The economics of lamb fattening by Ovide E Grenier A THESIS Submitted to the Graduate Committee In partial fulfillment of the requirements for the Degree of Master of Science In Agricultural Economics Montana State University © Copyright by Ovide E Grenier (1939) Abstract: It has been the purpose of this study to analyse records of lamb feeding operations on a selected group of farms In order to determine the effect of various factors on costs and returns. Due to the limited amount of time available for gathering the data, the records from fourteen feeders are all that were obtained. Realising that this is a rather limited number of records, the writer has not attempted to go into an extensive statistical analysis of the results obtained. If a larger number of records bad been obtained for a period of years rather than one year, more definite conclusions could be drawn. Many factors end conditions affect the net returns from lamb feeding, but this study seems to indicate that there are four factors of particular Importance. These four factors ere (1) feeding efficiency, which is really the ability of the farmer as a feeder, (2) the margin between purchase and sale price of the lambs, (3) the death less of the lambs, end (4) the cost of producing the gain. Other factors such as length of feeding period, average dally gain, average total gain per lamb, number of lambs fed, end weight of lambs bought had some lnfluence on costs and returns, but were of lees importance. This study has also shown the place of lamb feeding In Montana’s agriculture, particularly In our irrigated valleys where sugar beets, small grains, and alfalfa are grown, Lamb feeding makes possible the utilisation of large quantities of home-grown feeds, thus furnishing a good market for these otherwise cheep feeds. Lamb feeding also helps maintain the fertility of our farms and thus makes for higher yields. Labor Is made use of during the slack season, the share of farm overhead expenses charged against each enterprise is reduced, and the volume of business is increased due to lamb feeding. THE KCGKOMICS OF LAMB FATTENING by Ovlde Ee G ren ier A THESIS Subm itted t o th e Graduate Committee In p a r t ia l f u l f i l l m e n t o f th e req u irem en ts f o r th e D egree o f M aster o f S c ie n c e In A g r ic u ltu r a l Economics a t Montana S t a t e C o lle g e Boseman» Montana Ju n e, 1959 / / 37? O ^ 5 "-6- t-t>k• 2 ' * 2 • TABLE OF CONTESTS Page L i s t o f I I I u g t r a t I o a a ...................... 4 ............ .. 6 ACKWOWLEDGMESTS.........................- .................................... ABSTRACT.. . ......... ............................... • ISTRODDCTIC®................................................................................. 7 ................................... 7 P e s c r l p t l o a o f Lamb F e e d ln j A r e a s o f M ontana 9 H i s t o r l o a l B a c k g r o u n d .. . . . . S 2 3 '39 6 P u rp o s e o f t h e S t u d y . ...................... .. 12 Method o f P rocedure. 12 L im ita tio n s o f th e Study 14 BASIC CO®S m RATIONS IS LAMB FATTEN BIG, 14 F e e d e r M a rg in H e o e s a a r y . ................................................................... .. 15 I m p o r ta n c e o f Type and Qim lltr 16 o f F e e d e r L a a i s ..................... Ho* Much S h o u ld l e a d e r Lambs W e ig h .......................................... 17 F a c t o r s A f f e c t i n g S h ip p in g S h r i n k a g e . ........................................... 19 Im p o r ta n c e o f I e e d C o a ls on C ost o f P r o d u c in g G a i n s . . . . . 22 D i f f e r e n t F a c t o r s A f f e c t i n g Cos t o f C e ln s a n d P r o f i t s . . . 23 F a c t o r s A f f e c t In , 28 t h e P r i c e o f L am bs................. ............................ P r o f i t s . ......................... ............................ 33 S isa a a ry o f R eview o f L i t e r a t u r e . ......................................... ............. 36 COSTS AID RETbHRS OF FATTlSIHG LAMBS............................................................ 35 D e f i n i t i o n a n d D e s c r i p t i o n o f T e r # U sed I n t h i s S t u d y . . 36 D e s c r i p t i o n o f F e e d s U s e d ................................ ..................................... 38 Im p o rtan ce o f Good Q u a li ty F e e d s . ................. .. 41 F a c to rs t h a t A ffo c t 63351 * 5 «• Page C o g t o f G rin d in g , und M ix in g .. . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 P a s t u r i n g . ............... ................................... ...................................................... .. 42 F i n a n o l a l Sizmm ry o f Lft-ib F e e d i n g . .................................................. 44 8 'M o f V je lg h ts t G a in s , and F e e d C o n su m p tio n P e r H oed o f Ijarnb I i n l s h e d . ............. SG T o t a l F e e d C o n su se d e n d Amount Consum ed p e r H u n d re d w e i g h t o f Gb i n . .................................................. .TTTTTTT.. . . . 57 FACTORS AFFECTIJO COSTS MSD HETUB3S............................... ................................ 61 R e la tio n o f D ate o f P u rc h a se t o C o s ts and R e t u r n s . . . . . . . 63 I a f l once o f Laub w i g h t a t s t a r t on C o s ts and R e t u r n s .. 63 E f f e c t o f Number o f L sab s Fed on C o s ts and R e tu r n s . . . . . . 64 R e lfttlo p o f L en g th o f l e e d in , ^ P e rio d t o C o sts and R e t u r n s . ........................... 65 I n f lu e n c e o f F e e d in g E f f ic ie n c y on C o s ts and R e t u r n s .. . . 65 I n f lu e n c e o f D eath Lose on C o s ts and R e t u r n s . ............ .. 66 a l a t i o n o f D a ily Gain t o C o s ts a i d R e t u r n s . . . . . . . . . . . . . 68 R e l f t t i w o f P r ic e M argin to N et R e tu r..s . . . . . . . . . . . . . . . . . 69 ('o n fjari so n o f F eed l o s t P e r Eundredw oi Kh t o f Gain an d O tte r I e e d l e t C o s t s . ............ ............................. ............... .. 69 L a p o rta n o e o f Manure P rod ceri a s & F a c t o r A f f e c ti n g uist' R e tu r n s .............................................................................. 72 F ip o r to n t C o n s id e r a tio n s N e c e s s a ry t o t h e S u ccess o f any Leanb l e e d i n g E n t e r p r i s e . ............................................................ 74 RESULTS OBTAINED BT CONTRACT FEEDERS m m OIEER-PEEDKR B A SIS.. . . . . . ......... FIGURED ON AS 75 RECOSESSiDED PLAN TO USE 77 TEE PLACE OF LAMB FEEDING OS MONTANA FARMS 77 BIBLIOGRAPHY, 81 _ «" 4 — L is t of I llu s tr a tio n s P&0B F ig u r e 1*—A v era e r e c e i p t s p e r I a a b f i n i s h e d t o c o v e r f e e d , l a b o r . I n t e r e s t , e q u ip m e n t, and m is c e lla n e o u s c o s ta f o r f o u r te e n f e e d e r s i n M ontana, 1 9 5 0 -1 9 3 9 ...................... 48 F l j i t r e 2 . —A verage d a i l y g a l a p e r lamb f i n i s h e d f o r f o u r te e n f e e d e r s i n M ontana, 1 9 5 8 - 1 9 5 9 .......................................................... 55 F ig u r e 3 , —A v erai e l e n g t h o f f e e d i n g p e r io d and a v e ra g e t o t a l l a i n p e r lamb f i n i s h e d f o r f o u r t e e n f e e d e r s i n Mo t a n a , 1 9 3 8 -1 9 5 9 ............................... ....................................................................... 66 F ig u r e 4 , —C o m p arativ e c o s t s o f p ro d u c in g ICO pounds o f g a i n f o r landas on f o u r t e e n s e l e c t e d M ontana f a rm s , 1 9 5 8 -1 9 3 9 . Tl ACKNOMLEDGHEKTS Tbo B t h o r w i s h e s t o a c k n o w le d g e D r, R , R. B e n n e , D r. E . T* C l a r k , a n d P r o f e s s o r R* M oGall f o r t h e i r v e r y v a l u a b l e a s s i a t a n o e I n t h e m ak in g o f t h i s s tu d y . The a u t h o r i s a l s o I n d e b t e d t o t h e ra e s b e re o f t h e s t a f f In t h e D e p a rtm e n t o f A g r i c u l t u r a l E o o o a a io s f o r t h e i r h e l p f u l c r i t i c i s m s a n d SUgi e s t i o n e , The a u t h o r w is h e s a l s o t o th a n k th e f a r m e r s wbo s o c h e e r f u l l y opened t h e i r p r i v a t e r e c o r d s and f u r n is h e d th e m a t e r i a l f o r t h e s tu d y . 6 XBE ECOSCMi CS OF FATTEHIMG LAMBS ABSTRACT I t Ime b een th e purpose o f t h i s stu d y t o a n a ly s e r e c o r d s o f Iazzfli f e e d in g o p e r a tio n s on a s e le c t e d group o f farm s In order t o d eterm ine th e e f f e c t o f v a r io u s f a c t o r s on c o s t s and r e t u r n s . Due t o t h e lim it e d amount o f tim e a v a ila b le fo r g a th e r in g th e d a ta , t h e r e c o r d s from fo u r te e n f e e d e r s a r e a l l t h a t were o b ta in e d . R e a lis in g t h a t t h i s I s a ra th er lim it e d number o f r e c o r d s , th e w r it e r has n o t attem p ted t o go in t o an e x t e n s iv e s t a t i s t i c a l a n a ly s is o f t h e r e s u l t s o b ta in e d . I f a la r g e r number o f reco rd s had b een o b ta in e d f o r a p erio d o f y ea rs r a th e r th an c e y e a r , more d e f i n i t e c o n c lu s io n s co u ld be drawn. Many f a c t o r s and c o n d itio n s e f f e c t th e n e t r e tu r n s from lamb fe e d ­ in g , b u t t h i s stu d y seems t o in d ic a t e t h a t th e r e are fo u r f a c t o r s o f par­ t i c u l a r im p ortan ce. Those fo u r f a c t o r s a r e ( I ) fe e d in g e f f i c i e n c y , which I s r e a l l y th e a b i l i t y o f t h e farm er a s a f e e d e r , (2 ) th e m argin between p u rch ase and s a l e p r ic e o f th e lam bs, ( 3 ) th e d eath l e s s o f t h e lam bs, and ( 4 ) th e c o s t o f p rod u cin g t h e g a in . Other f a c t o r s such a s le n g th o f fe e d ­ in g p e r io d , avera g e d a i l y g a in , average t o t a l g a in p er lam b, number o f lambs f e d , a id w eig h t o f lsm bs bought had some in f lu e n c e on c o s t s and r e tu r n s , b u t were o f l e s s im p ortan ce. T h is stu d y h as a ls o shown th e p la c e o f lamb f e e d in g i n Hm teoiat S a g r ic u lt u r e , p a r t ic u l a r ly in our ir r ig a t e d v a ll e y s where su gar b e e t s , sm a ll g r a in s , and a l f a l f a a re grown. Limb f e e d in g makes p o s s ib le th e u t i l i z a t i o n o f la r g e q u a n t it ie s o f home-grown f e e d s , th u s f u r n is h in g a good market f o r th e s e o th e r w ise cheap f e e d s . Lamb f e e d in g a l s o h e lp s m a in ta in t h e f e r t i l i t y o f our f e r n s end th u s makes fo r h ig h e r y i e l d s . Labor i s made u se o f during t h e s la c k s e a s o n , th e sh a re o f farm overhead ex p en ses charged a g a in s t ea ch e n t e r p r is e I s red u ced , and t h e volume o f b u s in e s s i s in c r e a se d due t o lamb f e e d in g . 