262 



PRODUCTIVE FEEDING OF FARM ANIMALS 



pound, or $1.00 per hundredweight. As the feed consumed by the 

 steers frequently costs more than the value of the gain secured, it 

 is important, in order to "break even," that there be a certain 

 margin of profit. This may vary from % to 1% cents per pound. 

 Unless the feeder gets the benefit of the improvement in quality that 

 occurs through the fattening process, he is not likely to come out 

 even, and it is evident that the better he buys, the smaller margin 

 will be required to make the feeding profitable ; hence the old say- 

 ing among stockmen, that " Cattle bought right are more than 

 half sold." 



The margin depends on at least five factors : The purchase 

 price, the weight of animals bought, the gains made, the cost of the 

 feed eaten, and the selling price. The manner in which each of 

 these factors influences the profit of the feeding operations will be 

 readily seen on reflection. 



Cost of Feeding Beef Cattle. The proportionate cost of the 

 various expenses incurred in cattle feeding on twenty-four Iowa 

 farms, as determined by the U. S. Department of Agriculture dur- 

 ing 1909-1911, is shown in the following table. The figures given 

 indicate in a general way the importance of the various expenses in 

 feeding cattle, at least in the corn belt. 9 



Percentage of Various Expenses Incurred in Cattle Feeding on 24 Iowa Farms 



* Delivered at farm (including freight and incidental charges), f Excess in shrinkage. 



It will be seen that the purchase price was more than one-half 

 (57.8 per cent) of the total cost of the feeding, and that the feed 

 cost came next, with about one-third (34.3 per cent) of the total 

 expenses. These two items make up over 90 per cent of the expense 

 of cattle feeding as practised on these farms, and the financial results 

 of the feeding operations will, therefore, be determined largely by 

 them and by the selling price of the steers. Waters 10 found that an 

 average margin of $1.02 was required to cover the entire cost of 



9 Farmers' Bulletin 588. 

 "Missouri Bulletin 76; see also Purdue (Ind.) Circular 12. 



