The producer's profit depends upon the breeding, type and 

 quality of the steers, the rate and cost of gain, cost of pasture 

 and feed, the kind of ration fed, the condition of the steers when 

 sold, and the manurial value of the feeds used. The feeder's profit 

 depends upon the margin between the cost of feeders and selling 

 price of fat cattle, the quality and type of steers, their previous 

 treatment and condition when placed in the feed lot, the rate and 

 cost of gain, degree of finish when marketed, value of manure pro- 

 duced, kind of ration fed, and gain on hogs following. 



It is of vital importance to the producer to be able to appreciate 

 the factors which influence the value of feeders in order to make 

 the maximum profit from the business. It is essential that he rec- 

 ognize good and bad features in order to select, breed and produce 

 what is wanted by the feeder. It is of importance to the feeder to 

 have a knowledge of what determines the market price and value 

 of different grades of feeders in order that he may buy the kind of 

 cattle which are relatively the cheapest at the time of purchase. The 

 chief aim in producing or in feeding beef cattle is to turn large quan- 

 tities of grain and roughage into a more profitable product, to main- 

 tain soil fertility and to increase the yield of crops from year to 

 year. The successful beef cattle producer or feeder must of neces- 

 sity be a good farmer and, in addition, have the business ability and 

 the knowledge of breeding, feeding and management of livestock, 

 to derive two profits , one from growing farm products, the other 

 from feeding them on the farm. Regardless of the system followed, 

 whether it be the production of feeders or finishing cattle, a knowl- 

 edge of the factors which control the cost of feeders, is of vital 

 importance. 



These factors may be arranged into two distinct groups ; one 

 inherent in the individual, which causes one grade of cattle to bring 

 a higher price per hundred weight than another ; the other, depend- 

 ing on financial or industrial or market conditions and influencing 

 all grades. The group of factors which influences the prices of 

 various grades of cattle is as follows : 



1. Type or conformation. 



2. Quality and breeding. 



3. Age. 



4. Condition. 



5. Weight. 



A typical beef steer is blocky and compact ; has a short, deep 

 Type, body, short, thick neck, short, straight legs, straight back and 



underline, an abundance of width from one end to the other, 

 plenty of scale and a "feeder's fteacj and eye." The skilled feeder buy~ 



