38 



the cost, then 0. 5 pound of 41 percent cottonseed pellets costs $0. 020, and 



I. 18 pounds of 17. 4 percent crude protein hay would be valued at $0. 020, or 

 $33. 90 per ton. 



It should be remembered that this value, or relative value, is valid only 

 when the basic feed is 6. 5 percent crude protein hay. If the basic feed is 

 higher in crude protein, the relative value of the superhay used as a supple- 

 ment will be lower than the $33. 90 indicated. 



In the year following the feeding trials of 1956-57, lot 4 in table 14 was fed 



II. 81 pounds of 10. 1 percent crude protein hay and its average daily rate of 

 gain for a 98 -day period was 1. 03 pounds. As daily rates of gain between 

 lots 2, 3, and 4 were so nearly the same, it must be concluded that there is 

 no significant difference in the nutritional value of each ration. The real 

 econom.ic values of the rations are approximately equal. Therefore: 



11.9 pounds of 6. 5 percent crude protein hay plus 0. 5 

 pounds of 41 percent cottonseed pellets 



equals 



11.9 pounds of 6. 5 percent crude protein hay plus 1.18 

 pounds of 17. 4 percent crude protein hay, .... 



equals 

 11.8 pounds of 10. 1 percent crude protein hay 



Each of these rations produced daily gains of 1, 0. 95, and 1. 03 pounds, 

 respectively, which are about the maximum gains ranchers want on weaner 

 calves. Further increases in the quality of the ration to obtain greater gains 

 are likely to be uneconomical except under unusual circunastances. If this 

 is true, then the feeding of either superhay or 41 percent pellets is uneconom- 

 ical when the basic ration for weaner heifers provides sufficient quantities 

 of 10. 1 percent crude protein hay. This means essentially that when equiv- 

 alent lots of calves are receiving 10. 1 percent protein hay, the value of 17. 4 

 percent hay approaches the value of 10. 1 percent hay. Hay with a crude 

 protein content of 10. 1 percent is within the range of what is considered to 

 be average good-quality hay for sale and the long-time normal price of this 

 type of hay is valued at $20 per ton. Therefore, when the superhay is fed 

 with hay of this quality, it cannot be valued appreciably above $20 per ton. 



The value of superhay to a rancher therefore varies inversely as the 

 quality of other components of the ration varies. When fed to weaner calves 