7 TBE ECONOMICS OF FA TTB I ISG LAMBS INTBCJCUCTKar I iis t o r i o a l Iiaokryound The sheep in d u s tr y has I c n g been o f v ery t r e a t im portance a s p a rt o f Montana *8 a g r ic u lt u r e . During t h e e a r l y y e a r s , sheep wore k ep t p r in c i­ p a l l y f o r w ool p r o d u c tio n , l e s s e n p h a sis b e in g p la ced on m utton p ro d u ctio n . As y e a r s p a ssed and th e m arket f o r m utton was d ev elo p ed t o a r e n te r e x t e n t , sheepmen began t o pay more a t t e n t io n t o m utton c h a r a c t e r is t ic s In t h e i r b reed in g ew es. I n t h e e a r l i e r y e a r s no attem p t was made t o f e e d any lambs h ere i n t h e s t a t e . The lambs were s o ld t o fe e d e r s in th e M iddle West or Corn B e lt s t a t e s . During more r e c e n t y e a r s many farm ers lo c a t e d i n th e ir r ig a t e d v a l l e y s and o th e r a r e a s o f su r p lu s f e e d p r o d u c tio n , have begun t o fe e d lam b s. Many o f them have gone In to t h e b u s in e s s q u it e e x t e n s iv e l y , fe e d ­ in g s e v e r a l th ou san d ltm bs a n n u a lly . The a r e a s im m ed iately su rrou n d in g th e su gar b e e t f a c t o r i e s have in r e c e n t y e a r s become th e m ost im portant lamb f e e d in g a r e a s . These a r e a s can fe e d lam bs v e r y a d v a n ta g eo u sly due t o t h e f a c t th a t u se oa be made o f sugpr b e e t b y -p r o d u c t# , nam ely; b e e t t o p s , b e e t p u lp , and m o la s s e s . T able I shows t h e msaber o f sh eep end lam bs, e x c lu d in g sh eep and lambs on fe e d on th e farm s in Montana and t h e U n ited S t a t e s on January I . Montana h as had a p p ro x im a tely 7 .6 p er c e n t o f th e t o t a l number o f lanibs on f e r n s in th e U nited S t a t e s d u rin g th e p a s t t e n y e a r s . I h is s t a t e ran k s fo u r th i n sh eep p ro d u ctio n i n th e U n ited S t a t e s a s a w h o le , b e in g TABLE I , - SHEEP M D LAHBS OK FARMS IN THE UNITED STATES AND MONTANA, JANUARY I , 1 9 5 0 -1 9 3 9 l / U n ite d S ta te s Y eer CtKousenclsj M o n tan a (th o u s a n d s ) P e r c e n ta g e . M ontana i s o f U n ite d S t a t e s to ta l 1939 4 8 ,0 6 2 3 ,0 1 0 6 .3 ' 1938 4 6 ,7 9 7 2 ,6 8 5 5 .7 1937 4 7 ,0 5 1 2 ,8 2 6 6 .0 1936 4 6 ,3 8 0 3 ,5 5 3 7 .7 1936 4 6 ,6 4 0 3 ,7 4 0 8 .0 1934 4 8 ,4 6 4 4 ,0 6 0 8 .4 1933 4 7 ,3 2 4 3 ,8 6 0 8 .2 1932 4 7 ,7 5 4 5 ,6 6 0 7 .8 1951 4 7 ,7 2 0 4 ,0 2 0 8 .4 1930 4 5 ,6 7 7 3 ,9 1 3 8 .6 4 7 1 ,7 5 9 3 6 ,3 2 7 7 .5 T o ta l S o u ro e i C ro p s euad l a r k e t s , U .S .D .A . l/ T h e se f i g u r e s do n o t i n c l u d e s h e e p and la m b s o n f e e d . - S exoeedad In mantiere of* sh e e p and la a b e by T ex a s, i^romlng, and C a lif o r n ia . T able I I shows t h e number o f la o b a on fe e d In Montnm and th e U n ited S t a t e s from 1951 to 1 9 5 9 . The t a b le a l s o c o n tr a s ts th e number o f lambs on f e e d In th e e n t i r e s t a t e on January I w ith th e s la u g h te r o f lambs a t sev en m a rk ets. l a s t n in e y e a r s . th e U n ited S t a t e s . Montana has fe d an a v era g e o f 1 8 8 ,0 0 0 lambs du rin g th e T h is a v era g e has been 5 .3 p er c e n t o f t h e t o t a l fe d In When th e s la u g h te r f o r t h e fo u r m onths, January t o A p r il, I n c lu s iv e , I s compared w ith th e f e e d e r s I n Montana, t h e e i g h t y ea r a v era g e shows 3 .4 p er c e n t o f t h i s s la u g h te r co u ld c o m from Montana. T h is shows t h a t Montana d o es n o t occupy a v ery s tr o n g p o s it io n on t h e f a t lamb m arket. T h is t a b le a l s o shows t h a t m ost o f t h e lambs r a is e d In th e s t a t e a r e sh ip p ed o u t e a r l i e r In t h e f a l l a s g r o s s f a t lambs and a s fe e d e r s t o be f a t t e n e d In o th e r s e c t io n s o f t h e c o u n tr y . D e s c r ip tio n o f Lanb F ee d in i A reas o f Montana Most o f t h e lambs fe d i n Montana a r e f e d i n th e ir r ig a t e d v a l l e y s where th e r e i s p le n ty o f a l f a l f a hay and sm all t r a i n s . Mcwt o f t h e s e v a l l e y s a l s o r a i s e su gar b e e t s so t h a t b e e t b y -p ro d u cts can b e ueed a s fe e d . The fo llo w in g d is c u s s io n g iv e s a d e s c r ip t io n o f t h e main fe e d in g a r e a s In th e s t a t e . \ J The M isso u la F eed in g A r e a .—The ir r ig a t e d M isso u la B iv er V a lle y p rod u ces a l f a l f a and eu^ar b e t s , on w hich fe e d e r lambs a re fe d d u rin g th e f a l l and w in t e r m onths, ir o n 2 0 ,0 0 0 t o 2 5 ,0 0 0 liuabs were fe d annu­ a l l y fo r th e f i v e y e a r s 1926 t o 1 9 3 0 , b u t o n ly about 6 ,0 0 0 t o 1 0 ,0 0 0 V r Mann, L. Bi., ^W estern C a t t le and Sheep Areas'^, fc’uTta C r e d it Adminla e r a tio n . C ir c u la r C -103, Septem ber, 1 9 3 6 . 10 TABLE I I . — SEEEP ASD LAMBS OH FEED IH TBK UHITEE STATES AHD MORTAHA JAMMKT I , 1 9 3 1 -1 9 3 9 AND IUMBSR OF SHEEP AID LAMBS SLAUGHTERED UIDES FEDERAL MEAT IHSPECTIOH AT THE SEW I MARKETS FROM JANUARY I - APRIL S I l / Y ear S h eep & la m b s s la u g h te re d un d er F e d e ra l M eat I n s p e c t . dum ber on fe e d in M ontana a s p e rc e n ta g e s I-eX I Number i n N tsaber I n U n ite d S t a t e s M ontana (th o u s a n d s ) (th o u s a n d s ) Per cent o f t o t a l U. S . lam b s f e d (p e r c e n t) 1939 5 ,7 0 0 200 3 .5 H ot a v a ila b le - 1938 5 ,9 9 7 190 3 .2 5 ,8 2 8 3 .5 1937 5 ,5 3 7 150 2 .7 6 ,6 6 1 2 .6 1936 5 ,6 3 1 135 2 .4 5 ,4 9 4 2 .5 1956 6 ,6 1 1 155 2 .8 5 ,3 5 9 2 .9 1954 5 ,2 5 9 220 4 .2 4 ,9 7 2 4 .4 1953 5 ,7 5 1 240 4 .2 5 ,4 0 4 4 .4 1932 6 ,2 2 0 190 3 .1 6 ,0 4 3 3 .1 1931 5 ,5 1 3 210 3 .8 5 ,4 6 6 3 .8 T o t a l 5 1 ,2 1 9 1 ,6 9 0 3 .3 4 4 ,2 0 7 3 .4 S o u ro e i G rope s a d M a rk e ts . \ J S ev en m a r k e ts I n c l u d e C h ic a g o , S o . S t . P a u l , Omaha, D e n v e r, S io u x C i t y , K aneae C i t y , a a d S t . J o s e p h . 11 from 1931 t o 1935* February and Lambe from t h i s a r e a a re raarketed from December t o m o stly t o w e st c o a s t m ark ets. The B i l l in , a F eed in t ; f rom*- T h i a I e an ir r ig a t e d v a l l e y o f th e T ellcvreton e R iv er c o n ta in in g 1 3 ,0 0 0 a c r e s . The a l t i t u d e l a 2 ,0 0 0 t o 2 ,5 0 0 f e e t and r a i n f a l l I e 10 t o 16 ln oh ee a n n u a lly . A l f a l f a and su r e r b o o ts are ,r o a n In th e ir r ig a t e d d i s t r i c t , sm a ll g r a in on th e e lo p e s . F r m 7 5 ,0 0 0 t o 1 0 0 ,0 0 0 la d b e a r e w in t e r - f e d , The lambs from t h i s a rea a r e m arketed from Deoonber t o March and go m o stly t o C hicago, S t . P a u l, and Omaha. The Chinook F eed in g Area (M ilk R iver Vullu; ) . —The p r in c ip a l cro p s grown under i r r i g a t i o n a re a l f a l f a and su gar b e e t s . From 3 0 ,0 0 0 t o 4 0 ,0 0 0 lambs a r e fe d a n n u a lly on b e e t p u lp , a l f a l f a , and some g r a in . The lambe from t h i s a rea go t o market from l a t e Dooeaber t o 'iarch and a r e s o ld a t C hicago and S t . P a u l. The S id n ey F e e d ln i Area. — T his f e e d in g s e c t io n la lo c a te d In th e low er T e llc w s to a e R iv er V a lle y In n o r th e a s te r n Mtmtana and n orth w estern S o r th D akota. I t i s a sm a ll ir r ig a t e d v a l l e y where a l f a l f a and sugar b e e t s a r e produced. a id some g r a in . L ocal Montana lambs a r e fe d on a l f a l f a b e e t p u lp , From 6 5 ,0 0 0 t o 1 0 0 ,0 0 0 lambs ere fe d a n n u a lly . fe d lambs a r e m arketed from January t o fe r o h . W in ter- Meet o f them go t o Chicago w ith s onto t o S t . Paul and West F argo. The Ja r d ln F eeding A rea. —T h is fe e d in g s e c t io n i s I v o a te d in th e B ig R iv er V a lle y In B ig Earn C ounty, f i l l s I s an I r r ig a t e d v a l l e y where a l f a l f a , su a r b e e t s , and some sm a ll , r a in s a r e p roduced. Montana lambe a r e fed on a l f a l f a , b e e t p u lp , and some g r a in . Ixmal T h is i s a 12 new f e e d in g a r e a a s t h e su gar f a c t o r y has been In o p e r a tio n o n ly two y e a r s . L a st y ea r a p p ro x im a tely 2 6 ,0 0 0 lttabe were fe d and ab ou t th e sane number were fe d t h i s y e a r . W in te r -fe d lambs a r e m arketed from January to March. Most o f th e lam bs go t o C h icago. I t I s th e g e n e r a l b e l i e f t h a t more lambs w i l l be fe d In t h i s a rea In th e f u t u r e . Purpose o f t h i s Study The main purpose o f t h i s stu d y was t o f in d o u t what f a c t o r s a f f e c t th e c o a ts and retu rn s o f lamb f a t t e n in g . The d if f e r e n t f a c t o r s t h a t w i l l be a n a ly se d a r e a s fo llo w s * , 1. R e la tio n o f d a te o f p u rchase t o c o s t s and r e tu r n s . 2. I n flv e n c e o f lamb w eig h t a t s t a r t on c o s t s and r e tu r n s. 3. E f f e c t s o f number o f lambs fe d on c o s t s end r e t u r n s . 4. R e la tio n o f le n g th o f fe e d in g p erio d t o c o s t s end r e t u r n s . 6. I n flu e n c e o f f e e d in g e f f i c i e n c y on c o s t s a d r e tu r n s . 6. I n flu e n c e o f d eath I s s on c o s t s and r e t u r n s . 7. R e la tio n o f d a ily g a in t o c o s t s and r e t u r n s . 