Aa S

ABSTRACT

Estimated costs and returns of growing round oranges in the Central Florida citrus area are
presented for the twentieth consecutive year. Due to the freezes of the 1980's, the Central Florida citrus
area refers primarily to Polk and Highlands counties. The format presented may be used by individual
growers to budget costs and returns, utilizing individual data on specific groves.

Key words: citrus, Central Florida, budgeting, costs and returns.

NOTE: The Central Florida production area refers to Polk and Highlands counties. However, the
costs presented in this report are applicable to other counties such as Hardee, Hillsborough,
Lake and Orange counties.

The budgeted cost information presented herein is the most current available. The budget
cost items have been revised to reflect current grove practices being used by growers-e.g.,
chemical mowing, different spray materials and rates of fertilization, microsprinkler
irrigation, more reset trees, etc. Thus, the 2002-03 budget costs reflect lower fertilizer and
pesticide materials costs and increased per acre yield due to higher per acre tree densities.

The budget costs in this report represent a custom-managed operation. Therefore, all
equipment costs are based on the average custom rate costs, and a 10 percent handling
and supervision charge is added to the material cost.

Although the estimated annual per acre grove costs listed are representative for a mature
citrus grove (10+ years old), the grove care costs for a specific grove site may differ
depending upon the tree age, tree density and the grove practices performed; e.g., spot
herbicide for grass/brsh regrowth under trees could add an additional $19.23 per acre;
Diaprepes control could add $69.54 per acre for soil biological control application and
$73.20 per acre for each foliar application; extensive tree loss due to blight or tristeza could
substantially increase the tree replacementand care costs; spray applicationsto control citrus
leafminer and nematicide applications such as Temik ($128.11/acre) could increase the total
cultural costs per acre above the average costs shown in the comparative budgets; travel and
set-up costs may vary due to size of the citrus grove and distance from grove equipment barn
and could add $25.98 per acre; etc.

ACKNOWLEDGEMENTS

Appreciation is extended to Mrs. Jane Wilson for typing the final draft of this manuscript.

Appreciation is also extended to the citrus growers and production managers of the Central
Florida citrus production area who provided suggestions for the revision of this manuscript.

ABSTRACT

Estimated costs and returns of growing round oranges in the Central Florida citrus area are
presented for the twentieth consecutive year. Due to the freezes of the 1980's, the Central Florida citrus
area refers primarily to Polk and Highlands counties. The format presented may be used by individual
growers to budget costs and returns, utilizing individual data on specific groves.

Key words: citrus, Central Florida, budgeting, costs and returns.

NOTE: The Central Florida production area refers to Polk and Highlands counties. However, the
costs presented in this report are applicable to other counties such as Hardee, Hillsborough,
Lake and Orange counties.

The budgeted cost information presented herein is the most current available. The budget
cost items have been revised to reflect current grove practices being used by growers-e.g.,
chemical mowing, different spray materials and rates of fertilization, microsprinkler
irrigation, more reset trees, etc. Thus, the 2002-03 budget costs reflect lower fertilizer and
pesticide materials costs and increased per acre yield due to higher per acre tree densities.

The budget costs in this report represent a custom-managed operation. Therefore, all
equipment costs are based on the average custom rate costs, and a 10 percent handling
and supervision charge is added to the material cost.

Although the estimated annual per acre grove costs listed are representative for a mature
citrus grove (10+ years old), the grove care costs for a specific grove site may differ
depending upon the tree age, tree density and the grove practices performed; e.g., spot
herbicide for grass/brsh regrowth under trees could add an additional $19.23 per acre;
Diaprepes control could add $69.54 per acre for soil biological control application and
$73.20 per acre for each foliar application; extensive tree loss due to blight or tristeza could
substantially increase the tree replacementand care costs; spray applicationsto control citrus
leafminer and nematicide applications such as Temik ($128.11/acre) could increase the total
cultural costs per acre above the average costs shown in the comparative budgets; travel and
set-up costs may vary due to size of the citrus grove and distance from grove equipment barn
and could add $25.98 per acre; etc.

ACKNOWLEDGEMENTS

Appreciation is extended to Mrs. Jane Wilson for typing the final draft of this manuscript.

Appreciation is also extended to the citrus growers and production managers of the Central
Florida citrus production area who provided suggestions for the revision of this manuscript.

TABLE OF CONTENTS

Page

ABSTRACT .................................................................. i

ACKNOW LEDGEM ENTS .......................................................

LIST OF TABLES ............................................................ iii

IN TR O D U CTIO N .............................................................. 1

METHOD OF DATA COLLECTION .............................................. 1

CO STS AN D IN PU TS .......................................................... 1

THE GROVE SITUATION ....................................................... 2

BUDGET COSTS AND RETURNS ................................................ 4

HISTORICAL COST TRENDS ................................................... 5

REFER EN C ES ..................................................... .......... 10

A D D EN D A ........................................ .............. .......... 11

NOTE: The ADDENDA include a Listing of Grove Care Programs for Central
Florida Citrus Production for Both Round Oranges and Grapefruit; 2003
custom rate summaryreport; costof establishing a citrus grove; etc. Page
11 is a list of the tables included in the ADDENDA.

LIST OF TABLES

Table Page

1 Schedule of production practices and budget items for a Central Florida citrus grove,
2002-03 ..................................................... .......... 3

2 Calculation of normal production per acre, 2002-03 .............................. 4

3 Estimated annual per acre costs and returns for a mature, Valencia orange grove
producing for the processed market, Central Florida area, 2002-03 ................... 6

4 Estimated total delivered-in cost for Central Florida (Ridge) Valencia oranges grown
for the processed juice market under three cultural cost programs, 2002-03 ............ 7

5 Estimated annual per acre costs and returns and 5-year average costs and returns for a
mature, Valencia orange grove producing citrus for processing in the Central Florida
area, 1998-99-2002-03 ........................................... ......... 8

6 Estimated annual per acre costs and returns and 5-year average costs and returns
(adjusted to 2003 dollars) for a mature, Valencia orange grove producing citrus for
processing in the Central Florida area, 1998-99-2002-03 .......................... 9

BUDGETING COSTS AND RETURNS FOR CENTRAL
FLORIDA CITRUS PRODUCTION, 2002-03

Ronald P. Muraro and W. C. Oswalt

INTRODUCTION

Budget analysis provides the basis for many grower decisions. Budget analysis can be used to

calculate potential profits from an operation, to determine cash requirements for an operation, and to

determine break-even prices. This report presents a budget constructed from current data and serves as

a format for growers to analyze costs and returns from their individual records. During the 1980's, several

freezes occurred which changed the character of the Central Florida citrus production area. The

December 1983 and January 1985 freezes caused extensive tree and acreage losses in the north central

counties such as Lake and Orange counties. The December 1989 freeze resulted in severe tree damage

and tree loss in North and Central Polk County. Thus, Central Florida in this report refers primarily to

Polk and Highlands counties.

METHOD OF DATA COLLECTION

The data presented here were developed by surveying custom operators, input suppliers, growers,

colleagues at the Citrus Research and Education Center in Lake Alfred, and County Extension Citrus

Agents in the Central Florida production region. The survey is conducted annually in February and

March.

COSTS AND INPUTS

Costs for various production inputs are those collected from citrus growers as well as the average

of the data obtained from annual custom rate, chemical, and fertilizer surveys. Growers' costs are shown

in the ADDENDA, Table 1-A through 7-A. The custom rate costs are shown in Table 8-A and the

various chemical and fertilizer costs are shown in Table 9-A and 10-A in the ADD ENDA. The budget

costs represent a custom-managed operation. Therefore, all equipment costs are based upon the

RONALD P. MURARO is a Professor of Food and Resource Economics and Extension Farm
Management Economist stationed at the Citrus Research and Education Center, Lake Alfred. W. C.
OSWALT is a Multi-county Extension Agent, Citrus in Polk and Hillsborough Counties, Bartow.

BUDGETING COSTS AND RETURNS FOR CENTRAL
FLORIDA CITRUS PRODUCTION, 2002-03

Ronald P. Muraro and W. C. Oswalt

INTRODUCTION

Budget analysis provides the basis for many grower decisions. Budget analysis can be used to

calculate potential profits from an operation, to determine cash requirements for an operation, and to

determine break-even prices. This report presents a budget constructed from current data and serves as

a format for growers to analyze costs and returns from their individual records. During the 1980's, several

freezes occurred which changed the character of the Central Florida citrus production area. The

December 1983 and January 1985 freezes caused extensive tree and acreage losses in the north central

counties such as Lake and Orange counties. The December 1989 freeze resulted in severe tree damage

and tree loss in North and Central Polk County. Thus, Central Florida in this report refers primarily to

Polk and Highlands counties.

METHOD OF DATA COLLECTION

The data presented here were developed by surveying custom operators, input suppliers, growers,

colleagues at the Citrus Research and Education Center in Lake Alfred, and County Extension Citrus

Agents in the Central Florida production region. The survey is conducted annually in February and

March.

COSTS AND INPUTS

Costs for various production inputs are those collected from citrus growers as well as the average

of the data obtained from annual custom rate, chemical, and fertilizer surveys. Growers' costs are shown

in the ADDENDA, Table 1-A through 7-A. The custom rate costs are shown in Table 8-A and the

various chemical and fertilizer costs are shown in Table 9-A and 10-A in the ADD ENDA. The budget

costs represent a custom-managed operation. Therefore, all equipment costs are based upon the

RONALD P. MURARO is a Professor of Food and Resource Economics and Extension Farm
Management Economist stationed at the Citrus Research and Education Center, Lake Alfred. W. C.
OSWALT is a Multi-county Extension Agent, Citrus in Polk and Hillsborough Counties, Bartow.

