Winter wheat may be grown in the Southern Plains either to produce grain only, or as a dual-purpose crop to produce both fall-winter forage and grain. The objective of the research is to determine expected net returns for both production systems. The estimated expected net value of the dualpurpose system stocked with steers with an initial weight of 450 pounds is from $38 to $92 per acre greater than that of the grain-only system. The economic success of dual-purpose wheat depends on a number of management factors including stocking density.