16 BEEF PRODUCTION 



They frequently buy something a little different from 

 their choice because of circumstances that render another 

 grade or condition of cattle manifestly cheaper. No 

 two seasons are precisely alike, hence the successful 

 cattle feeder is resourceful and far-seeing. 



In addition to the question of soil fertility already 

 discussed, the conditions most likely to influence farm- 

 ers to feed cattle are: large crops commonly used in 

 finishing cattle, especially when the cash market for such 

 products rules low; high prices for fat cattle; low prices 

 prevailing for stockers and feeders; and the prosperity 

 of neighboring cattle feeders. 



In some ways, all of these are treacherous guides to 

 follow. If abundant crops are followed by correspond- 

 ingly cheap corn and roughage, cheap gains are assured 

 where these feeds are administered by intelligent hands. 

 Cheap feeds, however, have a tendency to create an 

 abnormal demand for stock and feeding cattle as a re- 

 sult of which, prices for such stock are apt to rise — at 

 times above a point where the cattle feeder can afford 

 to handle them. Notwithstanding this fact, more cattle 

 are put on feed at such times than usual, and, because 

 of the cheap feed, there is a tendency for feeders to hold 

 longer and make them better. 



The inevitable result of an abundant supply of well 

 finished beeves is to cheapen them, so that when feeds 

 are abundant and relatively cheap the cattle feeder 

 must guard against buying them at prohibitive prices, 

 and with the feeling that prices at such times are more 

 likely to go lower than higher. Whether or not. pre- 

 vailing low prices for stockers and feeders should be 

 a potent influence in determining the extent of cattle 

 feeding operations will depend largely upon the general 

 status of the cattle industry, business conditions, and 

 probable price of feeds. 



Of all the hazardous guides followed by the prospect- 

 ive cattle feeder, that of the prosperity of a neighbor 

 feeder is most hazardous. Farmers unaccustomed to 