BUDGETING COSTS AND RETURNS FOR CENTRAL
FLORIDA CITRUS PRODUCTION, 2002-03

Ronald P. Muraro and W. C. Oswalt

INTRODUCTION

Budget analysis provides the basis for many grower decisions. Budget analysis can be used to

calculate potential profits from an operation, to determine cash requirements for an operation, and to

determine break-even prices. This report presents a budget constructed from current data and serves as

a format for growers to analyze costs and returns from their individual records. During the 1980's, several

freezes occurred which changed the character of the Central Florida citrus production area. The

December 1983 and January 1985 freezes caused extensive tree and acreage losses in the north central

counties such as Lake and Orange counties. The December 1989 freeze resulted in severe tree damage

and tree loss in North and Central Polk County. Thus, Central Florida in this report refers primarily to

Polk and Highlands counties.

METHOD OF DATA COLLECTION

The data presented here were developed by surveying custom operators, input suppliers, growers,

colleagues at the Citrus Research and Education Center in Lake Alfred, and County Extension Citrus

Agents in the Central Florida production region. The survey is conducted annually in February and

March.

COSTS AND INPUTS

Costs for various production inputs are those collected from citrus growers as well as the average

of the data obtained from annual custom rate, chemical, and fertilizer surveys. Growers' costs are shown

in the ADDENDA, Table 1-A through 7-A. The custom rate costs are shown in Table 8-A and the

various chemical and fertilizer costs are shown in Table 9-A and 10-A in the ADD ENDA. The budget

costs represent a custom-managed operation. Therefore, all equipment costs are based upon the

RONALD P. MURARO is a Professor of Food and Resource Economics and Extension Farm
Management Economist stationed at the Citrus Research and Education Center, Lake Alfred. W. C.
OSWALT is a Multi-county Extension Agent, Citrus in Polk and Hillsborough Counties, Bartow.

average custom-rate costs and a 10 percent handling and supervision charge is added to the

material cost.

Although brand names are used in many of the tables in the ADDENDA, this does not imply

endorsement by the University of Florida. It is merely an attempt to depict typical production practices.

All tables have a column reserved for the individual growers to insert data from a particular grove.

This will allow a comparison of the grower's costs with those presented.

THE GROVE SITUATION

Production practices for a Central Florida round orange grove are shown in Table 1 with times

during the year when they would likely be performed. There are two benefits to developing such a table

for an individual grove. First, it shows what work is needed and when, so that operations can be planned

well in advance. Second, it can be helpful if an annual cash flow analysis is developed to plan financing.

The individual grower may benefit from developing aplan for a particular grove.

Specific production practices vary from grove to grove making it difficult to define a "typical"

grove. Many combinations ofpractices and various tree variety combinations produce acceptable yields

and returns. Although the example represents a Valencia orange grove, the cost and return data are

designed to be applicable to most grove situations. A grower, realtor, or land appraiser can substitute

individual grove costs and expected returns into the budget format and develop a budget for a particular

grove. A "your cost" column is appropriately provided for this purpose in subsequent tables.

In the following budget, above average management and cultural practices are assumed. Beyond

this general assumption, the following specifics are assumed.

1. A 10+ year-old, low volume-irrigated grove;

2. Variety is Valencia round orange;

3. Tree loss is 3 percent annually;

4. Trees are pulled and replaced when production falls below

50 percent of expected yield;

5. Production is for processed use;

6. Tree density is 112 trees per acre; and

7. Custom-caretaker is providing grove management.

Table 1.--Schedule of production practices and budget items for a Central Florida citrus grove, 2002-03"

Month
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Total revenue:

Less: Pick & haul cost
DOC advertisement tax

20%
deposit

X
X

Partial
payment

Final
payment

Grove expenses:

Chop
Mow
Labor, general grove work, pull vines
Herbicide (1/2 grove acre equivalent)

Spray: Post bloom/nutritional

Summer oil/greasy spot

Fall miticide

Supplemental miticide

Dust

Fertilizer

68# N/A

68# N/A

Hedging and topping Hedge

Brush removal/chop brush Chop brush

Tree removal X X

Young tree care X X X X

Microjet irrigation (times/week) 1 1 2 3 3 3 2

Miscellaneous

Grove taxes including water management

Interest expense X

Annual principal payment on mortgage X

"This is a suggested schedule of practices. Actual practices would not necessarily be done on the exact schedule shown here.

68# N/A Dolomite

X

2 2

2 1 1

As a result of tree losses and replace ement, the tree ages will vary. The budgetreflects the following

age distribution:

Situation

3% pulled and reset
3% 1 year old
3% 2 years old
3% 3 years old
3% 4 years old
45% 5-19 years old
3% producing 50% of expected yield
37% mature producing

Yield
boxes/tree

0.0
0.0
0.0
0.6
0.9
3.8
2.8
5.5

Calculation of normal production per acre is shown in Table 2. Note that the proportion-of-trees-

by-age column only adds to 91 percent since 9 percent of the trees are non-bearing.

Table 2.--Calculation of normal production per acre, 2002-03

Boxes Total

Age of Tree Trees /tree boxes

Total no. Proportion No. ea.

all ages ea. age' age ---------- No. ----------

3 years 112 x 0.03 3.3 x 0.6 2.0

4 years 112 x 0.03 3.3 x 0.9 3.0

5-19 years 112 x 0.45 50.4 x 4.0 201.6

Prod. 50% of

exp. yield 112 x 0.03 3.3 x 2.8 9.2

20 years 112 x 0.37 41.8 x 5.5 229.9

Total boxes 445.7
"Proportion adds up to 0.91 (91 percent) as 9 percent of the trees were non-bearing (pulled and

reset, 1 and 2 year old trees).

BUDGET COSTS AND RETURNS

The estimated budget costs and returs for the Central Florida grove situation are shown in Table

3. The budgeted costs represent one possible citrus production program and were selected from the costs

shown in the ADDENDA tables. The gross revenue estimates are based on the projected yields in

Table 3 and estimated preliminary on-tree prices for the 2002-03 season. Grove establishment and reset

costs, harvesting and packing charges can be found in Tables 11-A through 15-A in the ADDENDA.

Also, historical on-tree prices for selected Florida citrus varieties are shown in Table 16-A of the

ADDENDA.

As shown in Table 3, the total revenue for process ed-market Valencia oranges is estimated to be

$2,105.12 per acre. Total specified costs are $825.59 andare comprised of grove care costs of$777.69,

plus management cost of $48.00. Return to land and trees of $1,279.53 represents net return above

variable costs. At 300 and 500 boxes per acre, respectively, the break-even price required to cover grove

care costs for Valencia oranges range from $2.59 to $1.56 per box on-tree and $0.72 to $0.56 per pounds

solids delivered-in.

Ad valorem taxes s, and overhead and administrative costs (such as water drainage district taxes, crop

insurance, and other grower assessments) can add up to 12 percent to the total grove care costs. These

costs vary from grove to grove depending on age, location, variety of fruit, etc. and should be considered

in arriving at net return to land, trees and ownership (total return minus total costs). Harvest costs (pick,

roadside, and hauling costs) also add to the total fruit cost delivered to either a processing plant or fresh

fruit packinghouse. Also, average annual debt payment (principal and interest) may be as high as $440

per acre ($3,750 average debt per acre @ 10 percent interest amortized over 20 years)which would reduce

total available cash for grove expansion or other investment.

An estimated "delivered-in" costs are shown for process ed orang es in Table 4. "Delivere d-in" costs

include grove care costs (Table 3) plus harvesting, regulatory, and grower assessment costs. The

"delivered-in" cost is presented as a costper acre, per box, and per pound solids. Three possible budget

cost scenarios are presented(Refer to Table 13-A): 1) Low Cost Processed Cultural Program; 2)Reduced

Cost Cultural Program; and 3) Typical/Historical Cultural Program. Scenarios 1 and 2 represent costs

of two possible cultural programs directed toward reducing the expenditures for fruit grown primarily for

the processed market. The third scenario represents typical costs of grove practices which have been

performed for citrus grown for the fresh/processed fruit market. Modified herbicide and/or spray and

fertilizer programs account for the reduced costs. NOTE: Before modifying a grove management

program to reduce costs, an evaluation of the market program (processed or fresh), yield, and specific

cultural problems (nutrition, disease, etc.) for the specific grove site should be made.

HISTORICAL COST TRENDS

Annual budgets of costs and returns formature, processed Valencia oranges inthe Central Florida

area have been developed and published the past four years. Estimated cost and return histories for

1998-99 through 2001-02 along with 2002-03, and a five-year average are presented in Table 5. To allow

comparisons in current values, these same costs and returns, adjusted to 2003 dollars, are presented in

Table 6.