8. R e l a t i m o f p r ic e m argin t o n e t r e t u r n s . An a ttem p t was a l s o made t o d eterm ine what f a c t o r s a r e o f most im­ p ortan ce in determ in g th e s u c c e s s o f any lamb f e e d in g p r o j e c t . Method o f Procedure In t h i s stu d y o n ly prim ary d a ta were u sed . These d a ta were o b ta in ­ ed from a number o f Ienb f e e d e r s i n th e B i l l i n g s and lkirdln fe e d in g a r e a s . The d i f f e r e n t fe e d e r s were In terv iew ed e a r ly l a s t f a l l a t th e s t a r t o f t h e i r fe e d in g o p e r a tio n s and i t was a greed t h a t th ey w ould keep an a c c u r a te ■ 13 * rec o rd o f t h e i r f e e d in g o p e r a tio n s . and a t th e en d . The lambs were weighed a t t h e s t a r t I t would have been i n t e r e s t i n g t o have had w e ig h ts o f th e lmabs a t d i f f e r e n t s t a g e s o f th e oper t io n s b u t t h i s would have n e o e s s ita e d much a d d itio n a l work on t h e p a r t o f th e f e e d e r s in m ost o a s e s . The fe e d e r s k ep t a c l o s e rec o rd o f a l l fe e d s u sed and th e c o s t o f t h e f e e d s . They a l s o k ep t a c l o s e re c o r d o f a l l o th e r ex p en ses su ch a s la b o r c o s t s , equipm ent c o s t s , and o th e r m is c e lla n e o u s c o s t s . cheeked v e r y c l o s e l y . The d ea th l o s s e s were a ls o The fe e d e r s w ere v i s i t e d a t v a ry in g i n t e r v a l s in o rd er t o keep a s o lv e e c o n ta c t w ith them a s p o s s i b l e . When th e y were th rou gh f e e d in g , th e y were a^ ain in te r v ie w e d and reco rd s o f t h e i r oper­ a t io n s o b ta in e d . E eo w d s wore o b ta in ed from two ty p e s o f f e e d e r s , nam ely; ( I ) th o s e who f e d on c o n tr a c t and ( 2 ) owner f e e d e r s . The c o n tr a c t fe e d e r s f e d on a a in b a s is mid were p a id s o much f o r ea ch pound o f th e average w e ig h t in th e f e e d y a r d s . a in t h a t was added over In th e c a se o f t h e s e c o n tr a c t fe e d ­ e r s , range w e ig h ts were u sed b u t th e lambs were fe d in t h e H o lly Sugar C orporation y a rd s f o r two o r th r e e days lo f o r a th e y w ere d e liv e r e d . One f e e d e r fe d on a c o n tr a c t t h a t c a l le d fo r sev en c e n ts p er pound o f g a in and he ob sorbed a l l d ea th l e s s e e . In t h e c a se o f th e o th e r c o n tr a c t f e e d e r s , th e fo llo w in g c o n d itio n s w ere o u t lin e d In t h e c o n tr a c t in regard to method o f payment i I I Oe t o and in c lu d in g 15 l b s . g a in per lamb Over 15 lb * , t o and I n c lu d in g 20 l b s . g a in per Over 20 l b s . t o and in o lu d ia g 50 l b s . ia i n p e r Over 50 l b s . g a in p er Ianb lamb lamb - 6 7 8 9 c e n ts c e n ts o e a ts c e n ts per p er p er p er T h is c o n tr a c t a l s o s t ip u la t e d t h a t th e owner had t h e p r i v i l e g e o f lb . lb . lb . lb . - I* c u t t in g o u t a s m a y la d b e a s he saw f i t a f t e r 60 days on f e e d . lo s e bibs The d eath a l s o absorbed by th e fe e d e r s in t h i s c a s e . L im ita tio n s o f th e Study Tiw d a ta a s o b ta in ed i n t h i s stu d y a r e q u it e a c c u r a te and th e f e e d ­ e r s a r e t o be ccamended f o r t h e i r f i n e c o o p e r a tio n . However, th e stu d y i s lim it e d in sco p e t o a c e r t a in e x t e n t b eca u se o f th e lim it e d number o f rec o rd s and th e f a c t t h a t th e stu d y co v e r s o n ly m e y e a r . I f t h e study had been c a r r ie d o u t f o r s e v e r a l y e a r s and supplem ented by a c c u r a te rec o rd s o f a l l farm o p e r a tio n s c a r r ie d on by th e f e e d e r s and a l s o r e c o r d s o f n o n -fe ed ­ e r s , more a c c u r a te c o n c lu s io n s co u ld be drawn. By th e u se o f such a lo n g ­ tim e s tu d y , th e t r u e im portance o f laato f e e d in g i n th e farm ing program o f our I r r ig a t e d Montana farms eo u ld have been d eterm ined in a d d itio n t o f in d in g o u t som ething about th e c o a t o f g a in s , r a t e o f g a in s , and d if f e r e n t f a c t o r s a f f e c t i n g th e p r o f i t s t o be made by f e e d e r s . BASIC COWSIDEnATIOKS IB LAMB FATTENLI G Due t o th e l l m i t a t l o i s o f t h i s stu d y i t m s th ou gh t b e s t t o b r in g in a r e v ie w o f l i t e r a t u r e baaed on work c a r r ie d on by o th er i n s t i t u t i o n s . C e r ta in o th e r p eo p le have made s t u d ie s o f th e econom ics o f lamb f a t t e n in g based cm d a ta o b ta in ed d i r e c t l y from f e e d e r s in much t h e eaz.io manner a s t h i s stu d y was c a r r ie d o n . These v a r io u s s t u d i e s have a ttem p ted t o d eterm ine th e f e e d e r margin n e c e s s a r y , th e In p orten oe o f q u a lit y and ty p e o f lambs f e d , th e b e s t w eig h t f o r fe e d e r lam bs, t h e e f f e c t s o f t h e ra tio n , f e d on c o s t s end r e tu r n s and a l s o on sh ip p in g s h r in k a g e , d i f f e r e n t f a c t o r s a f f e c t ­ in g o o e t o f gain s and p r o f i t s , f a c t o r s a f f e c t i n g r a p id it y o f g a in s , and • 15 * f a c t o r s a f f e c t i n g p r ic e s o f lam b s. F e e d e r Margin M e o e s s a ry Ih e d iffe r ® ice o r "spread" betw een t h e b u yin g p r ic e p er pound o f fe e d e r lambs and t h e s e l l i n g p r ic e o f f a t lambs i s known a s t h e fe e d in g m argin . A ccording t o a b u l l e t i n p u b lish e d by t h e A g r ic u ltu r a l D evelopm ent Department o f th e N orthern P a c i f i c R ailw ay, 2 / ex p erien ced fe e d e r s u s u a lly fig u r e on a m argin o f th r e e c e n ts p er pound to m ake a f a i r p r o f i t . g e n e r a l, when lambs a re h ig h in p r ic e , t h e f e e d in g mar In can b e narrower th an when t h e p r ic e i s low b ecau se t h e eerie g a in in w eig h t w i l l s e l l f o r more money* A ccording t o t h e above iemed b u l l e t i n , th e m o u n t o f a c tu a l m argin n e c e s s a r y t o in su r e a p r o f i t depends on th e f o llo w in g f a c t o r s j 1. The a b i l i t y o f t h e fe e d e r t o make r a p id g a in s on th e l r e e s t f e e d consum ption p o s s i b l e . 2. C ost o f f e e d s . 5. Q u a lity o f lam bs. 4. Keeping t h e d eath l e a s down. 8. Per c e n t o f lambs w h ich e r e " t o p s " . 6. The s e l l i n g p r ic e . A l l f a c t o r s e x c e p t t h e l a s t o re a r e under t h e c o n t r o l o f th e f e e d e r . I n a stu d y made in M c h i gen by I . T . W righ t, Z j t h e r e l a t io n o f i f D e x te r , A7 -I.’, wS ix ty farm ers F a tte n Range T-araSs in ortVi ISrota and W estern M innesota", A g r ic u ltu r a l DovelciKnent Departm ent, Iiortiiern P a c i f i c P a iln y , 1931. s / W ig h t , K. T*, "Economic A sp ects o f Lemb F cod ing i n M ichigan", Spe c i a l B u lle t in 2 8 4 , J u n e, 1957* 'i - 16 p r ic e m argin t o n e t r e tu r n s was s t u d ie d . The fe e d e r s w ith t h e l e a s t m argin purehaeed t h e i r lambs e a r ly and s o ld them e a r ly w h ile th e fe e d e r s h avin g th e w id e s t m argin bots h t t h e i r lambs l a t e in O ctober and so ld t h e ir lamb* in March and A p r il. e s t n e t retu rn p er lamb. The f e e d e r s w ith t h e m ost m argin had th e g r e a t­ The lo w m argin fe e d e r s made $ .5 3 per lamb, th e medium m argin fe e d e r s $ .7 6 , and th e f e e d e r s w ith t h e m ost m argin made |1 . 2 1 on an a v e r a g e . I t was found t h a t even though t h e f a c t o r s a f f e c t i n g th e o o s t o f producing a pound o f g a in were im p ortan t, t h e i r I n flu e n c e on n e t r e tu r n s was som etim es over-shadow ed by th e m argin a lamb fe e d e r had betw een th e p u rch ase and s a l e p r ic e o f M s lam bs. Good fe e d e r s o o a s s lo n a lly a r e fo r c e d t o s e l l on a down m arket. T his s u g g e s ts th e n e c e s s i t y o f making lamb f e e d in g a permanent farm e n t e r p r is e co v e r in g a p erio d o f y e a r s i n ord er t o b e In m th e y e a r s when t h e f e e d in g m argin I s w id e . The in -a n d -o u t f e e d e r s seldom a re I n when th e y should b e . Some y ea rs f lu c t u a t io n s i n market p r ic e a re fa v o r a b le t o t i e fe e d e r and sane y e a r s th e y a re d is a s t r o u s t o him. Over a lo n g p erio d t h e bad y e a r s a r e more th an o f f s e t by th e good o n e s . A ll farm ers who w ish t o fe e d lambs sh ould do s o on a t l e a s t a f i v e y e a r program. Isaab f e e d in g can be made a p a y in g p r o p o s itio n or a h ig h ly s p e c u la t iv e v e n tu r e , depending e n t i r e l y on th e f e e d e r . Im portance o f Typo me’ q u a lit y o f I eedor bombs Some f e e d e r s have a d e c id e d p r e fe r e n c e f o r b la c k -fa c e d lam bs. I n s i s t on w h it e - f a c e s . Some w ant p r a ir ie lambs w h ile o t h e r s w i l l fe e d D e x te r , A. J . , O p . e i f c . O thers - 17 n oth in ; b u t m ountain la o b e . N ea rly a l l shun th e lambs from th e sm a ll I r r ig a te d farm s w h ile , a s a m a tter o f f a c t , some o f t h e b e s t r e s u l t s l i s t e d In th e b u l l e t i n p u t o u t fcy t h e N orthern P a o if io R ailw ay were from In h ie stu d y , D exter b / found t h a t some f e e d e r s t h a t ty p e o f lam b s. wanted w eth er lambs o n ly , w h ereas, o th e r s w ere b e s t p le a s e d w ith mixed ewe and w eth er la o b e . In h ie stu d y o f 60 North Dakota and M innesota fa rm ers, D exter & / n oted from M s o b s e r v a tio n s o f th e lo n b e secu red end a c a r e f u l study o f th e r e s u l t s , t h a t th e c o lo r o f th e f a c e , t h e p a r t ic u la r s e c t io n o f th e re o fr o - which th e lambs came, t h e sax, or any o f t h e s e o th e r n o tio n s w hich c e r t a i n fe e d e r s h a v e , are n o t im p ortan t t h in g s a f t e r t i l . He l i s t e d t h r i f t i n e s s , good fe e d in g t y p e , q u a lit y , end u n ifo r m ity a s b e in g f a r more im p o rta n t. I t was n o ted t h a t when t h r i f t y d eep -b o d ied , compact lambs f r e e fron, w rin k le s a r e secu red th e r e sh o u ld be l i t t l e t o worry ab ou t in regard t o making to p g a in s p ro v id ed th e y r e c e iv e proper c a r e . In th e e a s e o f f e e d e r s who have a sm all f o r a f l o c k , t h e d i s t i n c t advantage o f b u yin g mixed la o b s should n o t b e o v e r lo o k e d , how ever, becau se i t a f f o r d s t h e o p p o rtu n ity t o s o r t o u t some o f th e b e s t ewe lambs fo r a d d itio n s t o th e b reed in g f l . o k . How Mucli Should I ecd er Lambt ffislgfo In o v e r 80 p er c e n t o f a l l in q u ir ie s from fa n n e r s made t o th e A g r ic u ltu r a l D ev elcp n en t Department o f t h e B o r th o m P e o i f i o R ailw ay l / Dexter]^A^7% ^ Op* c&t» Ta/ D e x te r , A . J . , I b id . i j D e x te r , A. J . , I b id . 