Replacing Summer Fallow with a Summer Grazed Legume Crop in Rotation with Wheat or Wheat-Sunflower-Millet

Profitability and risk, 19882001, are examined for lambgrazed field pea as a fallow replacement with a wheat-fallow rotation, or extended wheatsunflower-millet wheat-sunflowermillet-pea rotations. Switching from a conventional wheatfallow to an extended rotation with grazed-peas increases the rate of return to farmland (2.3% to 7.3%), and reduces downside risk with losses in only two versus seven of fourteen years).