Table 3.--Estimated annualper acre costs and returns for a mature Valencia orange grove producing for the processed market, CentralFlorida area, 2002-03"

Item Description Amount Your cost

--------------------- Dollars --- -----

I. Revenue 446 boxes @ $4.72' 2,105.12
II. Expenses'

Weed control
Discing 2 times per year 18.42
Mow middles 4 times per year 41.24
General grow work/sprouting, etc. (2 labor hours per acre) 24.70
Herbicide (Fable 2-A, Program #1, #2 & #7) 136.01 220.37
Spray program (Table 1-A, Programs #2, #9 & #11) 154.01
Fertilizer (Table3-A, Program #3) 148.58
Dolomite (Table 6-A Program #2) 9.74
Pruning (maintenance)
Topping ($372.50/hr. + 10 A/hr.) + 2.5 yrs. 14.90
Hedging ($341.67/hr. + 10 A/hr.) + 2 yrs. 17.09
Mow/chop brush ($8.78/A + 2 yrs.) 4.39 36.38
Tree replacement and care (Table 12-A) (1 through 3 years)
Remove trees/stack/burn 3 trees per acre 14.22
Prepare sites and plant resets Including 3 trees per acre 21.04
Supplemental fertilizer, tree wraps, maintenance
sprout, etc. Including application 28.05 63.31
Microsprinkler irrigation (Table 7-A, Program #4) 145.30
Total grove care expenses 777.69

III. Management $4.00 per acreper month' 48.00

IV. Total specified costs 825.59

V. Return to land, trees, and ownership 1.279.53

VI. Break-even price for total grove care exp enses

Boxes per acre Boxes per acre
300 350 400 450 500 300 350 400 450 500

$ On-tree price per box $ Delivered-in price per pound solids
2.59 2.22 1.94 1.73 1.56 0.72 0.66 0.62 0.59 0.56

"Although the estimated annul per acre grove costs shown in Table 3 are representative for a mature Central FloridaValencia orange grove, the grow care cosis for a specific grove site
may differdepending upon the grovepractices performed; eg., a Temik application would add $128.11 per acre; extensive tree loss due to blight ortristeza would double the tree replacement
and care costs; travel and set-up costs may vary due to size of citrus grove and distance from grow equipment barn.

bOn-tree price per box is preliminary; assumes price for processed oranges only.
'Assumes material custom applied; therefore, a 10 percent handling and supervision charge is added to material cost.

'Other methods to estimate a management cost--e.g, 5% of gross revenue or 10% of total grove care costs-are used in the industry. Other selected methods will give a different return to
land and trees than reported here.

'Other cost items which are not included in the budget are ad valorem taxes and interest on grove investment. In addition to these cost items, overhead and administrative costs, such as
water drainage/district taxes, crop insurance, and other grower assessments, can add up to 12 percent to the total grove care costs. These costs vary from grove to grove depending on age,
location, and time of purchase or grove establishment.

'Assumes 6.7 pounds solids per box and $2.19 pick and haul cost per box (including canker decontamination costs) and Department of Citrus advertising assessment of $0.165 per box.

Table 4.--Estimated total delivered-in cost for Central Florida (Ridge) Valencia oranges grown for the processed market under three cultural cost
programs, 2002-03

Represents a mature Processed Valencia Oranges Processed Valencia Oranges FreshProcessed Valencia Oranges
Represents a mature (10+ years old) Fresh/Processed Valencia Oranges
Low Cost Reduced Cost
Central Florida (Ridge) Orange Grove C R C Cultural Program
Cultural Program Cultural Program

$/Acre $/Box $/P.S. $/Acre $/Box $/P.S. $/Acre $/Box $/P.S.

Total Production/Cultural Costs $722.78 $1.621 $0.2419 $777.69 $1.744 $0.2603 $837.24 $1.877 $0.2802

Interest on Operating (Cultural) Costs 36.14 0.081 0.0121 38.88 0.087 0.0130 41.86 0.094 0.0140

Management Co sts 48.00 0.108 0.0161 48.00 0.108 0.0161 48.00 0.108 0.0161

Taxes/Regulatory Costs:
Property Tax and Water Management Tax 58.92 0.132 0.0197 58.92 0.132 0.0197 58.92 0.132 0.0197
Canker Decontamination Costs 4.50 0.010 0.0015 4.50 0.010 0.0015 4.50 0.010 0.0015

Total Direct Grower Costs $ 870.34 $1.951 $0.2913 $ 927.99 $2.081 $0.3106 $ 990.52 $2.221 $0.3315

Interest on Average Capital Investment Costs 377.90 0.847 $0.1265 377.90 0.847 0.1265 377.90 0.844 0.1259

Total Grower Costs $1,248.24 $2.799 $0.4177 $1,305.89 $2.928 $0.4370 $1,368.42 $3.064 $0.4574

Harvesting and Assessment Costs:
Pick/Spot Pick, Roadside & Haul and
Canker Decontamination Costs 974.51 2.185 0.3261 974.51 2.185 0.3261 974.51 2.185 0.3261
DOC Assessment 73.59 0.165 0.0246 73.59 0.165 0.0246 73.59 0.165 0.0246

Total Harvesting and Assessment Costs 1,048.10 2.350 0.3507 1,048.10 2.350 0.3507 1,048.10 2.350 0.3507

Total Delivered-In Cost $2 2". 34 $5.149 $0.7685 $2,353.99 $5.278 $0.7878 $2,416.52 $5.414 $0.8081

P.S. = Pound Solids Refer to cultural program shown Refer to cultural program shown in
in Table 13-A. Table 13-A.
Yl4 becg 8 bin Table 13-A. Refer to cultural program shown Table 13-A.
Yield: 446 boxes/acre @ 6.8 P.S. per box
in Table 3.
Two summer oil sprays with oil, in e A Fall Miticide Spray added to the
trees per acre copper, and nutritional. cultural program shown in Table 3.

Table 5.--Estimated annual per acre costs and returns and 5-year average costs and returns for a mature, Valencia orange grove producing citrus
for processing in the Central Florida area, 1998-99-2002-03

On-tree Gross Total grove Total specified Net return to land,
Year price/box" Yield revenue care expenses costsf trees, and ownership

---------------------------------------- Dollars -------------------------------------

1998-99 $5.32 448c 2,383.36 770.79 818.79 1,565.11

1999-00 $4.31 448' 1,930.88 783.43 831.43 1,099.45

2000-01 $3.70 436d 1,613.20 758.85e 806.85 806.35

2001-02 $3.96 446 1,766.16 767.77 815.77 950.39

2002-03 $4.72b 446 2,105.12 777.69 825.59 1,279.53

5-yr. avg. $4.40 445 1,958.00 771.74 819.71 1,138.29

'On-tree prices for processed oranges only as reported by the Florida Agricultural Statistics Service.
bPreliminary estimate by authors at time of printing and is not a published price.

CHigher per acre yield is due to increased average tree density of Valencia citrus groves in Central Florida
dThe severe drought affected yields for the 2000-01 season.

eTwo summer oil sprays (one with nutritional) were used in the 2001-02 and 2002-03 budget estimates.

fA management cost of $4.00 per acre per month is included. Fixed costs such as taxes, debt service, and crop insurance are not included.

Table 6.--Estimated annual per acre costs and returns and 5 -year average costs and returns (adjusted to 2003 dollars) for a mature, Valencia
orange grove producing citrus for processing in the Central Florida area, 1998-99-2002-03

Adjusted
Inflation on-tree Gross Total specified Net return to land,
Year factor index" price/box Yield revenue costs trees, and ownership

------------------------------ Dollars --------------------

1998-99 109.6 $5.83 448 2,611.84 897.39 1,714.45

1999-00 103.7 $4.47 448 2,002.56 862.19 1,140.37

2000-01 102.5 $3.79 436 1,652.44 827.02 825.42

2001-02 105.0 $4.16 446 1,855.36 856.56 998.80

2002-03 100.0 $4.72 446 2,105.12 825.59 1,279.53

5-yr. avg. $4.59 445 2,042.55 853.75 1,188.80

'Producer price index for each year adjusted to 2003 prices (2003 100), with 2003 producer price index estimated to be 137.6. Producer
price index forother years are: 1999 125.5; 2000 132.7; 2001 134.2; and 2002 = 131.1.

bA management cost of $4.00 per acre per month is included. Fixed costs such as taxes, debt service, and crop insurance are not included.
(Refer to Table 5.)

10

REFERENCES

1. Citrus Summary 2001-02. Florida Agricultural Statistics Service. Florida Agricultural Statistics.

2. Muraro, Ronald P. "A Listing ofEstimated Comparative CentralFlorida (Ridge) Citrus Production
Costs Per Acre for 2002-03." Lake Alfred Citms Research and Education Center(CREC) Report.
Lake Alfred, FL: June 2003.

3. ____. "Cost for Establishing, Planting, and Maintaining a Citrus Grove through Four Years of
Age, North Florida Area" Lake Alfred CREC Report. Lake Alfred, FL: March 1990.

4. ____. "Estimated Cost of Planting and Maintaining a Reset Citrus Tree through Three Years of
Age." Lake Alfred CREC Report. Lake Alfred, FL: December 2000.

5. ____. "A Listing of 2003 Custom Rates Reported by Thirty Ridge Citrus Caretakers." Lake
Alfred CREC Report. Lake Alfred, FL: June 2003.

6. Savage, Zach. Citrus Yields Per Tree Age. Univ. of Fla. Agr. Ext. Ser. 60-8. Gainesville: 1960.

7. Timmer, L. W. (Ed.). 2003 Florida Citrus Pest Management Guide. Univ. of Fla. Coop. Ext. Svc.
SP 43. Gainesville: Jan. 2003. 150 p.

8. Tucker, D. P. H., A. K. Alva, L. K. Jackson, and T. A. Wheaton (Eds.). Nutrition of Florida Citrus
Trees. Univ. of Fla. Coop. Ext. Svc. SP 169. Gainesville: 1995. 61 pp.