18 I n 1930 I n r e g a r d t o s e c u r in g I m b e f o r f e e d i n g , m e n tio n was made o f " l i g h t " I m b s , some o v en s p e c i f y i n g tiie y s h o u ld wed n o t o v e r 60 p o u n d s. In t h e f i r s t p i e c e , w r y fe w le n b s o f t h a t w e ig h t a r e f o r s a l e on t h e ra n g e . Good t h r i f t y lc a b e e a s i l y make a tv el^M o f 60 t o 65 pounds and s i n c e th e r a n c h e r r a r e l y s e c u r e s a premium on l i g h t - w e i g h t la m b s, he d e s i r e s t o c a r r y them j u s t a s lo n g a s p o s s i b l e on h i s a v a i l a b l e r a n g e , w hich he h a s le e e s d f o r th e s e a s o n . C o n s e q u e n tly , e x tre m e ly l l ; ht«-eel£jht IiL ibs fo und on t h e r a n g e l a t e i n t h e f a l l sh o I d b e in s p e c te d c a r e f u l l y a s t h e r e I s d a n g e r o f t h e i r b e in g s t u n t e d , u n t h r i f t y , o r " s t a r v e d o u t" lam bs* P r u c t i o a l l y a l l f e e d e r s s t e e r away fro m h eav y t h i n lam bs a s i t i s h a r d t o f a t t e n them b e f o r e th e y g e t o v e r w e ig h t, E b q o rien o ed f e e d e r s u s u a l l y t r y t o buy lam bs ru n n in g fro m 63 t o 66 p o u n d s. somewhat by t h e p r i c e . They a r e g u id e d I n g e n e r a l, when t h e ra n g e p r i c e I s h ig h , t h e y b t y u n d e r 66 pounds i f p o s s i b l e , an d when th e p r i c e i s lo w , a s i t w as i n 1 9 3 0 , th e y buy a b o v e , some n o t h e s i t a t i n g i n g o in g up t o 75 p o u n d s. The r e a s o n g iv e n i s t h a t a t a Icvr p r i c e p e r pound th e y c a n buy t h e a d d i t i o n a l w e ig h t c h e a p e r t h e n th e y ra n p u t i t on i n t h e i r f e e d l o t s . O th e r f a c t o r s e n t e r i n t o t h e i r d e c i s i o n , o f c o u r s e , su ch a s amount o f f e e d a v a i l a b l e , p r i c e o f f e e d s , w h e th e r a lo n g o r s h o r t f e e d o f e r a b e s t p r o s p e c ts t o h i t H ie h ig h m a rk e t l a t e r o n , tim e o f f a l l when b i y i n g , end t y p e an d q u a l i t y o f t h e la m b s , d / C ontaract f e e d e r s who a r e t o r e c e i v e a s e t p r i c e p e r pound o f g a in n a t u r a l l y w a n t J u s t a s l i g h t lam bs a s p o s s i b l e , p r o v id in g t h e y a r e t h r i f t y ~8/ D e x te r , A. J . , Dp. e l t . 19 and o f i ood ty p e and q u a l i t y . The f i r s t g a in s on l l g l i t lam bs a r e growth g a la s and th e s e a r e ch ea p er t o p u t on th an f a t t a in s . However, I f lambs a r e t o ru n In corn f i e l d s soon a f t e r a r r i v a l , h e a v ie r w e ig h ts a r e t h e m ost d e s ir a b le . In a stu d y c a r r ie d on a t M ichigan by K. T . ,bright 1 0 / i t w as found t h a t l i g h t w e ig h t l a n b s made more e f f i c i e n t g a in s a id retu rn ed a g rea te r n e t p r o f i t p er Ianb th an d id h e a v ie r lam b s. T h is I c d is c u s s e d fu r th e r under t h e Headint o f f a c t o r s a f f e c t i n g c o s t o f g a in s and p r o f i t s . F a c to r s A f f e c t in g S h ip p in g Shrinkage IS a te r la l ta k e n from t h e C olorado B u ll e t in 579 w r it t e n by Maynard, M orton, and Oslsuid l l / shows t h e e f f e c t o f r a t io n s fe d on sh ip p in g s h r in k ­ age. I n t h e i r r a tio n exp erim en ts an a ttem p t was made t o a s c e r t a in a s n e a r ly a s p o s s i b l e th e tr u e r e l a t i v e f a t t e n in g v a lu e s o f f e e d t e s t e d . A d e t a il e d stu d y o f t h e sh rin k a g e o f lamtm en ro u te t o m arket has r e v e a le d a s i g n i f i c a n t d if f e r e n c e based on th e c h a r a c te r o f r a t io n f e d and h as fu r th e r r e v e a le d th e u n r e l i a b i l i t y o f sh rin k a g e f ig u r e s ta k en from s in g le t r i a l s . F e e d lo t g a in s based on a v era g es o f a s e r i e s o f I n i t i a l and f i n a l w e ig h ts o f le a b e a r e o b v io u s ly m ost r e l i a b l e f o r com parison b u t ch a ra cte r­ i s t i c sh rin k a g es t o market must be in c lu d e d i f f ig u r e s p r e s e n te d fo r f i n a l com parison a r e t o show tr u e r e l a t i v e v a lu e on a b a s is r e a d i ly a v a ila b le f o r u se by p r a c t ic a l f e e d e r s . A stu d y o f sh rin k a g e f ig u r e s in t h e s e t e s t s has in d ic a t e d t h a t Sb/ I ta x te r , A . j.'," bpY o ii:.' STy B r ig h t , K. T e, Op. o l t . TE/ Maynard, E. J . , M orton, 0 . E ., and (Island, H. B ., "Colorado D r y lo t Tll&tening R a tio n s f o r L m b se , B u ll e t in 3 7 9 , A u g u st, 1 9 5 1 . Iantoe h an d -fed cm g r a in and a l f a l f a r a t io n s c o n ta in in g in a d d it io n a s u c c u le n t or dry bulky fe e d such n s wot or d ry p u lp , b e e t m o la s s e s , co m fo d d e r , or corn s i l a g e , and a l s o t h a t leumbs s e l f - f e d on ground m ixtu re o f f e e d , show a g r e a te r a v era g e sh rin k a g e when sh ip ped t o m arket th an lambs in th e seme ex p erim en ts t h a t have been h an d-fed on (T ain and a l f a l f a a lo n e o r cxi g ra in and a l f a l f a w ith a p r o t e in c o n c e n tr a te . O ver 700 lam b s f a t t e n e d on - r a i n a n d a l f a l f a w i t h o r w i t h o u t a p r o t e i n c o n c e n t r a t e i n t h e s e t e s t s show ed a n a v e r a g e s h r i n k a g e o f o n ly 3 ,7 6 p e r c e n t w hen s h ip p e d t o m a r k e t w h i l e o v e r 1 ,4 0 0 la m b s f a t t e n e d i n t h e s a n e t e s t s o n g r a i n a n d a l f a l f a r a t i o n s c o n t a i n i n g t h e b u lk y s u p p le ­ m e n ts o r w hen s e l f - f e d s h r a n k 5*29 p e r c e n t e ir o u to t o t h e s a n e m a r k e t. G e n e ra l o b s e r v a t i o n s a n d t h e e x p e r i e n c e o f f e d e r s h a v e i n d i c a t e d t h a t t h e s h i p p i n g s h r i n k a g e o f a n y s i n g l e g ro u p o f la s to s e i t h e r t o C o lo ra d o o r r i v e r m a r k e ts d e p e n d s l e r , s l y on o p p o r t u n i t y f o r r e s t a n d " f i l l " a n d t h a t s h r i n k a g e " t o t h e r i v e r " may n o t n e c e s s a r i l y b e ; r o s t e r o r even a s r e a t n s 8$T ln k n g e t o l o c a l m a r k e t s . 1 2 / The c h r i k a g e o f la m b s e n r o u t e t o m a r k e t i s d e p e n d e n t on a num ber o f fa c to rs i 1. The b a s i s o f home w e i g h t s . I t has b een fo u n d t h a t i f lam b s a r e w e ig h e d a s l a t e I n t h e a f t e r n o o n a s p o s s i b l e r a t h e r t h a n i n t h e f o r e n o o n , t h e lam b s may show a d i f f e r e n c e o f o n e a n d a h a l f p o u n d s i n f a v o r o f t h e a f t e r n o o n w e ig h in g . I n t r a i l i n g lam b s t o t h e p o i n t o f s h ip m e n t, t h e y may l o s e fro m 2 t o 4 p o u n d s e a c h . 2. 12/ L o a d in g t h e la m b s . M aynard, I f t h e o a r i s h e a v i l y l o a d e d so t h a t T o rto n , a n d Q sia n d ,'' dpi, o i t . 21 t h e lain b e a r e crow ded a n d u n o a a f o r t a b l e , t h e s h r i n k a g e w i l l be g r e a t e r t h a n I f t h e r e I e am p le s p a c e t o r e s t and s l e e p I n t h e c a r . 3. I i n i s h a n d c o n d i t i o n o f t h e la m b s , v e i l f i n i s h e d lem be s h ip w ith a l l g h e r s h rin k a g e th a n th o s e t h a t a r e o n ly p a r t i a l l y fa tte n e d . To o v ercom e t h e h a n d ic a p o f a lo n g , Iie rd t r i p , i t is n e c e s s a r y t o f e e d t h e l a n b s l o n g e r t h a n i f t h e y w e re a d j a c e n t t o a m a r k e t. The r u l e o f e x p e r i e n c e d f e e d e r s i s t o h a v e t h e lam b s i n t h e c o n d i t i o n i n w h ic h t h e y w is h th e m t o a p p e a r on t h e m a rk e t and t h e n f e e d f o r a n a d d i t i o n a l t h r e e w eeks* p e r i o d t o ov erco m e t h e d i s a d v a n t a g e o f s h r i n k a g e t o m a r k e t. I n a n e x p e r im e n t a t t h e Id a h o E x p e rim e n t S t a t i o n , 1 3 / i n w h ic h h a l f - f a t a n d w e l l f i n i s h e d la ia b s w ore t a k e n t o m a r k e t t o g e t h e r i n t h e sam e s h ip m e n t, t h e B h rin lto g e o f t h e I a l f - f a t leznbs was d o u b le t h a t o f t h e f i n i s lied le a b e . 4. a re open. W e a th e r c o n d i t i o n s e n r o u t e . M ost o f t h e f e e d y a r d s I f t h e w e a th e r i s s t o r e y a n d t h e y a r d s muddy a n d un­ c o m f o r t a b l e , t h e la m b s w i l l w a s te a h i g h p e r c e n t a g e o f t h e f e e d a n d e t but little r e s t a t th e fe e d in g - i n - t r a n s i t y a rd s , in t h i s c a se th e s h rin k a g e i s h e a v y . 5. Time o f f o e d i n g - i n - t r a n s I t . U n lo a d in g an d f e e d i n g i n t h e d a r k r e s u l t s i n t h e c o n s u m p tio n o f l e s s f e e d e n d w a t e r t h e n d a y ­ l i g h t fe e d in g . 6. In i l e a d i n g c o n d i t i o n s a t t h e m a r k e t. I n C h ic a g o t h e lam bs 1 3 7 R liio h a rd , i.. I . , h ic k a n , C. a n d J o h n s o n , R. I ' . , ' ' l a t t a n RanTe Lambs i n I d a h o " , B u l l e t i n 1 9 4 , D ecem b er, 1 9 3 2 . — 22 «» a r e f e d a t a d j a c e n t f e e d y a r d s t h e G v e n ln i b e f o r e , a r r i v i n g on t h e m a r k e t d u r in g t h e n i g h t , w h e re t h e y a r c a llo w e d t o re m a in I n pens w ith w a te r b u t no h a y . I f t h e y e r e c o ld r a t h e r p r o m p tly and w e ig h e d t h e y do n o t s h r i n k v e r y h e a v i l y b u t i f t h e m a r k e t i s d u l l an d t h e lfm b s a r e c o n s t a n t l y b e in , d i s t u r b e d b y b u y e r s a n d s o ld l a t e i n t h e d a y , s h r i n k a g e w i l l bo h e a v y . I a p o r t a a o e of !■co d c o s ts on C o s t o f P r o d u c in g u& iae I n t h e C o lo ra d o B u l l e t i n 379 b y M ay n ard , M o rto n , a n d O a la n d 1 4 / a d i s c u s s i o n o f t h e f a c t o r s i n f l u e n c i n g n e t r e t u r n s t o t h e lam b f e e d e r s I s c o n s i d e r e d a n d t h e a u t h o r s b e l i e v e t h a t t h e f e e d c o s t o f p r o d u c in g g a in i s t h e m o st i m p o r t a n t , w h ile i t i s c o n s i d e r e d i n C o lo ra d o a so u n d p o l i c y t o f a t t e n r e g u l a r l y e n o u g h l i v e s t o c k e a c h y e a r t o u s e u p home grow n g n i n s , r o u g h a g e s , a n d b y - p r o d u c t s , m a r k e t f l u c t u a t i o n s lia v e o f t e n t u r n e d a n t i c i p a t e d p r o f i t s i n t o u n a v o id a b le l o s s e s . Thie a u t h o r s p r o c e e d t o s t a t e t h a t e x p e r i e n c e h a s t a u g h t t h a t t h e I n d iv id u a l f e e d e r haa l i t t l e i f any c o n tr o l o v e r liv e s to c k o r fe e d c o s ts , o v e r i n t e r s t o r r a i l r o a d r a t e s , a n d no g u a r a n t e e a s t o w h a t h i s f a t s t o c k w i l l b r i n g a t m a r k e t. C onseq i e n t l y , a k n o w led g e o f t h e v a l u e s o f a v a i l a b l e f e e d s f u r n i s h e s him h i s b e s t o p p o r t u n i t y t o r e d u c e o v e rh e a d t h r o u g h t h e u s e o f t h e m o st e f f i c i e n t f a t t e n ! n d u c in g t h e c o s t o f , a i n , t h e ra tio n a v a ila b le . By r e ­ fee d e r can m a te r ia lly in c re a s e h is p r o f i ts in good y o tir s a n d r e d u c e h i s l o s s e s when l o s s e s a r e i n e v i t a b l e . The e f f i c i e n c y o f a r a t i o n can b e e s t i m a t e d q u i t e c l o s e l y by n o t i n g 14/ M aynard, ort'oiV, a n d V slc d," O p. e i t . 