel Fuel 19.93 25.77 18.21
   Repair and Maintenance 26.65 37.38 25.42
   Interest on Operating Capital 12.38 13.06 14.77
Labor
   Operator 12.31 17.57 8.43
   Hand 2.12 2.12 1.54
   Irrigation 2.98 3.82 6.52
   Unallocated 11.08 15.81 7.59
Total Direct Expenses 317.41 347.41 380.50
Returns above Direct Expenses 180.97 121.90 71.49
Total Fixed Expenses 63.39 85.72 58.67
Total Specified Expenses 380.79 433.13 439.17
Returns above Total Specified Expenses 117.58 36.18 12.82
Total Specified Expenses per bushel 2.72 3.28 3.44



Table 5. Average yields, total income, total direct expenses, returns above total specified expenses, total specified expenses per bushel, and percent of producers with positive net returns, 1994 and 1995, with percentage changes by levee system.
  1994 1995 Percentage
Change
Contour Levee System $ $ %
Yields 141.19 125.98 -10.77
Rice price 3.15 3.92 +24.44
Total Income 444.75 493.86 +11.04
Total Direct Expenses 337.18 357.63 +6.07
Returns above Total Specified Expenses 22.89 49.47 +116.12
Total Specified Expenses per Bushel 2.99 3.56 +19.06
Percent of Producer with Positive Net Returns 66.67 84.21 +26.00
Straight Levee System
Yields 149.57 134.08 -10.36
Total Income 471.15 525.59 +11.55
Total Direct Expenses 303.39 388.77 +3.95
Returns above Total Specified Expenses 105.29 129.87 +23.35
Total Specified Expenses Per Bushel 2.45 2.99 +22.04
Percent of Producer with Positive Net Returns 95.24 96.00 +0.8
Furrow Irrigated System
Yields 133.50 123.33 -7.62
Total Income 420.53 483.47 +14.97
Total Direct Expenses 399.92 361.08 -9.71
Returns above Total Specified Expenses -38.07 63.71 +267.35
Total Specified Expenses per Bushel 3.45 3.42 -.87
Percent of Producer with Positive Net Returns 0 100 100



Table 6. Accumulated DD50's and rainfall for July-August, 1994, 1995, and normal, Stoneville, MS.
  Accumulated DD50's Total Rainfall
  July August July August
1994 988 903 11.58 .45
1995 993 1058 1.43* 1.41
Normal 988 993 3.83 2.38
*After July 6, 1995


Table 7. Soybean average yield, income and summary of expenses per acre and per bushel, by category, by levee pattern, Mississippi, 1995.
Item Straight Contour
Yield (bu/acre) 41.08 32.97
  -------$/A-------
Total Income 241.97 194.17
Direct Expenses
   Custom 6.93 5.93
   Herbicide 38.45 40.96
   Insecticide 1.51 0.39
   Hauling 6.57 5.27
   Seed 10.65 9.86
   Other 1.22 0.35
   Diesel Fuel 8.66 5.43
   Repair and Maintenance 19.42 16.74
   Interest on Operating Capital 4.57 3.85
Labor
   Operator 6.00 4.93
   Hand 0.84 0.59
   Irrigation 4.54 0.82
   Unallocated 5.40 4.43
Total Direct Expenses 116.73 100.45
Returns above Direct Expenses 125.24 93.73
Total Fixed Expenses 47.17 35.71
Total Specified Expenses 163.90 136.16
Returns above Total Specified Expenses   58.01
Total Specified Expenses per bushel 4.25 5.00



Table 8. Net present value for each year after initial landforming investment, 8% discount rate, 2/1 soybean/rice rotation, using net returns results from 1994-95 study.
Year Crop Net Increase($) NPV ($)
1 Fallow 0.00 0.00
2 Rice 81.40 69.79
3 Rice 81.40 134.41
4 Soybeans 20.06 149.15
5 Soybeans 20.06 162.80
6 Rice 81.40 214.10
7 Soybeans 20.06 225.80
8 Soybeans 20.06 236.64
9 Rice 81.40 277.36
10 Soybeans 20.06 286.65
11 Soybeans 20.06 295.26
12 Rice 81.40 327.58
13 Soybeans 20.06 334.96
14 Soybeans 20.06 341.79
15 Rice 81.40 367.45
16 Soybeans 20.06 373.30
17 Soybeans 20.06 378.72
18 Rice 81.40 399.09
19 Soybeans 20.06 403.74
20 Soybeans 20.06 408.05
21 Rice 81.40 424.22
22 Soybeans 20.06 427.91
23 Soybeans 20.06 431.32
24 Rice 81.40 444.16
25 Soybeans 20.06 447.09
26 Soybeans 20.06 449.80
27 Rice 81.40 459.99
28 Soybeans 20.06 462.32
29 Soybeans 20.06 464.47
30 Rice 81.40 472.56
31 Soybeans 20.06 474.41
32 Soybeans 20.06 476.11
33 Rice 81.40 482.54
34 Soybeans 20.06 484.00
35 Soybeans 20.06 485.36
36 Rice 81.40 490.46
37 Soybeans 20.06 491.62
38 Soybeans 20.06 492.70
39 Rice 81.40 496.74
40 Soybeans 20.06 497.67
41 Soybeans 20.06 498.52
42 Rice 81.40 501.73
43 Soybeans 20.06 502.47
44 Soybeans 20.06 503.15
45 Rice 81.40 505.70
46 Soybeans 20.06 506.28
47 Soybeans 20.06 506.82
48 Rice 81.40 508.84
49 Soybeans 20.06 509.30
50 Soybeans 20.06 509.73



Table 9. Minimum number of years to repay initial landforming investmest, 8% discount, 2/1 soybean/rice rotation.
Net Increase
in Annual
Returns		 Amount of Initial Investment ($/A)
150 175 200 225 250 275 300
40 9 11 13 16 20 25 33
60 6 7 9 10 12 15 17
80 5 6 6 8 9 10 12
100 3 4 6 6 6 8 9
120 3 3 4 5 6 6 6
140 3 3 3 3 5 6 6



Table 10. Constant increase of income necessary to repay various levels of initial investment within 10, 15, and 20 years.
Initial Investment
($/acre)		 -----Years to Repay----
10 15 20
150.00 26.00 20.00 17.00
175.00 30.50 23.00 20.00
200.00 35.00 26.50 22.50
225.00 39.00 29.50 25.50
250.00 43.50 33.00 28.50
275.00 47.50 36.00 31.00
300.00 52.00 39.50 34.00