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 4% to 114 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. 8. 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.® 
Percentage of Various Expenses Incurred in Cattle Feeding on 24 Iowa Farms 
Pp Interest Shipping 
eee Feed ai 8 per Labor ecinect Total 
1909-1910.............. 55.8 36.9 1.3 1.6 4.4 100 
1910-1911.............. 59.8 | 31.8 1.8 1.8 4.7 100 
Average for both years| 57.8 34.3 1.6 1.7 6 100 
* Delivered at farm (including freight and incidental charges). + 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 ?° found that an 
average margin of $1.02 was required to cover the entire cost of 
® Farmers’ Bulletin 588, 
1 Missouri Bulletin 76; see also Purdue (Ind.) Circular 12. 