23 • t h e s e l l i n g p r i c e e n d i a e r k e t ^ r a d e o f t h e f i n i s h e d landie a lo n g w i t h t h e c o s t o f th e r a tio n . The d e g r e e o f f i n i s h p u t on b y a r a t i o n i s p a r t i c u ­ l a r l y i m p o r t a n t o n a w eak m a r k e t b e c a u s e p a c k e r b u y e rs d i s c r i m i n a t e v e r y h e a v i l y a g a i n s t u n f i n i s h e d lam b s u n d e r s u c h c o n d i t i o n s . D i f f e r e n t F a c to rs A ffe o tin . C o s t o f '" a in s a n d P r o f i t s I n a s t u d y m ade i n M ic h ig a n o n t h e e c o n o m ic a s p e c t s o f lam b f e e d ­ i n g by K. T . W i g h t , 1 5 / d u r i n g t h e y e a r s 1 9 3 1 - 3 5 , a n e f f o r t tsae made t o d e te r m in e t h e f a c t o r s a f f e c t i n g c o s t s a n d r e t u r n s . o f p u r c h a s e t o c o s t s e n d r e t u r n s was s t u d i e d . The r e l a t i o n o f d a t e The r e c o r d s f o r e a c h y e a r o f t h e s t u d y w e r e s o r t e d i n t o t h r e e g r o u p s , b a s e d on d a t e o f p u r c h a s e . The g r o u p s w e re d i v i d e d i n t o t h o s e p u r c h a s i n g Ieia s b e f o r e O c to b e r 1 5 , t h o s e p u r c h a s i n g lam b s O c to b e r 1 6 t o Novem ber 1 5 , a n d t h o s e p u r c h a s i n g t h e i r lam b s a f t e r Novem ber 1 5 . The B v e r a l C p u r c h a s e p r i c e p e r h u n d re d ­ w e ig h t w as t h e sem e on t h e f i r s t tw o g r o u p s , b u t I u p e r c e n t h i g h e r on t h e t h i r d , o r l a t e p u rch a se g ro u p . The l e n g t h o f t h e f e e d i n g p e r i o d w as some­ w h a t s h o r t e r o n t h e t h i r d g ro u p t h e n t h e o t h e r t w o . h i g h e r on t h e e a r l y p u r c h a s e d la m b s . D e a th l o s s a v e r a g e d The f a r m e r s p u r c h a s i n g t h e i r lam b s fro m O c to b e r 1 6 t o N o v a r b e r 15 h a d t h e l o w e s t c o s t p e r pound o f b e c a u s e t h e y w e re t h e m o at e f f i c i e n t f e e d e r s . s in , The n e t r e t u r n p e r lam b w as h i g h e s t o n t h i s g r o u p , b e c a u s e o f t h e lo w c o s t , good m a r g in b e tw e e n p u r c h a s e a n d s a l e p r i c e , a n d good a v e r a g e w o o l in c o m e . A s t u d y w as a l s o m ade o f t h e i n f l u e n c e o f lam b w e ig h t a t s t a r t on o o e ta and r e t u r n s . a c c o r d in g The r e c o r d s w e re a g a i n d i v i d l e d I n t o t h r e e g r o u p s t o w e ig h t when p u r c h a s e d . i:e h . , Op. c i t . The f i r s t g ro u p was m ade up o f lam bs ™ " 24 w e ig h in g u n d e r 60 p o u n d s , t h e sooond g r o u p fro m 60 t o 65 p o u n d s , a n d t h e t l i r d ^ ro u p 6G p o u n d s a n d u p . The la m b s p u r c h a s e d by t h e f e e d e r s b u y in g t h e l i g h t e s t la m b s a v e r a g e d 5 6 pounds co m p ared w i t h 70 p o u n d s f o r t h e h e a v i e s t g ro u p o f la m b s . A g a in o f 27 p o u n d s w as “p u t o n " t h e l i g h t l e n b s ( b a s e d on m a r k e t v r o i ^ i t e ) , a n d 18 p o u n d s on t h e h e a v y la m b s . The p u r c h a s e p r i c e o f t h e tw o g r o u p s was n e a r l y t h e som e, b u t t h e s a l e p r i c e w as n e a r l y o n e d o l l a r a h u n d r e d w e ig h t h i g h e r on t h e l i g h t la m b s . The la m b s w e re f e d l o n g e r a n d s o l d a t a l a t e r d a t e , when p r i c e s a v e r a g e d h ig h e r. T te l i g h t lam b s w o re f e d l e s s c o n c e n t r a t e s an d m ore ro u g h a g e p e r pound o f g a i n t h a n t h e h e a v i e r la n d is , r e s u l t i n g i n a lo w e r c o s t o f g a in d u rin g th e p e r io d o f s tu d y . T t e w id e r m a rg in e n d s l i g h t l y lo w e r c o s t o f g a i n w e re l a r g e l y r e s p o n s i b l e f o r t h e h i g h e r a v e r a g e n e t r e t u r n on t h e l i g h t la m b s . I n t h i s s t u d y t h e e f f e c t s o f num ber o f lam bs f e d o n c o s t a a n d r e t u r n s w as a l s o c o n s i d e r e d . The r e c o r d s w e re d i v i d e d i n t o t h r e e g ro u p s a s f o l l o w s t t h o s e f e e d i n g 525 o r l e s s , t h o s e f e e d in g 526 t o 9 7 5 , a n d t h o s e f e e d i n g 976 a n d u p . The men f e e d i n - t h e m o s t lam bs h a d a p p r o x i m a t e ly n i n e t i m e s t h e num ber f e d b y t h o s e h a v in g t h e l e a s t , a n d t h o s e f e e d e r s r e d u c e d t h e i r la b o r and b u ild in g c h a rg e p e r Ian b n e a r ly o n e - h a lf . T h is r e d u c t i o n , h o w e v e r, o f 17 c e n t s a lam b w as r e l a t i v e l y u n i m p o r ta n t i n r e d u c in g t h e t o t a l c o s t o f f a t t e n i n g t h e la m b s . F e e d c o s t p e r lam b was a l s o s l i ^ i t l y lo w e r on fa rm s w h e re t h e l a r g e s t nu m b ers o f la m b s w ore f e d , c o n s e q u e n t ly f a t t e n i n g c o s t t o t a l e d # 2 .5 4 p e r la m b com pared t o f e w e s t l a n b s w e re f e d . ( 2 .6 8 on f a r m s w h ere t h e B e t r e t u r n f o r m anagem ent am o u n ted t o a b o u t #135 p e r farm on f a r m s w h e re t h e l e a s t l a ibe w ore f e d an d § 1 ,7 5 0 on f a r m s w h e re ■ 25 ■ t h r e o o n r lo a d a o r iaore m ere f e d . The r e l a t i o n o f le n g th o f f e e d in g p e r io d t o o o e te an d r e t u r n s vr-z a ls o s tu d ie d . The r e c o r d s w ere d iv i d e d I n to t h r e e g roups a s fo llo w s* th o s e f e e d i n g t h e i r lrcib s u n d e r 100 d a y s , th o s e f e e d in g from 100 t o 125 d a y s , a. d th o s e f e e d in g 126 d a y s a n d u p . As a n a v e r a g e f o r t h e f i v e y e a r s , t h e fa r m e r s w ith t h e s h o r t e s t f e e d had t h e i r lam bs 61 d a y s , t h e m id d le : ro u p 112 d a y s , an d th o s e f e e d in g t h e lo n g e s t f e d t h e lerabs 148 d a y s . The " s h o r t - f e d ” la a b s a v e ra g e d h e a v ie r a t t h e s t a r t , an d made f a s t e r d a i l y g a in s th a n t h e lerabs o f e i t h e r o f t h e o t h e r g r o u p s . Those lam bs consumed more c o n c e n tr a te s p e r pound o f g a i n , b u t c o n s id e r a b ly l e s s ro u g h ­ a g e , an d had t h e lo w e s t c o s t p e r pound g a i n . The Iazsbs t h a t w ere on fe e d 148 d a y s a s an a v e r a g e w ere 5 pounds l i g h t e r th a n th e Tbh a r t - f e d " lam bs a t t h e s t a r t , an d t h e d a i l y g a in d u r in g th e lo n g e r f e e d i n g p e r io d was m ore th a n n e - f o u r t h s lo w e r . The n e t r e t u r n p e r lam b w as t h e h i g h e s t f o r t h e lam bs on fe e d 100 t o 125 d a y s , b e c a u se t h e c o s t p e r pound o f g a in was r e l a t i v e l y low , an d t h e m arg in b etw een p u rc h a s e and s a l e p r i c e was c o m p e ra tiv e ly h ig h . The n e t r e t u r n on t h e " lo n g - f e d " g ro u p s was s l i g h t l y l e s s , b e c a u se o f h ig h e r o o s t p e r pound o f g a i n , a n d d e s p i t e a good m a rg in . The n e t r e t u r n p e r lamb i n t h e " s h o r t - f e d " g roup was c o n s id e r a b ly l e s s due t o t h e s m a lle r m a rg in . A co m p ariso n o f hand and s e l f - f e e d i n g was a l s o made i n t h i s s tu d y . A p p ro x im a te ly 55 p e r o e n t o f t h e f a r m e r s k e e p in g r e c o r d s h a n d -fe d and 45 p e r c e n t s e l f - f e d t h e la m b s . The f e e d e r s s e l f - f e e d i n g f e d tw o and one h a l f tim e * a s many lam bs a s th o s e h a n d - f e e d in g . D eath I o e s a v e ra g e d 4 .4 26 p e r c e ^ t irtnero s e l f - f e e d i n g w ts p r a c t i c e d e n d 4 . 0 p e r c e n t w h ere t h e lazsbe w e re h e a d - f e d . I a r a e r s u a in j. s e l f - f e e d e r s f e d t h e lam b s 100 d a y s com pared t o 119 f o r t h o s e h a n d - f e e d i n g . s e lf-fe d . D a i ly g a i n w as 20 p e r c e n t f a s t e r on l a c b s From t h e s t a n d p o i n t o f f e e d i n g e f f i c i e n c y , t h e r e w as no d i f f e r ­ e n c e i n t h e p o u n d s o f c o n c e n t r a t e s r e q u i r e d t o p ro d u c e a p o u n d o f g a i n b u t t h e s e l f - f e d lam b s u s e d l e s s r o u g h a g e . T o t a l c o s t p e r pound ^ a in was 25 p e r c e n t lo v ra r cm lairibs s e l f - f e d t h a n t h o s e h a n d - f e d d u e t o t h e u s e o f l e s s r o u g h a g e , lo w e r v a lu e d c o n c e n t r a t e s , a n d e c o n o m ic s o f t h e l a r g e r e n te rp ris e . M et r e t u r n p e r lam b a v e r a g e d 66 c e n t s on t h o s e h a n d - f e d and 66 c e n t s o n t h o s e s e l f - f e d . T he i n f l u e n c e o f f e e d i n g e f f i c i e n c y on c o s t s a n d r e t u r n s w as s t u d i e d . The r e c o r d s w e re d i v i d e d i n t o t h e h i g h e s t , m edium , e n d l o w e s t e f f i c i e n c y ro u p s. The m o st e f f i c i e n t ro u p h a d a n a v e r a g e f e e d c o s t o f 7 . 0 c e n t s p e r pound o f - a i n w h i l e t h e f e e d c o s t o f t h e l e a s t e f f i c i e n t w as 1 2 .6 a n d t h e m edium 8 . 4 . The am o u n t o f c o n c e n t r a t e s a u d r o u g h a g e s f e d by t h e l e a s t e f f i c i e n t g ro u p t o p ro d u c e a pound o f La i n w as a l s o a p p r o x i m a t e ly 80 p e r c e n t m ore t h a n t h e l o w - f e o d - c o s t g r o u p . F a c to rs c o n tr ib u tin g t o th e g r e a t­ e r e f f i c i e n c y on t h e l o w - c o s t f a r m e r s w e r e ; a b i l i t y on t h e p a r t o f t h e f a r m e r s t o f e e d b e t t e r b a la n c e d r a t i o n s a c c o r d i n «_ t o t h e d a i l y g a i n s , b e t t e r q u a l i t y la m b s , l i g h t e r I crabs, l e s s d e a t h l o s s , s h o r t e r f e e d i n g p e r io d s , an d f a s t e r a v e ra g e d a i l y r a i n . R e g a rd in g m ethod o f f e e d i n g , a b o u t o n e - h a l f o f t h e l o w - c o s t f a r m e r s s e l f - f e d t h e la m b s , a n d t h e same p e r c e n t o f t h e h i g h - c o s t men u s e d t h a t m eth o d o f f e e d i n g . N e t r e t u r n p e r Iem b a v e r a g e d S i . 