ADDENDA: ListingofGrove Care Programs for Central Florida Citrus Production for Both Round
Oranges and Grapefruit'
Page

Table 1-A Spray program s .................................................... 12
Post bloom spray ......................................... ........ 12
Sum m er spray ............................................ ........ 13
Fall spray ............................................... ........ 14

T able 2-A H erbicide ........................................................ 15

Table 3-A Dry fertilizer .................................... .................. 17

Table 4-A. Liquid fertilizer (Double boom application) .............................. 18

Table 5-A N em aticides ......................................... .............. 18

Table 6-A Soil am endm ent .................................................... 19

Table 7-A. Irrigation--annual cost per acre ........................................ 19
Perm anent overhead ................................................. 19
M icrosprinkler ..................................... ................ 19

Table 8-A. A listing of 2003 custom rates reported by thirty-three Ridge citrus caretakers 20

Table 9-A. 2003 summary of average chemical price estimates ........................ 22

Table 10-A. 2003 summary of average fertilizer price estimates ......................... 24

Table 11-A. Cost for establishing, planting and maintaining a citrus grove through four years
of age, North Florida area ............................................ 26

Table 12-A. Estimated cost of planting and maintaining a reset citrus tree through three years
of age, D ecem ber 2000 .............................................. 27

Table 13-A. A listing of estimated comparative Central Florida (Ridge) citrus production
costs per acre for 2002-03 ............................................ 28

Table 14-A. Estimated average picking, roadsiding and hauling charges for Florida citrus,
2002-03 ........ .............................................. 29

Table 15-A. Estimated average packing charges for Florida citrus, 2002-03 ............... 30

Table 16-A. Historic prices for selected citrus varieties ................................ 31

Table 17-A. Debt which can be supported per $1,000.00 annual payment capacity .......... 32

Abbreviations for important chemicals are:
B Boron Fe Iron Mn Manganese Zn Zinc
Cu Copper Mg Magnesium N Nitrogen

"The costs in the ADDENDA represent a custom managed operation. Therefore, all equipment costs
are based upon the average custom rate costs and a 10 percent handling and supervision charge is added
to the material cost.

Table 1-A.--Spray programs

POST BLOOM SPRAY

Spray Program #1

Spray Program #2

(Scab/melanose)

Spray Program #3

Spray Program #4

Materials/Ingredients

Oil 97+%
Cu (50% metallic)
Zn
Mn

Ground Application
(PTO driven airblast)

Total per Application

Materials/Ing redients

Cu (50% metallic)
Zn
Mn
Micromite 25WP

Ground Application
(PTO driven airblast)

Total per Application

Materials/Ing redients

Cu (50% metallic)
Ethion

Ground Application
(engine driven airblast)

Total per Application

Materials/Ing redients

Vendex 50WP
Zn
Mn

Ground Application
(PTO driven airblast)

Total per Application

Your
Cost/Acre

Amount
/Acre

5 gals
10 lbs
5 lbs
10 lbs

150 gals

Cost/Acre

$12.40
14.00
4.35
3.40

25.21

$59.36

Your
Cost/Acre

Amount
/Acre

10 lbs
5 lbs
10 lbs
1.25 lbs

150 gals

Cost/Acre

$14.00
4.35
3.40
42.93

25.21

$89.89

Amount
/Acre

15 lbs
6 pts

250 gals

Your
Cost/Acre

Cost/Acre

$21.00
27.84

28.65

$77.49

Amount
/Acre

2 lbs
5 lbs
10 lbs

150 gals

Your
Cost/Acre

Cost/Acre

$32.72
4.35
3.40

25.21

$65.68

------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------

Table 1-A.--Spray programs (cont'd.)

POST BLOOM SPRAY (cont'd.)

Spray Program #5

(Scale insects)

Materials/Ingredients

Lorsban 4EC

Ground Application
(engine driven airblast)

Amount
/Acre

5 pts

500 gals

Cost/Acre

$28.40

34.21

Your
Cost/Acre

Total per Application $62.61

SUMMER SPRAY

Spray Program #6

Spray Program #7

Spray Program #8

Materials/Ingredients

Oil 97+%
Cu (50% material)
Ethion

Ground Application
(PTO driven airblast)

Total per Application

Materials/Ing redients

Oil 97+%
Ethion

Ground Application
(engine driven airblast)

Total per Application

Materials/Ing redients

Oil 97+%
Agri-Mek
Cu (50% material)

Ground Application
(engine driven airblast)

Total per Application

Amount
/Acre

5 gals
7 lbs
6.0 pts

250 gals

Your
Cost/Acre

Cost/Acre

$12.40
9.80
27.84

28.80

$78.84

Amount
/Acre

5 gals
5 pts

500 gals

Your
Cost/Acre

Cost/Acre

$12.40
23.20

34.21

$69.81

Amount
/Acre

5 gals
10 ozs
7 lbs

250 gals

Your
Cost/Acre

Cost/Acre

$12.40
51.90
9.80

28.65

$102.75

------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------

Table 1-A.--Spray programs (cont'd.)

SUMMER SPRAY (cont'd.)

Spray Program #9

Spray Program #10

Spray Program #11

FALL SPRAY

Spray Program #12

Materials/Ingredients

Oil 97+%
Micromite
Cu (50% material)

Ground Application
(PTO driven airblast)

Total per Application

Materials/Ing redients

Oil 97+%

Ground Application
(engine driven airblast)

Total per Application

Materials/Ing redients

Cu (50% metallic)

Oil 97+%

Zn

Mn

B

Ground Application
(PTO driven airblast)

Total per Application

Materials/Ingredients

Kelthane MF
Spray Buffer

Ground Application
(PTO driven airblast)

Total per Application

Amount
/Acre

5 gals
1.25 lbs
7 lbs

250 gals

Your
Cost/Acre

Cost/Acre

$12.40
42.93
9.80

28.80

$93.93

Amount
/Acre

7 gals

250 gals

Your
Cost/Acre

Cost/Acre

$17.36

28.65

$46.01

Your
Cost/Acre

Amount
/Acre

7 lbs

5 gals

5 lbs

10 lbs

0.25 lbs

250 gals

Cost/Acre

$ 9.80

12.40

4.35

3.40

1.33

28.80

$60.08

Amount
/Acre

6 pts
1 pt

150 gals

Your
Cost/Acre

Cost/Acre

$28.08
2.03

25.21

$55.32

------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------

Table 1-A.--Spray programs (cont'd.)

FALL SPRAY (cont'd.)

Spray Progran

Spray Progran

Amount
#13 Materials/Ingredients /Acre Cost/Acre

Vendex 50WP 2 lbs $32.72

Ground Application 150 gals 26.83
(engine driven airblast)

Total per Application $59.55

Amount
#14 Materials/Ingredients /Acre Cost/Acre

Thiolux (Sulfur) 15 lbs $11.10

Ground Application 150 gals 25.21

Your
Cost/Acre

Your
Cost/Acre

(PTO driven airblast)

Total per Application $36.31

Table 2-A.--Herbicide

Amount/

Herbicide Prog

(Strip/band)

Herbicide Prog

(Strip/band)

Herbicide Prog

(Strip/band)

Cost/

ram #1 Materials Treated Acre Grove Acre"

Solicam 80 DF 3 lbs $24.87
Karmex WP 4 lbs 8.12
Roundup Ultra Max 2 qts 12.10

Ground Application 13.81
(1 time)

Total for 1 Application $58.90

Amount/ Cost/
ram #2 Materials Treated Acre Grove Acres

Mandate 2 pts $24.83
Direx 4L 3 qts 7.14
Roundup Ultra Max 2 qts 12.10

Ground Application 13.81
(1 time)

Total for 1 Application $57.88

Amount/ Cost/
;ram #3 Materials Treated Acre Grove Acres

Karmex WP 4 lbs $ 8.12
Roundup Ultra Max 2 qts 12.10

Ground Application
(1 time)

Total for 1 Application

Your Cost/
Grove Acre

Your Cost/
Grove Acre

Your Cost/
Grove Acre

13.81

$34.03

I1

I1

Table 2-A.--Herbicide (cont'd.)

Amount/

Herbicide Prog

(Strip/band)

Herbicide Prog

(Strip/band)

Herbicide Prog

(Strip/band)

Herbicide Prog

(Spot herbicide
grass/brush re
under trees.)

Cost/

ram #4 Materials Treated Acre Grove Acre"

Roundup Ultra Max 2 qts $12.10

Ammonium Sulfate 17 lbs 1.32

Ground Application 13.81
(1 time)

Total for 1 Application $27.83

Amount/ Cost/
ram #5 Materials Treated Acre Grove Acre"

Roundup Ultra Max 2 qts $12.10
Princep (Caliber 90) 4 lbs 6.60

Ground Application 13.81
(1 time)

Total for 1 Application $32.51

Amount/ Cost/
ram #6 Materials Treated Acre Grove Acre"

Direx 4L 3 qts $7.14
Solicam 3 lbs 24.87
Roundup Ultra Max 2 qts 12.10

Ground Application 13.81
(1 time)

Total for 1 Application $57.92

Amount/ Cost/
ram #7 Materials Treated Acre Grove Acre"

le for Roundup Ultra Max 2 qts $12.10
growth
Ground Application 15 gals 7.13
(1 time)

Total for 1 Application $19.23

"With respect to herbicide materials, Amount Per Grove Acre does not equal Amount Per Treated Acre shown
on the label. Only a strip or band is being treated. In this report, it is assumed that only one-half of a grove surface
is being treated.

