Florida Agricultural Experiment Stations was due to growth made during intervals between initiation of grazing on the respective pastures. Hay Equivalent and Feed Replacement Value of the Pasture. -Since most of the forage consumed was alfalfa, and the qual- ity of oats and clover forage was similar to that of alfalfa, this hay was used as the reference roughage in evaluating the feed obtained from the pasture. The average total digestible nutri- ents obtained per acre from unirrigated pastures annually was equivalent to 4.6 tons of hay. For 1955-56 and 1956-57 seasons the annual average total digestible nutrients per acre from un- irrigated pastures was equivalent to 3.0 tons of hay per acre as compared to 4.6 tons for that from irrigated pastures. In calculating feed replacement value of the pasture, consid- eration was given to the fact that the roughage requirements of a herd are rather uniform under practical conditions. The total digestible nutrient level of the base line in Figure 1 was used to represent the amount needed from unirrigated pasture, and that above the base line was considered as surplus, which could be preserved as stored forage. The hay equivalent that could be utilized as grazed forage was valued at $52 per ton, and that as surplus valued at $26 per ton. The calculated annual feed replacement value of unirrigated pasture per acre ranged from $83 to $288 and averaged $206 for the four years. During the two seasons when irrigation was a variable, the calculated feed replacement value annually per acre averaged $214 for the irrigated pasture and $144 for the unirrigated. Calculated Production Costs and Net Returns.-Prevailing prices for fertilizers and land rent were employed in calculating pasture production costs. Assessments for cultural practices were in accordance with charges for local custom work where pastures are 10 acres or larger. Fertilizer costs per ton were: superphosphate, 20 percent, $30; muriate of potash, 60 percent, $58; agricultural borax, $113; and ammonium nitrate, $80. Seed cost per hundred-weight were: alfalfa, $35; Kenland red clover, $55; bur clover, $50; white clover or Ladino clover, $105; and oats, $5.50. Assessments per acre for cultural practices were breaking land, $3.25; harrowing, $1.70; spreading fertilizer. $1.50; applying topdressing, $1.25; seeding, $1.25; and mowing, $1.25. Calcic limestone applied on pasture was $5 per ton, and dolomite limestone $7 per ton. Land rent was $8 per acre, and total cost of dusting pasture with parathion was $1.90 per acre.