07 o n t h e f a r m s w i t h t h e h i g h e s t f e e d i n g e f f i c i e n c y , a n d 4 .1 7 <ki t h o s e w i t h t h e l o w e s t e f f i c i e n c y . T h is d i f f e r e n c e w as g r e a t e r t h a n f o r 27 a n y o t h e r o n e f a c t o r , s h o w in g t h a t f e e d i n g e f f i c i e n c y w as t h e c o s t im­ p o rta n t f a c to r a f f e c tin g n e t r e tu r n s . The i n f l u e n c e on d e a t h l o s s on c o s t s e n d r e t u r n s w as a l s o s t u d i e d . The r e c o r d s w e re s o r t e d a c c o r d i n g t o t h e d e a t h l e s s p e r c e n ta g e t o s t u d y t h e e f f e c t on c o s t s a n d n e t r e t u r n s . T he f e e d e r s h a v in g t h e l o w e s t d e a th l o s s a v o r a , e d o n ly 1 .3 p e r c e n t d e a t h l e s s . pound a n d t h e , a l n c o s t 9 , 4 c e n t s a p o u n d . D a ily g a in p e r larab w as .2 5 N e t r e t u r n a v e r a g e d # 1 .0 4 a la m b . On t h e f a r m s w i t h t h e h i g h e s t d e a t h l o s s , 6 .8 p e r c e n t o f t h e lam b s d ie d . D a ily g a i n p e r lam b a v e r a g e d o n l y .1 7 pound on t h e s e fa rm s a n d t h e g a in c o s t 1 2 .0 c e n t s a p o u n d . The n e t r e t u r n p e r lam b w as o n ly 63 c e n t s . On t h e f a n s w i t h t h e medium d e a th l o s s , 3 .4 p e r c e n t o f t h e lam b s d i e d . D a i ly f a i n p e r lam b a v e r a g e d o n ly .2 0 pound o n t h e s e f a r m s , a n d t h e g a in c o s t 1 0 .6 c e n t s a p o u n d . The n e t r e t u r n p e r lam b was 81 c e n t s . T he r e l a t i o n o f d a i l y g a i n t o c o s t s a n d r e t u r n s w as a l s o s t u d i e d . T he o ; e - t h i r d o f t h e fa r m s on w h ic h t h e g a i n w as t h e s l o w e s t h a d a n a v e r ­ a g e d a i l y ^ a i n o f .1 3 pound p e r la m b , co m p ared w i t h .2 1 pound on t h e medium t h i r d , a n d .3 0 pound on t h e h i g h t h i r d . I n c a n p a r in g t h e h ig h a n d lo w g r o u p s , t h e f o l l o w i n g p o i n t s s t a n d o u t* t h e r a p i d - g a i n g ro u p p u r c h a s e d b e t t e r q u a l i t y la m b s , t h e d e a t h l o s s o n t h o s e b e t t e r q u a l i t y lam b s was l e s s th e n o n e - h a lf t h a t o f t h e s lo w -f a in r o u p , t h e r a p i d - g a i n lam b s w ere f e d 4 0 p e r c e n t m ore c o n c e n t r a t e s d a i l y , a n d f i n a l l y , tir e r a p i d - g a i n l e n b s w e re on f e e d 91 d a y e a s a n a v e r a g e , w h i l e t h e s lo w -, a i n la m b s w e re on f e e d 123 d a y s . The a v e r s , ® s t a r t i n g w e ig h t o f t h e l a n b s sane in ea ch g ro u p . whs p r a c tic a lly th e The t o t a l c o s t p e r p o u n d g a in a s a n a v e r a g e f o r t h e f i v e y e a r s was 8 .7 c e n t s on t h e r a p i d - f a i n lam b s a n d 1 3 .5 c e n t s on t h e s lo w - • 28 » g a i n , a n d n e t r e t u r n p e r I a n b ; 1 ,0 6 en d # ,6 1 c e n t s r e s p e c t i v e l y . The r e l a t i o n o f p r i c e m a rg in t o n e t r e t u r n s h a s a l r e a d y b e e n d i s ­ c u sse d e a r l i e r In th e t h e s i s . I t tm s fo u n d t h a t t h o s e f e e d e r s h a v in g t h e w i d e s t f e e d i n g m a r g in , make t h e m o s t money a s a g e n e r a l r u l e . F a c t o r s A f f e c t i n g t h e P r l ce o f Lambs A c c o r d in g t o t h e P o lc rc d o B u l l e t i n 894 b y B u rd ic k a n d P l n g r e y 1 6 / , t h e r e a r e v a r i o u s f a c t o r s t h a t I n f l o n c e lam b p r i c e s . T hey s t a t e t h a t t o t h e c a s u a l o b s e r v e r , p r i c e s s e e n a lw a y s t o b e r i s i n g o r f a l l i n g w i t h o u t cau se o r j u s t i f i c a t i o n . change. T h e re i s u s u a l l y a r e a s o n b e c k o f e v e r y su c h The p ro b le m i s t o f i n d i t . P r o b a b ly t > e r e i s n o f i e l d o f a c ­ t i v i t y a s s o c i a t e d w ith f a r m in g i n w h ic h so much d i l i g e n t s e a r c h i s m ade, a n d o u t o f w h ic h s o fe w s a t i s f a c t o r y c o n c l u s i o n s a r e f o u n d , a s i n t h i s m a t t e r o f v*y p r i c e s v a r y . T h ese a u t h o r s s t a t e t h a t i t h a s b e e n t h e i r e x p e r i e n c e , h o w e v e r, t h a t t h e r e a r e many f a c t o r s w h ich c a n b e o b s e r v e d , t h a t do h a v e a n i n f l u e n c e o n p r i c e s . I t i s t h e i r b e l i e f t h a t one who s e r i o u s l y s t u d i e s t h e s e f a c t o r s w i l l b e a b l e t o ju d g e much m ore a c c u r a t e ­ l y t h e t r e a d o f p r i c e s t h a n one who r e l i e s on memory a;id m a r k e t o p i n i o n . T he f o l l o w i n g f a c t o r s h a v e b e e n l i s t e d a c c o r d in g t o B u rd ic k a n d P ln g re y i 1. S lz o o f t h e lam b c r o p . I s i t l a r g e r or s m a lle r th a n l a s t y e a r? 2. C o n d i t io n s o f t h e r a n g e c o u n t r y . A re p e s t u r e e a r e t h e y d r y so t h a t sheepm en m u s t h u r r y t h o i r iam b s t o ~ ood o r m arket t o ' ITS/ itJ i r d i c k , B. T. and 'p'i ffre y , IlV B.V h^ r u x i t s from W in te r jo e d In g i n Wortiiem C o lo r a d o " , B u l l e t i n 5 9 4 , p a , e s 6 0 - 6 3 , O c to b e r , 1 9 3 2 . ■ 29 • a v o id I r e s ? 5* P r o e p e o te f o r h e a v y o r l i g h t w e i g h t f e e d e r la m b s . l i g h t e r t h e n norm- I , If ie t h i s due t o w e a th e r c o n d itio n s and s h o r t f e e d t h a t h a v e s t u n t e d t h e i r g r o w th , o r i s I t due t o a l a t e s p r i n t lam b c ro p ? 4. The b r e e d i n g a n d q u a l i t y o f t h e f e e d e r la m b s . l i g h t w e i g h t d u e t o t h e b r e e d o f lam b? Is th e ir A re f l o o k - m a s t e r s m aking r a d i c a l c h a n g e s i n t h e i r m e th o d s o f b r e e d i n g , w h ic h w i l l a f f e c t t h e g ro w in g a b i l i t i e s o f t h e lam b s? 5. C o m p e titio n f o r f e e d e r lam b s fro m b u y e rs i n o t h e r a r e a s . What e r e t h o " i n t e n t i o n s t o f e e d " f o r c o m p e tin g a r t a s ? lam b s o i n g i n t o t h e C orn B e l t? im p o rta n t ite m . A re more T h is may e a s i l y p r o v e t o b e a n A h e a v y m ovem ent o f f e e d e r la m b s i n t o t h e C o rn B e l t m eans a h e a v y m ovem ent o f f a t la m b s t o m a r k e t i n D ecem ber t o F e b ru ary . H ence, th e r e i s l i t t l e o h a n o e f o r good m a r k e t p r i c e s t i l l t o s e lam b s a r e o u t o f t h e w ay. U nder th e s e c o n d itio n s , a M ontana f e e d e r w i l l f a v o r t h e p u r c h a s e o f l i g h t e r la m b s t h a t w i l l b e f a t b y M arch a n d A p r i l , a f t e r t h e C o m B e l t lam b s a r e s o l d . 6. W e ig h t o f lam b s g o in g i n t o M ontana f e e d l c t e . h e a v i e r t h a n n o rm a l? A re t h e y I f s o , t h e w i n t e r m a r k e t w i l l b e o v e r- c ro w d e d , o r e l s e o v e r w e ig h t lam b s w i l l d e p r e s s t h e M arch a n d A p r i l m a r k e t. B u t i n e a s e t h e C om B e l t i s n o t b u y in g many la m b s , t h e s e heav y l e a b s may s t r i k e a f a t - l a m b m a r k e t i n J a n u a r y a n d F e b r u a r y t h a t i s s h o r t o f I t s n o rm a l s u p p ly o f la m b s . 7. The s t o r a g e o f a l l m e a ts . W hat i s t h e s t o r a g e s u p p ly 50 o f a l l k in d s o f n e a ts i n t h e f a l l ? I s I t a b o v e n o rm a l? I f so, t h i s m eans a c r e c o m p e t it io n f o r t h e f a t la m b s , 8, T he o u t l o o k f o r P a o i f i o c o a s t s p r i n g la m b s . I f a heavy s u p p ly i s i n s i g h t , t h e n C o lo ra d o f a t lam b s l a t e i n M arch a n d A p r i l w i l l m e e t t h e c o m p e t i t i o n o f t h e s e s p r i n g lam b s a n d t a k e c o r r e s p o n d ­ i n g l y l o ir a r p r i c e s , 9. The am o u n t o f fa rm f e e d s , ',Vith a l a r g e s u r p l u s o f a l f a l f a and a f e e d b in f u l l o f o a ts o r o th e r g r a i n s , a fa rm e r w i l l u s u a l l y p l a n t o f e e d m ore lam ’ s , 10. The p r i c e s o f fa rm f e e d s . c r e a s e t h e f e e d i n g o f la m b s . I f lo w , t h a t w i l l te n d t o i n ­ B ut w ith h ig h p r ic e d f e e d s , th e farm ­ e r may d e c i d e t o s e l l t h e f e e d r a t h e r t h a n f e e d i t h i m s e l f . 11. The p r i c e s o f s h l p p e d - i n f e e d s . I f c o m an d c o tto n s e e d o a k e a r e h ig h I n p r i c e , i t may r e d u c e t h e num ber o f la m b s f e d . 12. P r ic e s o f fe e d s i n o th e r fe e d in g a r e a s . Lew f e e d p r i c e s i n o t h e r a r e a s t e n d t o i n c r e a s e t h e c o m p e t it io n f o r f e e d e r Iainbs a n d t h e num ber o f lam b s o n f e e d i n t h o s e a r e a s , h e n c e , a f f e c t t h e f a t lam b m a r k e t. 13. le a th e r c o n d itio n s . C o ld , s to rm y f a l l a i d w i n t e r w e a th e r w i t h snow o n t h e g ro u n d may c h a n g e t h e p r o s p e c t s f o r a n o t h e r w i s e s u c c e s s fu l fe e d in g s e a s o n . I t may a f f e c t t h e f a t t e n i n g , s le w up t h e g a i n s , a n d c a u s e t h e m a j o r i t y o f la ia b s t o f a t t e n f o r t h e l a t e m a rk e t I n s te a d o f b e in g re a d y f o r u n ifo rm ly d i s t r i b u t e d s a l e s f o r s e v e r a l m o n th s . 14. Time o f y e a r t h a t m a j o r i t y o f lam b s w i l l be r e a d y f o r * SI ■ Liarket . I l i l e i n c l u d e s laa tb e fro m Oompetini. a r e a s a s w e ll a s fro m C o lo ra d o * T he b e s t p r i c e s f o r f a t l a a b s e a c h w in te r a r e u s u a l l y fo u n d d u r i n g a p e r i o d o f m e o r m ore w oeks vdien fe w la m b s a r e com ing t o m a r k e t . T h is e x a c t tim e v a r i e s fro m y e a r t o y e a r b u t i s u s u a l l y n o t t h e tim e m o s t C o lo ra d o lam b s a r e read y t o s e ll* 15* R e c e n t p r o f i t s fro m f e e d in g * T h e re i s a t h a t I s e e s one y e a r a r e made b a c k t h e n e x t . i s a d a n g e ro u s b e l i e f . o a e ra l b e lie f T ak en by i t s e l f , i t C o u p le d w i t h i n f o r m a t io n a s t o t h e num ber o f lam b s on f e e d en d m any o t h e r f a c t o r s , i t i s h e l p f u l . I t ia r e a s o n a b l e t o a n t i c i p a t e l e s s dem and f o r f e e d e r lam b s i n a y e a r fo llo w in g s e v e r e l o s s e s , a s b an k s a ro l e s s w i l li n g t o in c re a s e t h e i r l o a n s a n d many a r e u n a b le t o s e c u r e money t o b u y f e e d e r la m b s . I n o i e e n t a l l y , i t m ig h t b e w e l l t o c o n s i d e r t h e f o ll o w ­ i n g r u l e wher. b o r r o w in g m oney t o b u y f e e d e r l i m b s . F in d o u t how much money t h e b a n k w i l l l e a n f o r t h e f e e d i n g e n t e r p r i s e , t h e n b o r r o w o n e - h a l f o f t h a t am ount* h a l f a n d g iv e a s e c o n d o h a n o e T h at w i l l re d u c e th e r i s k b y o n e e x t y e a r to fe e d a g a in . Ovmt e x t e n s i o n o f f e e d i n g c r e d i t h a s h arm ed m ore men t h a n i t lia s h e l p e d . 16* C o m p a ra tiv e f a l l p r i c e s o f f e e d e r a n d f a t la m b s . It i s r i s k y t o b u y f e e d e r lam b s a t p r i c e s a s h ig h a s f a t lam b s a n d t r u s t t h a t t h e f a t - l a m b m a r k e t w i l l Im p ro v e e n o u g h t o make t h e fe e d in g p r o f i t b l e . O th e r f a c t o r s m u st b e c h e c k e d v e r y c l o s e l y b e fo r e su ch a p la n i s fo llo w e d . 