Stewart Rogers manages a mid-size farm west of Lubbock that has been in his family for five generations. He rents out the land to farmers who grow mostly cotton. Rogers, who is based in Dallas and also teaches at Southern Methodist University's Cox School of Business, offered his thoughts last week about farming practices in the High Plains area, which are under new scrutiny amid tightening regulations of groundwater. This interview has been edited and condensed.

TT: What do you see going on there in the High Plains with these new regulations — a first-ever cap on the amount of ...

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