30 OHIO EXPERIMENT STATION: BULLETIN 187 



Neither high priced feeder lambs nor high priced feeds, nor 

 even both tog-ether, render it impossible to secure profits from fat- 

 tening lambs. It is equally true that neither low priced feeder 

 lambs nor low priced feeds, nor even both together, insure the 

 feeder against loss from his operations. After the feeder has done 

 all in his power to buy feeds and feeder lambs '-worth the money" 

 and to produce gains and finish economically, the price for which 

 he may sell iris fat lambs finally determines whether his operations 

 shall prove profitable. The influence of varying market conditions 

 as regards both feeder lambs and feeds is a factor in lamb feeding 

 which cannot be controlled by the feeder. Even though it cannot 

 be controlled, it has an important bearing upon the lamb feeding 

 business, and it is highly desirable for the feeder to know ho\v 

 various market prices affect the probability of financial profit from 

 his feeding operations. 



Since the financial statement applies only to the market conditions 

 which prevailed during,this experiment, Table XVII is presented 

 to show the effect of varying prices of feeder lambs and feeds upon 

 the cost of fat lambs. This table does not, of course, apply to all 

 four of the lots, but, as was previously stated, is computed from the 

 results obtained with Lot 3, fed a heavy ration of corn, with clover 

 hay for roughage. The food consumed for 100 pounds of gain by this 

 lot was 477.81 pounds corn and 451.33 pounds clover hay. The aver- 

 age daily gain per lamb was .244 pounds. It must be understood in 

 connection with this table that a change in the amount of feed con- 

 sumed per hundred pounds gain, in the initial weight of the lambs 

 or in the amount of gain produced would change the home selling 

 price required to prevent loss. The initial weight of Lot 3 was 2203. 3 

 pounds, the total gain was 1200 pounds. The table is calculated 

 for a wide range of market conditions, and presents some striking 

 facts concerning the results that would be obtained under varying 

 market conditions. 



To use Table XVII for, say, hay at $8.00 per ton and corn at 45 

 cents per bushel, with feeder lambs at 7 cents per pound, follow the 

 vertical column which is headed, k 'Hay per. ton $8.00, Corn per 

 bushel, 45 cents" to its intersection of the horizontal line beginning 

 "$7.00", which, as is seen immediately above the first vertical column, 

 applies to the home price of feeder lambs. The figure at this inter- 

 section, $6.52 indicates the price per hundredweight at which the 

 lambs in Lot 3 could have been sold at home if they had cost $7.00 per 

 hundredweight at home when put on feed with clover at $8.00 per ton 

 and corn at 45 cents per bushel. The home selling price necessary 

 to prevent loss with Lot 3, when hay and corn are worth the prices 

 indicated at the too of the table and with feeder lambs at anv of the 