17. The s p r e a d b e tw e e n f a l l f e e d e r lam b p r i c e s a n d f a t ■ 52 • lam b p r i c e s t h e n e x t s p r i n g . I f t h i s has been s a tis f a c to r y f o r s e v e r a l y e t - r s , i t w eak en s t h e c h a n c e o f i t s b e in g r e p e a t e d n e x t y e a r , a s p r i c e s n e v e r s t a y " n o r m a l" . They a r e g e t t i n g b e t t e r o r w o rs e a n d t h e f a c t t h a t t h e y h a v e b e e n i n o u r f a v o r i s ; ood e v i ­ d e n c e t h a t t h e y a r e so o n t o 18. Lo a g e ! i s t u s . The l o n g - t i m e t r e n d o f p r i c e s . A re t h e y d r i f t i n g t o I w e r l e v e l s , h o l d i n g etead h z, o r s t e a d i l y lm p ro ig? Tlie p r i c e o f a n i n d i I d u o l c o m m o d ity , s u c h a s la m b s , may go c o u n t e r t o t h e : o n e re d p r i c e l e v e l f o r a few y e a r s , b u t i t u s u a l l y t e n d s t o f o l l o w i t o v e r a p e rio d o f y e a r s . 19. The p r o d u c t i o n o f s h e e p . farm s in c r e a s in g o r d e c re a s in g ? th e g e n e ra l p r ic e le v e l i s Ism b p r i c e s t o d r o p f a s t e r 20. I s t h e num ber o f s h e e p on I f t h e num ber i s I n c r e a s i n g e n d f a l l i n g , i t i s re a s o n a b le t o e x p e c t th a n g e n e ra l p r ic e s . P r i c e s o f c o m p e tin g n e a t s . O v e r - p r o d u c tio n o f p o r k o r b e e f , f o r c i n g p r i c e s b e lo w n o r m a l, may c a u s e lam b p r i c e s t o d ro p i n s y m p a th y a s t h e p u b l i c , w i t h i n l i m i t s , w i l l u s e o n e m e a t i n p la c e o f a n o th e r. 21. G e n o ra l b u s i n e s s c o n d i t i o n s . r a t i o n s a n d l e s s demand f o r m e a t. g e t t i n g w o rs e ? H ard t im e s m ean s h o r t A re t i m e s g e t t i n g b e t t e r o r T h is may h a v e a n i m p o r ta n t b e a r i n g on f a t lam b p ric e s n e x t s p rin g . 22. "unenpIoyraent. b u s in e s s c o n d itio n s . e a rn in T h is i s a d i r e c t o u tg r o w th o f g e n e r a l H igh w a g e s a r e n o t s o i m p o r t a n t a s y e a r l y a n d t h e a b i l i t y t o tx iy . Men o u t o f w ork e a t t h e c h e a p e s t 33 fo o d s. A r r i o u l t u r e a lw a y s s u f f e r s w hen b u s i n e s s i s h a v in g h a r d tin e s . 23. The t r e n d o f c o n s u m p tio n o f m e e t. A re p e o p le e a t i n g I c c s m o a t, o r s h i f t i n g fro m o n e k i n d o f m e a t t o a n o t h e r ? I t is g e n e r a l l y a g r e e d t h a t t h e I n g - ti m e t r e n d o f n e a t c o n s u m p tio n show s a s h i f t d o m w a rd te n d e n c y , b u t i t i s a q u e s t i o n w h e th e r t h i s i s a cau se o r a r e s u l t o f o th e r f a c t o r s . 24. A d v e r t i s i n g o f fo o d s* V ig o r o u s a d v e r t i s i n g c e n a l g a e s e e n t o sw in g fo o d c o n s u m p tio n e i t h e r to w a rd o r a g a i n s t c e r t a i n fo o d s. T h is i s w o r th w a t c h in g , b u t I s n o t y e t a s I m p o r ta n t a s c h a n g in h a b i t s o f l i f e w h ic h n e c e n s l t a t e c h a 25. es In e a tin g h a b its . C h a n g in g l i v i n g c o n d i t i o n s a r e n o t w a tc h e d a s c l o s e l y a s th e y d e s e r v e . * T h e s e f a c t o r s ; Iv e some i d e a o f t h e t h i n g s t h a t m u st b e c o n s i d e r e d i f one i s t o b e a s u c c e s s f u l lam b f e e d e r . add t o t h i s l i s t . K x p e rie n o e d lam b f e e d e r s c a n The f a c t o r s a s o u t l i n e d w e re made f o r C o lo ra d o b u t , s i n c e c o n d i t i o n s i n M ontana a r c much t h e s a m e , I b e l i e v e t h a t t h e y f i t o u r c o n d itio n s a d m ira b ly . S h o u ld t e s e f a c t o r s b e c a r e f u l l y s t u d i e d b y o u r M ontana f e e d e r s , t h e r e cen b e l i t t l e d o u b t i n t h e m ind o f a n y o n e t h a t many m is t a k e s o f t h e p a s t c o u ld b e a v o id e d . F a c t o r s t h a t A f f e c t Lamb P r o f i t s B u r d ic k a n d P i n g r e y I ? / s t a t e t h a t , w h i l e t h e f a c t o r s w h ic h a f f e c t lam b p r i c e s a r e many a n d v a r i e d , t h e f a c t o r s w h ic h a f f e c t p r o f i t s a r e n o t I j? / Durdicl.: arid P in - r e y , Qp'.' c i t . " p . 'o G4.' ~~ — 34 — s o n u m e ro u s . R io y s t a t e f u r t h e r t i n t t h e tw o o u t s t a n d i n g o n e s a r e p u r e lie so p r i c e o f f e e d e r lam bs a n d s a l e p r i c e o f f a t leunbs b o th o f w h ic h a r e l a r g e l y o u t s i d e t h e W n e d ia to c o n t r o l o f t h e f a r m e r . S a a e I m p o r ta n t I te m s w h ic h a r e i n a m e a s u re u n d e r t h e c o n t r o l o f t h e f e e d e r a c c o r d i n g t o B u rd io k a n d P i n g r e y a r e * 1. F e e d c o s t p e r pound o f g a i n . T h is i s p a r t l y c o n t r o l l e d b y c h o ic e o f f e e d s a n d p r o p e r b a l a n c i n g o f r a t i o n s . 2. O th e r c o s t s s u c h a s l a b o r , c o r r a l a n d e q u ip m e n t, w a t e r , i n t e r e s t , m is c e l l a n e o u s c a s h a i d o v e r h e a d . T he p r o p e r a t t e n t i o n t o d o t a l I o f m anagem ent w i l l r e d u c e t h e s e t o som e e x t e i t . 3. G a in p e r h e a d a n d p e r d a y . T h e se a r e p a r t l y u n d e r c o n t r o l o f t h e f a r m e r , b u t a r e l i m i t e d l a r g e l y by t h e t y p e o f I e n h a i d h i a a b i l i t y t o p u t on w e i g h t . 4. ,f e a th e r c o n d i t i o n s . T h e se a r e n o t u n d e r t h e c o n t r o l o f anybody e x c e p t i n s o f a r a s t h e u s e o f p ro p e r w in d b re a k s , e l pe o f f e e d y a r d a n d a d e q u a t e b e d d in g t e n d t o im p ro v e t m u r a l c o n d i t i o n s . 5. A n o th e r f a c t o r a f f e c t i n g p r o f i t s i s d e a t h l o s s . l o s s may r e s u l t fro m b u y in , B eatIi w e a k lin g la m b s , su d d e n c h a n g e o f f e e d t h a t o c c u r s b e tw e e n r a n g e c o n d i t i o n s a n d f e e d l t s , e m t r a c k i n g o f d i s e a s e u n r o u te fro m r a n g e t o f e o d l o t o r t o t . e s u d d e n c h a n g e o f r a n g e a n d f e o d l o t f e e d c o n d i t i o n s may c a u s e t h e l a a b s t o become s u s c e p t i b l e t o d i s e a s e , l a s t l y , o v e r f e e d i n g o f lam b s w h ic h g e n e r a l l y i s c a u s e d b y t h e f e e d e r ’ s d e s i r e t o m a r k e t t h e lam b s a t a g iv e n tim e i n o r d e r t o t a k e a d v a n ta g e o f t h e p r i c e r e l a t i o n s h i p s . ■ 35 * Summary o f R eview o f L i t e r a t u r e T h e r e h a s b e e n some v e r y good w ork d o n e by some p e o p le on t h e e e o n o ’ d o s o f f a t t e n i n g la m b s . The d i f f i c u l t y w i t h much o f t h e w o rk , h o w ever# i s t h e f a c t t h a t t h e d a t a w e re n o t o b t a i n e d d i r e c t l y fro m lam b fe e d e rs in a l l o a se s. S t u d i e s o f t h i s k i n d m u st b e b a s e d on a c t u a l fa rm d a t a b e c a u s e d a t a o b t a i n e d u n d e r c l o s e l y c o n t r o l l e d e x p e r im e n ts c a r r i e d on a t o u r e x p e r im e n t s t a t i o n s a r e n o t on e c o m p a ra b le b a s i s w i t h a c tu a l f i e l d c o n d itio n s . T he r e a s o n f o r t h i s i s t h a t i n m o st c a s e s # a l l c o s ts a r e n o t c o n s id e re d i n e x p e rim e n ta l d a ta . COSTS Aim RETURNS OF FATTENING IAMBS In th e f i n a l a n a ly s is # re c o rd s o f th e Ie a b f e e d in g o p e ra tio n s o f f o u r t e e n d i f f e r e n t f e e d e r s w e re u s e d . S e v e n o f t h e s e f e e d e r s f e d on a c o n t r a c t b a s i s a n d s e v e n p u r c h a s e d t h e i r lam b s o u t r i g h t . 1 9 ,1 7 4 lam b s w e re p l a c e d i n t h e d i f f e r e n t f o e d l c t s . A to ta l of T h is r e p r e s e n t s a p p r o x i m a t e ly 9 . 6 p e r c e n t o f a l l lam b s o n f e e d i n M ontana a s o f J a n u a r y I , 1939. Tbe num ber o f lam b s p u t on f e e d b y t h e d i f f e r e n t f e e d e r s r a n g e d fro m a le w o f 830 t o a h i g h o f 2 ,4 6 6 . B e c a u se o f r a t h e r w id e v a r i a t i o n s among t h e d i f f e r e n t f e e d e r s , e n d b e c a u s e o f t h e I L a l t e d n u m b e r o f r e c o r d s o b t a i n e d , i t w as t h o u g h t b e s t t o make t h e a n a l y s i s on a c a s e b a s i s . R e s u lts f o r ea ch f e e d e r h av e been t h o r o u g h l y e x a m in e d a n d a n e f f o r t w i l l b e m ade t o p o i n t o u t t h e r e a s o n s f o r th e d if f e r e n c e s in r e s u l t s o b ta in e d . • 36 *» Dc f l n i t l a n a n d D e s c r i p t i o n o f T o m s U sed i n t h i s S tu d y P u r c h a s e C o a t i n t h o i o e c l o t *— T h i s i n c l u d e s f r e i g h t c h a r g e s t o t h e f e e d l o t , e c o a i s s ic m s p a i d f o r Isa v in t t h e leenibs p u r c h a s e d a n d o t h e r m i s c e l ­ la n e o u s c o s t s i n c o n n e c t io n w i t h p u r c h a s i n g t h e la m b s . T he c o s t p e r h e a d i s t h e c o s t i n t h e f e e d l o t a t t im e o f p u r c h a s e . I n i t i a l H e i g h t . - —The w e ig h t p a i d f o r o n t h e r a n g e o r a t t h e m a rk e t and i n th o c a se o f c o n tr a c t f e e d e r s , t h i s i s a l s o ra n g e w e ig h t. F in a l h e ig h t .— In th e c a se o f c o n tr a c t p u rc h a s e rs , t h i s i s th e a v e r­ a g e w e i g h t p e r f i n i s h e d lam b when t u r n e d b a c k t o t h e o m e r . T h e se lam bs w e re w e ig h e d l o c a l l y w i t h a good f i l l and f o u r p e r c e n t s u b t r a c t e d from th e f i l l e d w e ig h t. I n t h e c a s e o f t h e f e e d e r s who f e d t h e i r own la m b s , t h e f i n a l w e ig h t i s t h e a v e r a g e w e ig h t p e r f i n i s h e d lam b w hen s o l d e i t h e r l o c a l l y o r a t t h e c e n tr a l m a rk e ts . G ain P e r H e a d .— The d i f f e r e n c e b e tw e e n r a n g e p u r c h a s e w e ig h ts a n d m a r k e t s a l e w e i g h t w as u s e d i n t h e c a s e o f t h e o u t r i g h t p u r c h a s e r s . In t h e c a s e o f t h e c e n t r e c t f e e d e r s , t h e d i f f e r e n c e b e tw e e n r a n g e w e ig h ts a n d home w e i g h t s w as u s e d . n o red . Any s h r i n k a g e fro m r a n g e t o f e e d l o t h a s b e e n i g ­ I n t h e c a s e o f t h e c o n t r a c t f e e d e r s , f e e d l o t g a in s w e re u s e d . The g a i n p e r h e a d h a s b e e n f l u r e d o n a n a v e r a g e p e r lam b s o l d . D ays on F e e d .