Fattening Steers 73 
gain was 8 cents and the selling price of the steer was 8¢ 
cents, a very fair profit could be made without any margin 
whatever. At the present time cattle are considerably 
higher than the prices listed above, and the margin of 
price between thin steers and fat steers is somewhat less 
than $1.00 a hundred pounds. 
The margin required to make a profit and the margin 
the feeder may receive, are not necessarily the same. 
Any factor which makes the steers fatter increases the 
selling price and therefore increases the probable margin. 
Mere increase in weight does not increase the margin. 
The increase must be in fat so as to make the beef better 
and to raise the dressing percentage. There is, therefore, 
usually more margin in older steers than in younger ones, 
because more of the increase in weight goes to fat and 
less to growth. Rapid fattening will also bring a greater 
margin than slow fattening, for similar reasons. A 
two-year-old steer which is made to gain 200 pounds in 
200 days might not be any fatter than when he began and 
so would sell at the same price a pound. A similar steer 
which is made to gain 200 pounds in 100 days would neces- 
sarily put much of the increase into fat rather than into 
growth and as a result would sell for a higher price a pound. 
Unfortunately, the chief factor affecting the margin 
actually obtained is the condition of the cattle market. 
If the price of cattle goes up during the fattening period, 
the margin will be large; if the price goes down, the margin 
will be small, or may be wiped out entirely. This factor 
is entirely beyond the control of the feeder and he must 
take his chances. If the price of cattle remains unchanged, 
however, a good steer weighing from 1000 to 1200 pounds 
at the start may be fed from 120 to 150 days on first-class 
hay and be made to gain about 175 pounds, at the end 