Your Cost/
Grove Acre

Your Cost/
Grove Acre

Your Cost/
Grove Acre

Your Cost/
Grove Acre

Table 3-A.--Dry fertilizer

Analysis/Material Amount
Program #1 Applied /Acre Cost/Acre

(162 lbs N/Acre) 12-2-12-2.4 MgO 1350 lbs $ 109.35

Application 3 times 26.13

Total for 3 Applications $135.48

Analysis/Material Amount
Program #2 Applied /Acre Cost/Acre

(180 lbs N/Acre) 16-0-16-4 MgO 1125 lbs $ 108.00

Application 3 times 26.13

Total for 3 Applications $134.13

Analysis/Material Amount
Program #3 Applied /Acre Cost/Acre

(204 lbs N/Acre) 16-0-16-4 MgO 1275 lbs $122.40

Application 3 times 26.13

Total for 3 Applications $148.53

Analysis/Material Amount
Program #4 Applied /Acre Cost/Acre

(225 lbs N/Acre) 15-2-15-2.4 MgO 1500 lbs $136.50

Application 3 times 26.13

Total for 3 Applications $162.63

Your
Cost/Acre

Your
Cost/Acre

Your
Cost/Acre

Your
Cost/Acre

Table 4-A.--Liquid fertilizer (Double boom application)

Analysis/Material

Program #1

(180 lbs N/A

Program #2

(180 lbs N/A

Program #3

(180 lbs N/A

Amount

Applied /Acre Cost/Acre

sre) 10-0-10 1800 lbs $111.60

Double Boom Application 3 times 43.50

Total for 3 Applications $155.10

Analysis/Material Amount
Applied /Acre Cost/Acre

cre) 10-2-10 1800 lbs $ 117.00

Double Boom Application 3 times 43.50

Total for 3 Applications $160.50

Analysis/Material Amount
Applied /Acre Cost/Acre

cre) 10-0-10 1800 lbs $ 111.60
Solicam 80 DF 3 lbs* 24.87
Karmex WP 4 lbs* 8.12

Double Boom Application 3 times 43.50

Total for 3 Applications $188.09

*Treated acre (one herbicide application)

Table 5-A.--Nematicides

Analysis/Material

Amount

Applied /Acre Cost/Acre

Temik 15G 33 lbs $113.85

Application 14.26

Total per Application $128.11

Analysis/Material

Amount

Applied /Acre Cost/Acre

Temik 15G 17 lbs $ 58.65

Application 14.26

Total per Application $ 72.91

Your
Cost/Acre

Your
Cost/Acre

Your
Cost/Acre

Program #1

Program #2

Your
Cost/Acre

Your
Cost/Acre

Table 6-A.--Soil amendment

Analysis/Material

Program #1

(Every 3 year

Program #2

(Every 4 year

Amount

Applied /Acre Cost/Acre

s) Dolomite (Delivered) 1 ton $30.14

Application 1 time 8.80

Total for 1 Application $38.94

(Average 1/3 Ton Applied/Yr) $12.98

s)

Analysis/Material
Applied

Dolomite (Delivered)

Application

Total for 1 Application

(Average 1/4 Ton Applied/Yr)

Amount
/Acre

1 ton

1 time

Cost/Acre

$30.14

8.80

$38.94

$ 9.74

Table 7-A.--Irrigation--annual cost per acre

PERMANENT OVERHEAD

Operating

Maintenance

Total Cash E

Fixed Depreci

Total Cash a

Your
Program #1 Cost/Acre Program #2

(Electric) (Diesel)
$103.60 $ 84.15

of System 41.83 43.88

expensess $145.43 ______ $128.03

ation Expense 55.73 59.54

nd Fixed Expenses $201.16 $187.57

MICRO SPRINKLER

Operating

Maintenance of System

Total Cash Expenses

Fixed Depreciation Expense

Total Cash and Fixed Expenses

Program #3

(Electric)
$49.87

45.75

$95.62

52.94

$148.56

Your
Cost/Acre

Program #4

(Diesel)
$41.98

46.76

$ 88.74

56.56

$145.30

Your
Cost/Acre

Your
Cost/Acre

Your
Cost/Acre

Your
Cost/Acre

Table 8-A.-- A listing of 2003 custom rates reported by thirty Ridge citrus caretakers

Range of Rate Average
Grove Practice Unit Reported Ratey Comments

CULTIVATION AND EQUIPMENT:

Hand Hoe/Hand Labor
Mechanic Labor
Rotovate
Disc 7'
Disc 7'
Disc 9'-10'
Disc 9'-10'
Chop
Chop
Mow 5'-7'
Mow 9'-12'
Mow 5'-7'
Mow 9'-12'
Mow 15'-16'
Herbicide? (Strip/Band--Single Boom)
Herbicide? (Strip/Band--Single Boom)
Herbicide? (Strip/Band--Double Boom)
Herbicide (Piggy Back Appl.)
Herbicide? (Chemical Mow)
Temilk
Plow
Deviner
Bush Hog
Pickup Truck with Driver
Flatbed Transport Truck with Driver
Low-Boy Transport
Tractor with Driver
Water/Supply Truck

SPRAYING

Hour $10.00- $15.00 $12.35 Plus transportation
Hour 25.00- 42.50 31.85 Includes truck
Hour 28.00- 45.00 35.69
Hour 26.00- 35.00 30.09
Acre 8.00- 12.00 10.00 One-way discing
Hour 28.00- 40.00 33.00
Acre 8.00- 11.25 9.21 One-way discing
Hour 26.70- 40.00 31.43
Acre 7.00- 10.00 8.68
Hour 28.00- 35.00 30.17
Hour 32.00- 36.50 35.33 3 data points
Acre 8.50- 11.25 10.31
Acre 9.50- 13.50 10.91
Acre 10.00- 12.50 11.25
Hour 26.40- 33.00 29.48 Plus materials
Acre 11.50- 15.00 13.98 Plus materials
Acre 12.50- 15.70 13.81 Plus materials; Avg.$36.50/hour
Acre 12.50- 17.50 14.50 Plus materials
Acre 5.00- 9.25 7.32 Plus materials
Acre 13.00- 15.00 14.26 Plus materials
Hour 30.00- 35.00 33.38
Hour 30.00
Hour 28.00- 41.00 34.23 One reporting $13.00/acre
Hour 22.50- 35.00 26.37 Averagemiles/year/pickup: 27,353
Hour 28.00- 40.00 33.03 Average miles/year: 27,639; Avg. $17.83/hour without driver
Hour 50.00- 55.00 52.25 One reporting $75.00/trip
Hour 25.00- 32.50 27.88
Hour 25.00- 34.25 29.38

AIR BLAST SPRAYER

Engine Driven
1,000 gallon tank

500 GPA
250 GPA
125 GPA
100 GPA
50 GPA
Aerial (Bell-47 Helicopter)

FERTILIZE AND SOIL AMENDMENTS:,

Avg 500
gal tank

PTO Powered
1,000 gallon lank

Acre 35.00- 35.25 35.08 34.21 25.00- 35.00 31.30
Acre 25.00- 35.00 30.88 28.65 25.00 32.00 28.80
Acre 21.00- 27.00 23.13
Acre 20.00 23.00 21.33
Acre 15.00 20.00 18.83
$10.00 5 GPA; $15.00 S 10 GPA; $17.50 S 15 GPA; $22.00 S 20 GPA

Avg 500
gal tank

30.19
27.30
21.53
19.71

Average with
Electronic Sensing
Technology

$32.60/acre
$29.75/acre
$27.50/acre
$23.50/acre
$20.00/acre

Inject Liquid Fertilizer into Irrigation System Hour $25.00- $35.00 $31.03 Truck plus labor
Inject Liquid Fertilizer into Irrigation System Acre 1.50- 3.50 2.69 Average $58.06/irrigation injection hookup
Liquid BoomApplication:
Double Boom Acre 12.00- 15.00 13.86 Average $17.50/acre single boom

Dry (Bulk)
Lime or Dolomite
Lime or Dolomite
Fertilize Young Trees:2 Hand Spread
Fert. Spreader

IRRIGATION

Microsprink ler

Microsprinkler
ATV with Driver
Ring Young Trees: Hand Labor
Mechanical

Acre 7.00- 10.50 8.71 Average $30.20/hour
Acre 7.50- 10.75 8.80
Ton 7.00- 10.50 8.03
Hour 10.00- 15.00 12.35 Plus transportation and materials
Hour 27.50- 35.00 30.50 Plus materials; average $7.76/acre

Avg. $3.48/acre; Avg. $37.50/month;

Start/stop and supervision

Avg. $18.00/trip
Hour 25.00- 35.00 27.60 Start/stop and supervision; truck and driver
Hour 17.00- 25.00 21.82 Check/repair microsprinkler irrigation system-plus materials
Hour 10.00- 15.00 12.35 Plus transportation
Hour 24.20- 28.50 25.93 Labor plus equipment

REMOVING TREES:
Tree Shearing (Cutting Tree at Ground Level) Hour $50.00- $65.00 $60.17 Avg. trees sheared: 5 to 20 trees/hour
Front-end Loader Hour 50.00- 60.00 54.19 Averagetrees removed: 5 to 15 trees/hour
Bulldozer Hour 50.00
Front-end Loader with Tree Spade Hour 65.00

(OVER)

Table 8-A.-- A listing of 2003 custom rates reported by thirty Ridge citrus caretakers (cont'd.)

