Table 4. Characteristics of Panel Farms in Washington, California, New Mexico, an
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              WAD175 WAD850 CAD2150 NMD2000 TXCD300TXCD720TXED200TXED812
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Total Cropland   120    428     320     150    303    190    400    500
 Acres Owned      60    225     320     150    150    190    200    500
 Acres Leased     60    203       0       0    153      0    200      0

Total Pasture      0      0       0       0    150    155      0    300
 Acres Owned       0      0       0       0      0    155      0    300
 Acres Leased      0      0       0       0    150      0      0      0

Assets ($1000)
 Total           827   3242    8774    6698   1144   2695   1053   3110
 Real Estate     406   1741    2939    2485    536    872    359   1527
 Machinery        76    308     126     639    204    354    152    380
 Other & Lives   345   1193    5709    3574    404   1469    542   1203

Debt/Asset Ratios*
 Total          0.14   0.19    0.08    0.17   0.59   0.04    0.7   0.19
 Intermediate   0.06   0.08    0.12    0.11   0.27   0.04   0.58   0.12
 Long Run       0.22   0.29       0    0.28   0.95   0.02   0.95   0.27

         1996 Livestock
Dairy Cows       175    850    2150    2000    300    720    200    812
Cwt Milk/Cow     248    256     238     224    170    203    173    192

         1996 Gross Receipts ($1,000)*
Total          561.5 2740.2    6303  5391.7  740.7 2134.5  508.2 2168.4

 Milk          515.8 2542.9  5535.5  4931.5  675.5 1938.1  443.3 1970.3
                91.9%  92.8%   87.8%   91.5%  91.2%  90.8%  87.2%  90.9%

 Dairy Cattle   35.3  159.4   732.5   460.2   65.3  196.4   64.8  198.1
                 6.3%   5.8%   11.6%    8.5%   8.8%   9.2%  12.8%   9.1%

 Silage         10.4   37.9       0       0      0      0      0      0
                 1.9%   1.4%    0.0%    0.0%   0.0%   0.0%   0.0%   0.0%

 Other Income      0      0      35       0      0      0      0      0
                 0.0%   0.0%    0.6%    0.0%   0.0%   0.0%   0.0%   0.0%

         1996 Planted Acres**
Total            114    385       0     180    303    380    450    790

 Hay               0      0       0       0    136      0    250    337
                 0.0%   0.0%    0.0%    0.0%  44.9%   0.0%  55.6%  42.7%

 Silage          114    385       0     180    167    380      0    163
               100.0% 100.0%    0.0%  100.0%  55.1% 100.0%   0.0%  20.6%

 Improved Past     0      0       0       0      0      0    200    290
                 0.0%   0.0%    0.0%    0.0%   0.0%   0.0%  44.4%  36.7%
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 *Receipts for 1996 are included to indicate the relative importance of each ente
   indicate the percentage of the total receipts accounted for by the livestock c
**Acreages for 1996 are included to indicate the relative importance of each ente
   reflect acreage reduction percentages that year. Total planted acreage may exc
   to double cropping. Percents indicate the percentage of total planted acreage