Many agropastoral systems worldwide are supported by important linkages between crop production and rangeland grazing. We explored the connections between smallholder farming and public rangeland grazing in northern New Mexico, USA. We retrieved historical data of livestock inventories, drought, and hay production which we analyzed using either ordinary least squares models, generalized autoregressive conditional heteroscedasticity models (GARCH), or exponential GARCH models. We also conducted a survey of farmers and ranchers (n = 74) of traditional communities in our study area using a mixed methods design. County hay production was the only predictor that explained year-to-year variation in allotment livestock numbers. Allotments that increased livestock numbers tended to have larger base properties (mostly irrigated cropland). Most survey respondents (95%) raised livestock and slightly more than half agreed that livestock provided better financial security than crops. Availability of summer grazing lands and ability to grow or purchase hay to feed livestock during winter were the factors cited least (6% of responses) and most (42%), respectively, as limiting farmers’ ability to increase their herd size. Livestock-raising apparently continues to be critical to the acequia agropastoral economy. Ability to acquire winter feed (hay) appears to regulate the demand for summer grazing on public forested rangelands.