Range of Rate Average
Grove Practice Unit Reported Rate Comments

PRUNING:
Power Saw with Operator
Limb Liffer/Tree Skirt Trimmer (Double Sided)
Hedging:
Single Side (Tractor Mounted)
Double Side (Tractor Pulled)
Double Side (Tractor Mounted)
Double Side (Self Propelledy
Double Side (Self Propelledy
Topping:
Tractor Mounted
Tractor Pulled
Self Propelled
Double Boom (Self Propelled)
Removing Blush:
Haul Brush out of Grove
Front-end Loader (Push Brush)
Chop/Mow Brush

COLD PROTECTION
Mechanical (Bank and Unbank)
InstallWraps

OTHER CUSTOM RATES:
Plant Resets
Solid Set Planting
Travel/Setup Charge
Grove Management Charge/Month:
Supervising Grove Caie Operations
Handling Fruit Marketing
Supervising/H handling Chemicals/Fertilizer

Charge forpersonnelto oversee harvesting
operations and coordinate harvest in different
blocks/groves and keeping of harvesting
labor complance record.

$ 17.00- $ 25.00 $ 20.50 Plus transportation
200.00 Cover 9-18 acres one pass

75.00-
80.00-
200.00-
325.00-
250.00-

80.00
100.00
220.00
360.00
300.00

76.67
86.88
210.00
341.67
287.50

195.00- 200.00 196.67
100.00
365.00- 380.00 372.50
550.00

Hour 35.00-
Hour 46.40-
Hour 27.90-

Per Tree
Per Tree
Hour

Cover 2-5 acres/hour
Cover 3-5 acres/hour

Cover 10-25 acres/hour depending on wood size
Cover 4-12 acres/hour depending on wood size

Cover 1-3 acres/hour
Cover 5-10 acres/hr (Roof Top); 5-20 acres/hr (Flat Top)
Cover 2-12 acres/hr (Roof Top); 15-30 acres/hr (Fat Top)

40.50 37.10 Tractor-trailer/truck, driver plus 1 person; plus 2 people
60.00 53.72 2-10 acres/hour
37.50 33.42 3-6 acres/hour; Averaged $11.3 /acre

$ $- $23.43
0.24 0.50 0.34

$ 1.75- $3.00 $ 2.38
1.00- 1.75 1.29
27.00

Acre 1.50- 5.50 2.88
Box 0.10- 0.25 0.15
10% to 25% of materials cost

100/box to 180/box; average 160/box

Stake, plant and first watering
Stake, plant and first watering
Average for those reporting; One reporting $100.00

In addition to caretaking charges; 6% equipment labor
charge; $50/acre annually

Cultural Management/Horticultural Evaluation $50/hrto $100/hr
Financial Analysis Prospectus $150/hr

Total Reported Acreage Provided Grove
Service to:

Acre

350- 14,415

2,639 Total acres reporting 62,709

Source: Ronald P. Muraro, Extension Farm Management Economist, Lake Alfred CREC, June 2003.

Consulting

Plus materials. Caretakers reporting rates include labor, tractor and sprayer; supplytruck included by most caretakers.
Y Calculated by dividing the total numb er of caretakers reporting a grove practice rate into the sum reported. Unless otherwise stated, labor in eluded with all
charges.
"Low acres is for 2 years regrowth hedging; high acres is for annual maintenance hedging.

Table 9-A.--2003 summary of average chemical price estimates

Average Your Price
Item Unit Price (2003)

Fungicides:

Abound
Aliette 80WP
Basic Copper Sulfate (53%)
Copper (50%) (Kocide 101)
Carbamate 76WP
Enable 2F
Headline
Nu-Cop 50DF
Oil 435 or 455
Ridomil Gold Granular
Ridomil Gold EC

Insecticides/Nematicides:

Admire 2F
Agri-Mek (0.15EC)
Bacillus thuringienses
Comite 6.55 EC
Danitol
Ethion
Guthion 50WP
Kelthane MF
Lorsban 4EC
Lorsban 15G
Malathion 5 EC
Micromite 25WP
Microthiol 80DF
Nexter WP
Sevin 80S
Sevin XLR
Sulphur 6F
Temik 15G
Thiolux 80 DF
Vendex 50W

gal.
lb.
lb.
lb.
lb.
40 oz.
gal.
lb.
gal.
lb.
gal.

235.00
9.96
1.27
1.96
3.13
56.40
220.00
1.80
2.25
5.35
604.15

522.50
604.00
9.92
80.95
141.67
33.75
9.78
34.00
41.25
1.76
20.09
31.22
0.67
100.44
4.57
25.93
2.65
3.14
0.67
14.88

Table 9-A.--2003 summary of average chemical price estimates (cont'd.)

Average Your Price
Item Unit Price (2003)

Herbicides: Direx 4L
Direx 80 DF
Fusilade DX
Gramoxone (Paraquat)
Hyvar X
Karmex
Krovar I
Mandate 2E
Poast Plus 1.0 EC
Princep (Caliber 90)
Princep 4L
Rodeo (30 gal drum)
Roundup (30 gal drum)
Roundup Ultra Max
Simazine 90 DF
Simazine 4L
Solicam 80 DF
Surflan AS
Touchdown
Growth Regulators:
Citrus Fix
Pro-Gibb 3.91%

Other Spray Materials:
Borates (15%)
Manganese (32%)
Zinc (78%)
Nutritional Spray Mix:
Dyna Gold MZF

gal.
lb.
gal.
gal.
lb.
lb.
lb.
gal.
gal.
lb.
gal.
gal.
gal.
gal.
lb.
gal.
lb.
gal.
gal.

gal.
32 oz. bottle

17.24
3.49
123.57
33.65
18.19
3.69
10.68
180.63
53.97
3.00
13.71
72.69
27.75
44.00
2.72
13.00
15.08
70.73
35.67

284.48
37.56

0.74
0.31
0.79

6.41

SOURCE: Ronald P. Muraro, Extension Farm Management Economist, University of
Florida, IFAS, CREC, Lake Alfred, Florida, August 2003.

Table 10-A.--2003 summary of average fertilizer price estimates

Average Your Price
Item Unit Price (2003)

FERTILIZER (FOB Price @ Plant)
$
Dry Mix (Bulk)
17-0-17-3Mg ton 177.44
17-4-17-2.4Mg ton 180.46
16-0-16 ton 166.08
16-0-16-4Mg ton 174.36
16-2-16-3Mg ton 175.82
15-2-15-2.4Mg ton 165.26
12-2-12-2.4Mg ton 147.78
8-8-8 w/minors* ton 145.30
8-4-8 w/minors* ton 128.44
8-2-8 w/minors* ton 126.26
6-6-6 w/minors* ton 127.03

Liquid Mix (Bulk)
8-2-8 ton 112.48
8-4-8 ton 107.08
9-3-9 ton 109.54
9-4-9 ton 124.19
10-0-10 ton 111.81
10-2-10 ton 118.71
12-0-6 ton 110.49
12-3-6 ton 108.41

*With organic nitrogen, the price averaged 25% higher.

Table 10-A.--2003 summary of average fertilizer price estimates (cont'd.)

Average Your Price
Item Unit Price (2003)

Other Fertilizer Materials (Bulk)
Ammonium Nitrate (21% N Liquid) ton 124.75
Ammonium Nitrate (33.5% N Dry) ton 187.38
Ammonium Sulfate (21% N) ton 101.67
Calcium Nitrate (19% Ca, 15.5% N) ton 207.69
Dolomite (at mine-49% CaCO3, 36% MgCO3) ton 16.49
Muriate of Potash (60% K20) ton 162.02
Potassium Nitrate (14% N; 46% K20) ton 373.26
Sul-Po-Mag (SPM--21.9% K20) ton 162.50
Super Phosphate (20% P205) ton 143.31
Triple Superphosphate (48% P205) ton 172.94
Urea ton 373.26
Average Delivery Cost ton 12.00

Foliar Macronutrients
N-Sure 28-0-0 (72% SRN)** gal. 6.39
Phos Might 0-22-20 gal. 21.87
Nutriphite 0-28-26 gal. 26.67
MKP (0-52-34) (Mono-Potassium Phosphate) lb. 0.65
DKP (0-18-20) (Di-Potassium Phosphate) gal. 2.50

**SRN, Slow Release Nitrogen

SOURCE: Ronald P. Muraro, Extension Farm Management Economist, University of
Florida, IFAS, CREC, Lake Alfred, Florida, August 2003.

Table 11 -A.--Cost for establishing, planting and maintaining a citrus grove through four years of age, North Florida area

Cost Per Acre
Range Average

$ $
Land Cost' 2,500-4,500 3,450
Land Preparation (clearing, disking, leveling) 275- 7002 350
Soil Amendments: Dolomite 1 ton 35
Super Phosphate, 400 lbs. 30
Cover Crop 9- 16 12
Irrigation System: Microsprinkler -- with Well3 850-1,650 1,350
-- without Well 525-1,250 975
Water Permits, Environmental Studies, and Engineering: Cost 35- 80 50
Time in Months 3- 8 6
Percent Land Utilization: Planted to Citrus 90%- 97% 95%
Roads and Service Areas 3%- 10% 5%

North Florida
Year
1 2 3 4

Solidset Planted Trees4 ------------------ Cost Per Tree ------------

Microsprinkler Irrigation and Ditch Maintenance $0.37 $0.45 $0.55 $0.65
Fertilize Tree 0.25 0.40 0.55 0.57
Supplemental Fertilization thru Irrigation 0.15 0.20 0.25 0.29
Spray 0.42 0.55 0.65 0.75
Insulated Tree Wrap (annual maintenance) 0.25 0.25 0.25 0.00
Sprouting (labor) 0.20 0.20 0.00 0.00
Cultivation/Mowing 0.40 0.40 0.40 0.40
Herbicide 0.45 0.45 0.45 0.45
Ridomil/A liette 0.35 0.35 0.00 0.00
Miscellaneous 0.43 0.49 0.47 0.47
Total Cost Per Year $3.27 $3.74 $3.57 $3.58

Reset Trees (annual additional grove care costs) $2.13 $2.47 $1.84

Cost of Planting Trees5 Solidset = $6.75 Reset = $8.05

'Land cost will vary from one county to another as well as from one parcel to another.

2lncludes fumigation cost of $330 per acre.

3lrrigation costs include distribution system, power unit and well (where indicated.) The higher cost ranges reported
also included a cost for fertigation equipment.

4The per tree costs shown are applicable for tree densities of 145 to 165 trees per acre. The per tree costs should be
decreased for higher density plantings and increased for lower density plantings; e.g., at 200 trees per acre decrease
costs by 15%; at 115 trees per acre increase costs by 15%.

5Tree cost (bare root) = $3.25; stake, plant, and water tree = $1.25 (solidset) and $2.55 (resets); and insulated tree wrap
-$2.25.

Source: Ronald P. Muraro, Farm Management Economist, CREC, Lake Alfred, FL, March 1990.

Table 12-A.--Estimated cost of planting and maintaining a reset citrus tree through three years of age,
December 2000

Number of Resets/Replacement Trees Per Acre
1-2 3-5 6-10 11-25 26+

----------------- Cost Per Tree -----------
Year #1: $ $ $ $ $
Tree Removal 5.73 4.98 3.98 3.22 2.57

Tree Cost (Container Tree) 4.50 4.50 4.35 4.25 4.25
Site Preparation" 5.40 4.68 3.97 3.67 2.88
Plant Tree and First Watering 3.28 2.40 2.08 1.74 1.31
Total Planting Cost 13.18 11.58 10.40 9.66 8.44

Supplemental Fertilization 4 Times
(Application & Materials) 1.28 1.11 1.02 0.93 0.85
Supplemental Spraying
(Application & Materials)b 0.48 0.41 0.38 0.35 0.32
Spot Herbicide (Application & Materials) 0.21 0.18 0.16 0.14 0.13
Tree Wrap (Corrugated) 1.00 1.00 1.00 1.00 1.00
Sprouting/Pruning 0.41 0.41 0.38 0.38 0.34
Miscellaneous 0.17 0.16 0.15 0.14 0.13
Supervision & Overhead 0.27 0.25 0.23 0.22 0.21

Total Tree Care Cost Year #1 3.82 3.52 3.32 3.16 2.98

Total Cost Year #1 22.73 20.08 17.70 16.04 13.99
Year #2:
Supplemental Fertilization 3 Times
(Application & Materials) 1.72 1.53 1.34 1.13 1.03
Supplemental Spraying
(Application & Materials)b 0.55 0.49 0.43 0.36 0.33
Spot Herbicide (Application & Materials) 0.20 0.18 0.16 0.14 0.13
Sprouting/Pruning 0.49 0.49 0.41 0.41 0.37
Miscellaneous 0.15 0.13 0.12 0.10 0.09
Supervision & Overhead 0.23 0.20 0.18 0.16 0.15
Total Cost Year #2 3.34 3.02 2.64 2.30 2.10
Year #3:
Supplemental Fertilization 3 Times
(Application & Materials) 2.34 2.09 1.79 1.53 1.30
Miscellaneous 0.12 0.10 0.09 0.08 0.06
Supervision & Overhead 0.18 0.16 0.14 0.12 0.10
Total Cost Year #3b 2.64 2.35 2.02 1.73 1.46

Total Three-Year Cumulative Costs 28.71 25.45 22.36 20.07 17.55

"Site preparation for bedded citrus grove; cost of root removal, rotovating/leveling tree planting site.
Fumigate planting site would cost approximately $2.50 per tree.

bAdditional spray costs may be incurred if leafminer is a problem.

SOURCE: Ronald P. Muraro, Farm Management Economist, CREC, Lake Alfred, FL, December 2000.

Table 13-A.--A listing of estimated comparative Central Florida (Ridge) citrus production costs per acre for 2002-2003z
Sr Low Cost Processed and Typical/Historical
Costs represent a mature (10+ years old)
Ct r a ue) ( yro Processed Reduced Fresh Cost Fresh Fruit
Central Florida (Ridge) Orange Grove.
Central Florida (Ri ) O e G Cultural Program Cultural Program Cultural Program
PRODUCTION/CULTURAL COSTS:y
Weed Management/Control:
Discing (2 times per year) $18.42 $18.42 $18.42
Mechanical Mow Middles (4 times per year) 41.24 41.24 41.24
General Grove Work (2 labor hours per acre) 24.70 24.70 24.70
Herbicide (1/2 tree acre treated):
Application (3 applications) $27.62 $27.62 $27.62
Material 63.79 89.16 89.16
Spot Treatment (Material/application) 19.23 19.23 19.23
Total Herbicide Cost 110.64 136.01 136.01
Spray:
Summer Oil #1 (Processed @ 250 GPA) or
Post Bloom (Fresh @ 150 GPA):
Application 28.80 28.80 25.21
Material 50.04 65.13 64.68
Total Summer Oil #1 or Post Bloom Cost 78.84 93.93 89.89
Summer Oil #2: Application (PTO -250 GPA) 28.80 28.80 28.80
Material 31.28' 31.28' 74.10
Total Summer Oil #2 Cost 60.08 60.08 102.90
Supplemental Fall Miticide:
Application (PTO -150 GPA) 25.21
Material 11.10
Total Supplemental Fall Miticide Cost 36.31
Fertilizer (Bulk): 3 Applications 26.13 26.18 26.18
Material (16-0-16-4 MgO @ 180 lbs N
per acre and 204 lbs N per acre) 108.00 122.40 122.40
Total Fertilizer Cost 134.13 148.58 148.58
Dolomite (one ton applied every 4 years)
Material/Application 9.74 9.74 9.74
Pruning: Topping ($37.25/A + 2.5 yrs)" 14.90 14.90 14.90
Hedging ($34.17/A 2 yrs)" 17.09 17.09 17.09
Chop/Mow Brush after Hedging ($8.78/A 2 yrs)" 4.39 4.39 4.39
Total Pruning Cost 36.38 36.38 36.38
Tree Replacement--1 thru 3 years of age: (4 trees/acre)
Remove Trees: Pull, Stack & Burn 4 Trees with
Front-end Loader 14.22 14.22 14.22
Prepare Site & Plant Tree (Includes 4 reset trees) 21.04 21.04 21.04
Supplemental Fertilizer, Tree Wraps Maintenance,
Sprout, Etc. (Trees 1-3 years old) 28.05 28.05 28.05
Total Tree Replacement Cost 63.31 63.31 63.31
Irrigation: Microsprinkler S:.-, in 145.30 145.30 145.30

IRRIGATED PROCESSED FRUIT PRODUCTION COSTS $722.78 $777.69

Fall Miticide: Application (150 GPA) 26.83 26.83
Material 32.72 32.72
Total Fall Miticide Cost 59.55 59.55

IRRIGATED FRESH FRUIT PRODUCTION COSTS $837.24 $912.33

zThe listed estimated comparative costs are for the example grove situation described in the Economic Information Report Series entitled:
"Budgeting Costs and Returns for Central Florida Citrus Production" and may not represent your particular grove situation in Central
Florida.

SOURCE: Ronald P. Muraro, University of Florida-IFAS, Citrus Research and Education Center, Lake Alfred, FL, August 2003.

Table 14-A.-Estimated average picking, roadsiding and hauling charges for Florida citrus, 2002-03

Fresh Fruit Processed Fruit

Range Average Range Average

$/Box $/Box $/Box $/Box

Picking Charges:

Early and Mid-Season Oranges

Valencia Oranges

Pink/Red Grapefruit

White/Marsh Grapefruit

Temples/Tangelos

Tangerines

Roadsiding Charges:

Early and Mid-Season Oranges

Valencia Oranges

Pink/Red Grapefruit

White/Marsh Grapefruit

Temples/Tangelos

Tangerines

0.72

0.79

0.60

0.60

0.85

1.35

0.75

0.75

0.75

0.75

0.90

1.12

-0.90

0.90

0.80

0.77

0.90

1.91

Fresh Fruit

Range

$/Box

- 1.03

- 1.08

- 0.85

- 0.81

- 0.95

- 1.21

Fresh Fruit

All Varieties

$/Box

0.814

0.835

0.692

0.668

0.883

1.600

Average

$/Box

0.882

0.910

0.792

0.778

0.927

1.177

0.75

0.76

0.55

0.50

0.85

- 0.90

- 0.90

- 0.75

- 0.75

- 0.90

0.806

0.810

0.625

0.600

0.860

Processed Fruit

Range Average

$/Box $/Box

0.70

0.70

0.75

0.75

0.76

0.96

0.96

0.77

0.77

0.90

0.838

0.851

0.758

0.758

0.850

Processed Fruit

All Varieties

$/Box

Hauling Charges:

0 30 miles

31 50 miles

51 80 miles

81 100 miles

100 + miles

0.408

0.445

0.517

0.575

0.663

0.384

0.433

0.498

0.551

0.625

Table 15-A.-Estimated average packing charges for Florida citrus, 2002-03

Domestic Export Temples/
Grapefruit Grapefruit Oranges Tangelos Tangerines

--------------------------- $/Carton --------------------------

Total Packing Chargea 3.544 3.992 3.731 4.214 4.733

---------------------------- $/Box -----------------------------

Drenching Charge 0.170 0.168 0.178 0.178 0.178

Packinghouse Elimination Charges 0.566 0.588 0.600 0.600 0.633

Hauling Charge for Eliminations 0.388 0.368 0.404 0.434 0.434

aTotal Packing Charge includes the following items:
1. Materials including mesh/plastic bags, labels/PLUs, etc.
2. Includes supervisor/foreman labor, grading, palletizing, shipping and general labor. Includes
payroll taxes (FICA), workers compensation, ground insurance, etc.
3. Other direct packing costs include: fruit treating; power, lights and water; repair maintenance;
miscellaneous supplies; etc.
4. Indirect packing costs include such items as: insurance-fire and casualty, taxes and licenses,
depreciation and rent.
5. G&A costs include: office personnel (FICA, w/comp); packinghouse and general manager;
office supplies; telephone; etc.
6. Special assessments include such items as: advertising taxes, inspection fees, Florida Citrus
Packers; CAC.

NOTE: Packing charges represent a total of nine citrus packinghouses from both the Indian River
and Interior production regions.

Table 16-A.--Historic prices" for selected citrus varieties

Variety
Early and Late season Temple All Tangelos Seedless grapefruit"
Crop year mid'-season oranges oranges Tangerines
oranges (white) (colored)

1961-62
1962-63
1963-64
1964-65
1965-66
1966-67
1967-68
1968-69
1969-70
1970-71
1971-72
1972-73
1973-74
1974-75
1975-76
1976-77
1977-78
1978-79
1979-80
1980-81
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-00
2000-01
2001-02f

$1.93
2.17
4.43
2.57
1.44
0.81
1.86
1.56
1.15
1.10
1.98
1.43
1.38
1.46
1.69
1.89
3.90
4.44
3.59
3.67
4.27
4.88
5.09
7.30
3.92
4.56
6.72
6.63
6.01
5.38
5.44
3.23
3.76
3.25
3.62
3.18
2.81
4.35
3.19
2.60
2.46

$1.81
3.50
4.45
2.28
1.79
1.08
2.28
1.83
1.13
1.91
2.11
1.71
1.59
1.82
1.88
2.63
4.40
4.95
3.89
4.63
4.29
5.41
6.72
6.88
3.97
6.02
8.73
8.41
6.53
6.58
6.65
3.88
4.61
4.41
5.57
4.07
4.88
5.58
4.33
4.02
3.99

$2.17
3.09
4.45
2.77
1.80
0.88
2.79
2.22
1.47
1.91
1.95
1.95
1.64
1.68
1.79
2.16
3.92
4.89
2.89
4.21
4.01
3.99
5.34
5.59
3.01
3.60
5.69
5.46
5.64
6.31
6.51
2.99
2.73
3.47
4.44
3.22
3.07
5.12
2.55
2.05
2.28

$2.04
3.02
3.18
2.68
2.14
1.06
4.29
2.55
2.23
1.88
2.97
2.37
2.82
3.05
3.02
3.29
4.79
4.99
4.25
5.45
6.23
7.57
5.93
15.91
12.69
10.92
12.99
12.64
15.28
17.10
18.00
13.75
9.83
11.98
12.59
7.99
8.49
12.07
6.67
6.40
7.69

$3.36
4.66
4.83
4.00
2.85
1.64
3.22
2.47
1.13
1.04
1.69
1.39
1.25
1.45
1.42
1.42
3.29
3.90
2.87
3.92
3.58
4.37
4.28
7.08
4.06
3.72
5.58
6.31
5.10
6.11
7.16
3.31
2.38
2.64
3.63
2.19
1.66
4.53
2.52
1.27
2.37

$0.68
1.29
2.24
1.51
1.39
0.73
2.05
0.98
1.72
1.89
2.27
2.06
1.58
1.55
1.29
1.49
1.47
2.21
3.12
3.46
1.92
1.51
2.08
3.02
3.56
4.45
5.35
4.33
5.21
4.59
6.46
2.22
3.23
2.58
2.14
1.12
0.93
1.95
3.87
2.07
1.95

$0.86
1.81
2.54
1.82
1.64
0.94
2.48
1.15
1.92
2.15
2.69
2.53
2.12
2.59
2.23
2.04
2.09
3.13
3.80
4.22
2.80
3.20
4.05
4.84
4.98
5.80
5.93
4.71
6.30
6.85
6.87
3.11
3.38
1.66
1.77
1.91
1.50
2.65
3.36
2.28
2.17

"On-tree average price per box
charges.

(1-3/5 bushel box equivalent) for all methods of sale minus pick and haul

bNavel and Hamlin 'Parson Brown and Pineapple

Source: Florida Agricultural Statistics Service.

dValencia "Marsh (white) or pink

fPreliminary

Table 1 7-A.--Debt which can be supported per $1,000.00 annual payment capacity

Loan Interest rate paid on the loan
term
(years) 8.0% 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 12.0% 12.5% 13.0% 13.5% 14.0% 14.5% 15.0%

1 926 922 917 913 909 905 901 897 893 889 885 881 877 873 870
2 1,783 1,771 1,759 1,747 1,754 1,724 1,713 1,701 1,690 1,679 1,668 1,657 1,647 1,636 1,626
3 2,577 2,554 2,531 2,509 2,487 2,465 2,444 2,423 2,402 2,381 2,361 2,341 2,322 2,302 2,283
4 3,312 3,276 3,240 3,204 3,170 3,136 3,102 3,070 3,037 3,006 2,974 2,944 2,914 2,884 2,855
5 3,993 3,941 3,890 3,840 3,791 3,743 3,696 3,650 3,605 3,561 3,517 3,475 3,433 3,392 3,352
6 4,623 4,554 4,486 4,420 4,355 4,292 4,230 4,170 4,111 4,054 3,998 3,942 3,889 3,836 3,784

7 5,206 5,119 5,033 4,950 4,868 4,789 4,712 4,640 4,564 4,492 4,423 4,355 4,288 4,224 4,160
8 5,747 5,639 5,535 5,433 5,335 5,239 5,146 5,056 4,968 4,882 4,799 4,718 4,639 4,562 4,487
9 6,247 6,119 5,995 5,875 5,759 5,646 5,537 5,431 5,328 5,228 5,132 5,038 4,946 4,858 4,772
10 6,710 6,561 6,418 6,279 6,145 6,015 5,889 5,768 5,650 5,536 5,426 5,319 5,216 5,116 5,019
11 7,139 6,969 6,805 6,647 6,495 6,348 6,207 6,070 5,938 5,810 5,687 5,568 5,453 5,341 5,234
12 7,536 7,345 7,161 6,984 6,814 6,650 6,492 6,341 6,194 6,054 5,918 5,787 5,660 5,538 5,421

13 7,904 7,691 7,487 7,291 7,103 6,923 6,750 6,583 6,424 6,270 6,122 5,979 5,842 5,710 5,583
14 8,244 8,010 7,786 7,572 7,367 7,170 6,982 6,801 6,628 6,462 6,302 6,149 6,002 5,861 5,724
15 8,559 8,304 8,061 7,828 7,606 7,394 7,191 6,997a 6,811 6,633 6,462 6,299 6,142 5,992 5,847
16 8,851 8,576 8,313 8,062 7,824 7,596 7,379 7,172 6,974 6,785 6,604 6,431 6,265 6,106 5,954
17 9,122 8,825 8,543 8,276 8,022 7,779 7,549 7,329 7,119 6,920 6,729 6,547 6,373 6,207 6,048
18 9,372 9,056 8,756 8,471 8,201 7,945 7,702 7,470 7,250 7,040 6,840 6,649 6,467 6,294 6,128

19 9,603 9,268 8,950 8,650 8,365 8,095 7,839 7,596 7,366 7,146 6,938 6,739 6,551 6,370 6,198
20 9,818 9,463 9,129 8,812 8,514 8,231 7,963 7,710a 7,469 7,241 7,025 6,819 6,623 6,437 6,259
25 10,675 10,234 9,823 9,438 9,077 8,739 8,422 8,123 7,843 7,579 7,330 7,095 6,873 6,663 6,464
30 11,258 10,747 10,274 9,835 9,427 9,047 8,868 8,364 8,055 7,766 7,496 7,242 7,003 6,778 6,566
35 11,655 11,088 10,567 10,087 9,644 9,234 8,855 8,503 8,175 7,870 7,586 7,320 7,070 6,836 6,617
40 11,925 11,315 10,757 10,247 9,779 9,348 8,951 8,587 8,244 7,928 7,634 7,361 7,105 6,866 6,642

aExample. Assumes a $10,000 after tax income at 11.5% interest rate and a 15-year term mortgage, the total debt which can be supported is $69,970
($6,997 x 10). At 11.5% interest rate and a 20-year term mortgage, the total debt which can be supported is $77,100 ($7,710 x 10).

	Front Cover
	Abstract
	Acknowledgement
	Table of Contents
	List of Tables
	Introduction
	Method of data collection
	Costs and inputs
	The grove situation
	Budget costs and returns
	Historical cost trends
	References
	Addenda