— T h is i s t h e a v e r a g e l e n g t h o f t h e f e e d i n g p e r i o d fo u n d b y m u l t i p l y i n g t h e num ber o f h e a d f e d b y t h e d a y s e a c h h e a d w as f e e d a n d d i v i d i n g t h e t o t a l f e e d e r d a y s by t h e num ber o f h e a d s o l d . I e o d C o s t . — T h is i n c l u d e s a l l p u r c h a s e d f e e d s a t c o s t , p l u s a l l fa rm f e e d s a t p r e v a i l i n g l o c a l p r i c e s . D e a th L o s s . — The n u m b er o f lam b s 1 s t i s d i v i d e d b y t h e i n i t i a l era 37 num ber o f l e a b e p l a c e d on f e e d t o j ;e t a p e r c e n t a g e d e a t h l o s s . D e a th L osb C o s t , — The v a lu e o f a n im a ls l o s t i s d i v i d e d b y t h e num ber o f a n im a ls s o l d t o g iv e a d e a th l o s s c o s t . flan L a b o r ,— O nly h i r e d l a b o r w as p u t doim a s a c o s t a s t h e r e t u r n s a r e b a s e d o n a l a b o r in co m e t o t h e f e e d e r r a t h e r t h a n a n e t r e t u r n f o r r i s k t a k i n g and m anagem ent. I n t o r o s t . — The i n t e r e s t a c t u a l l y p a i d o n f e e d e r l o a n s w as c h a r g e d . No c h a r g e w as m ade f o r i n t e r e s t on f e e d s , E qu lp m m it C o s t . — T h i s i n c l u d e s t h e u s e o f c o r r a l s , t r u c k s , t r a i l e r s , f e e d g r i n d e r s , a n d a l l o t h e r e q u ip m e n t u s e d I n c o n n e c tio n w i t h t h e f e e d i n g o p e ra tio n s . M s o e l l a n e o u s . — I n c l u d e s a l l m in o r e x p e n d i t u r e s w h ich c o u ld n o t b e in c lu d e d i n th e o th e r c o s t ite m s . S a l e P r i o e p e r E u n d re d w e lg & t.— T h is i s t h e n e t a v e r a g e s a l e p r i c e p e r h u n d r e d w e ig h t o f la m b s m a r k e te d a f t e r d e d u c ti n g a l l m a r k e tin g c o s t s . S h r in k a g e t o M a rk e t. — T h is I s b a s e d o n f i n a l m a rk e t w e i g h ts a n d homo f i l l e d w e i g h ts fro m w h ic h f o u r p e r c e n t s h r i n k a g e w as s u b t r a c t e d . A v e ra g o M a rk e tin g C o s ts p e r E u n d rs d w o lg h t . — T h ls i n c l u d e s f r e i g h t t o m a r k e t, y a r d a g e , c o m m is s io n s , a n d f e d c o s t t o m a r k e t. A c tu a l IteT fd n t o M a r k e t .— T h is I s t h e d i f f e r e n c e b e tw e e n t h e p u r c h a s e p r i c e p e r h u n d r e d w e ig h t a n d t h e s a l e p r i c e p e r h u n d r e d w e ig h t. N e c e s s a r y M a rg in fro m F e e d l c t t o M a r k e t .— T h is I s t h e m a rg in n e c e s ­ s a r y t o m e e t f e e d o o s t s p e r h e a d , c o s t o f lam b s p e r h e a d , o t h e r f e e d l t c o s t s a n d m a r k e ti n g c o s t s . F e e d C o s t P e r H u n d re d w e igi t o f G a i n .— T h is i s t h e f e e d c o s t d i v i d e d 38 b y th e t o t a l m ark e t g a in . O th e r F a e d l o t C o a ts p e r Itixndrodw eiglit o f G a in . — I n c l u d e s s u c h ite m s a s h i r e d l a b o r , i n t e r e s t , e q u ip m e n t u s e , a n d m i s c e l l a n e o u s c a s h e x p e n s e s . Iucom o fro m : ia n u re * - The num ber o f lam b s I n e a c h l o t m as d i v i d e d by t w e lv e t o g i v e t h e num ber o f o n e th o u s a n d pound e n i a l u n i t s . Kach a n im a l u n i t p ro d u c e d 3 3 .1 5 p o u n d s o f m anure p e r d a y w h i l e i n t h e f e e d l t . v a l u e p l a c e d on t h e m an u re w a s $ 3 .5 7 p e r t o n . The T h e se f i g u r e s w e re a r r i v e d a t fro m i n f o r m a t i o n s e l e c t e d fro m r e s u l t s o b t a i n e d on a g o v e rn m e n t i r r i ­ g a t i o n p r o j e c t i n w h ic h t h e sam e g e n e r a l r o t a t i o n s w ere u s e d a i d t h e same c r o p s g ro w n . 1 8 / ■let Incom e P e r F i n i s h e d L sm b.- T h is i s t h e am ount t h a t re m a in e d a f t e r f e e d c o s t s e n d o t h e r f e e d i e t c o s t s h a d b e e n s u b t r a c t e d fro m t h e r e ­ t u r n s p e r lam b f i n i s h e d a n d t h e v a l u e o f t h e m anure p ro d u c e d p e r lam b . R e tu r n P e r D o l l a r l e a d F e d . — T h is w as o b t a i n e d b y a d d in g t h e r e t u r n ab o v e a l l c o s t s t o t h e v a lu e o f t h e f e e d u se d end d i v id in g b y t h e v a lu e o f th e fe e d . D e s c r i p t i o n o f le e d s Used S h e l l e d C o r a .— The s h e l l e d c o m t h a t w as u s e d w as l o c a l l y grown y e l l o w c o m o f good g r a d e a n d w e l l m a tu r e d . C o m F o d d e r .— The f o d d e r t h a t w as u s e d w as o f h i g h q u a l i t y a i d w e l l c u re d . The e s t i m a t e d y i e l d o f t h i s c o r n w as a b o u t 40 b u s h e l s p e r a c r e s o t h a t t h e r e s u l t i n g c h o p p e d f o d d e r made e x c e lle n t feed . yhole P a r l e y . -—The b a r l e y u s e d m s o f t h e T r e b i v a r i e t y a n d w as 1 8 / H a r r i s , L io n e l, *T he V a lu e o f a Ton o f la r ta Ifa n u re i n t h e H o r t h P l a t t e V a l l e y " , I le b r a s k a E x p e rim e n t S t a t i o n , B u l l e t i n 3 1 8 , May, 1 9 5 8 . 39 grow n l o e a l l y u n d e r i r r i g a t i o n . '.-! o l e irrig a tio n . I t w e ig h e d a b o u t 48 pounde p e r b u s h e l . ) a t s « — The o a t s w as u n c le a n e d , a n d w as grow n l o c a l l y u n d e r I t w e ig h e d 40 p o u n d s p e r b u s h e l an d m e o f v e r y g o o d q u a l i t y , b e i n g b r i g h t an d v e r y plum p w i t h a minimum o f o h a f f . w hole M hoat. — The w h e a t u s e d m s a s o f t w h i t e s p r i n g w h e a t o f t h e F e d e r a t i o n v a r i e t y w e ig h in g a b o u t 60 p o u n d s p e r b u s h e l . D r ie d M o la s s e s B e e t P u l p . — I n m o st b e e t s u g a r f a c t o r i e s a l l o r a p o r t i o n o f t h e w t p u l p i s d r i e d w i t h c o a l o r w a s te s te a m . b e e t s w i l l p r o d u c e 96 p o u n d s o f p l a i n d r i e d p u l p . A to n o f su g ar I n th e p ro d u c tio n o f d r i e d m o la s s e s b e e t p u l p , 500 p o unds o f b e e t m o la s s e s a r e d r i e d w i t h 1 ,5 0 0 pounds o f d r ie d p u lp . T h is g i v e s a p p r o x i m a t e ly 1 ,6 0 0 p o u n d s o f d r i e d p u lp a n d 4 0 0 p o u n d s o f d r i e d m o la s s e s i n e a c h t o n o f t h e p r o d u c t . Boot l o l a s s o s . — " S t e f f e n s d i s c a r d * i s t h e m o la s s e s r e c o v e r e d fro m t h e S t e f f e n s p r o c e s s f o r p r e c i p i t a t i n g w i t h lim a a d d i t i o n a l s u ^ a r from t h e " fo re ig n * m o la s s e s . T h is m o la s s e s w i t h l e s s t h a n 20 p e r c e n t m o is t u r e i s c la s s e d a s a c a rb o h y d ra te c o n c e n tr a te . S i l o e d B e a t P u lp * — The w e t p u l p f e d h y t h e f e e d e r s w as s t o r e d a t t h e f a c t o r y a n d h a u le d d a i l y b y t r u c k t o t h e la m b s . The p u l p v a r i e d i n m o i s t u r e c o n t e n t a n d c o n t a i n e d much l o s e w a t e r to w a rd s t h e e n d o f t h e fe e d in g p e rio d . I n a n e x p e r im e n t a t C o lo ra d o 1 9 / t h e a v e r a g e p e r c e n ta g e o f d r y m a t t e r i n e i l o e d b e e t p u l p w as o b t a i n e d f o r t h e m o n th s o f S e p te m b e r t o May, i n c l u s i v e . T h e ir r e s u l t s ' 'flaynarA',' e r e a s f o llo w s * L ., and b s la n d ,' u . IC',' lip .' c itT -A Q At F a c to r* S e p te R b o r O c to b e r S o v w ab e r Deoerber Ja n u ary F eb ru ary March A p ril rsiy 3 .6 4 p e r 3 .9 4 " 9 .9 9 " 9 .9 2 " 1 0 .8 9 ” 1 2 .6 5 " 1 3 .3 0 * 1 5 .7 5 » 1 3 .5 4 " oent " " " " " " " * * A v e ra g e f o r 12 f a c t o r i e s o f C r o a t W e s te rn S u g a r Company i n C o lo r a d o , 1 9 3 0 . D r ie d B e e t T o p s .— I a i r l y good q u a l i t y d r i e d b e e t t o p e w e re f e d by some f e e d e r s . I n one e u e e , how v e r , some o f t h e lam b s s c o u r e d q u i t e b a d ­ l y d u e t o im p r o p e r ly c u r e d , a n d s l i g h t l y m oldy b e e t t o p s . I f to p s a re h a u le d a n d f e d I n d r y l o t s i t i s u s u a l l y a p o o r p r a c t i c e t o f e e d them th ro u g h p a n e ls . The lam b s may p u l l th em t h r o u g h , t r a m p l e , a n d w a s te th e m . I t i s b e t t e r t o e o a t t c r o u t on c l e a n s t r a w i n a n a d j a c e n t p e n J u e t w h a t t h e lem be w i l l c l e a n up e a c h d a y . A c c o r d in g t o f e e d i n g v a l u e u n d e r i d e a l c o n d i t i o n s , t o p e w o u ld b e w o r th fro m # .5 0 t o #1 p e r t o n o f b e e t s p ro d u ced . Tlie f e e d e r p u r c h a s i n g t o p s u s u a l l y m u st a l l o w f o r a s u b s t a n t i a l l o s s o f v a l u e d u e t o p o s s i b l e b a d w e a th e r c o n d i t i o n s , c o n s e q u e n t ly t o p s u s u a l l y s e l l f o r fro m # .2 0 t o 1 .6 0 p e r t o n o f b e e t s p r o d u c e d . C o tto n s e e d C ake. — T h ls f e e d w as o f t h e n u t s i z e a n d c a r r i e d a g u a r a n t e e d a n a l y s i s o f n o t l e s s t h a n 43 p e r c e n t p r o t e i n , 23 p e r c e n t n i t r o g e n - f r e e e x t r a c t a n d 6 p e r c e n t f a t a n d n o t m ore t h e n 12 p e r c e n t fib e r. A l f a l f a B a y .— TSay fro m t h r e e c u t t i n g s w as u s e d b y t h e f e e d e r s . some e a s e s r a t h e r c o a r s e and d i s c o l o r e d a l f a l f a w as f e d . In T he s e c o n d a n d 41 t h i r d c u t t i n g h a y w as good q u a l i t y , b r i g h t , a n d f r e e fro m d u e t a n d m o ld . Cl aan '.t t e r . — T hose f e e d e r s who f e d w e t b e e t p u lp d i d n o t f u r n i s h w a t e r s o a s t o in d u c e g r e a t e r c o n s u m p tio n o f t h e p u l p . The o t h e r f e e d e r s k e p t c le a n w a te r a v a ila b le a t a l l tim e s . S a l t . — M oat o f t h e f e e d e r s u s e d b l o c k a l t a n d seem ed t o p r e f e r i t s t a t i n g t h a t t h e r e w as l e s s d a n g e r o f o v e r - e a t i n g o f b l ok s a l t . H ow ever, s e v e r a l f e e d e r s u s e d c o a r s e g ro u n d s a l t t h r o u ^ i o u t t h e f e e d i n g p e r i o d . M i n e r a l s . — o m i n e r a l s o t h e r t h t n oom tsri s a l t w e re u s e d . I m p o rta n c e o f r o o d Q u a l i t y F e e d s The b a y u s e d s h o u ld n o t b e m o s tly o r b le a c h e d a s t h e lam bs w i l l n o t l i k e i t v e ry w a ll. in g v a lu e . Bay t h a t h a s b e e n b a d l y b le a c h e d i s a l s o lo w e r i n f e e d ­ One f e e d e r s t a t e d t h a t b e s t a r t e d f e e d i n g c o a r s e b le a c h e d a l f a l f a b u t changed o v e r t o eeoo d c u tt in g hay o f f i r s t c la s s q u a l i t y . Ke s t a t e d t h a t t h e r e was a d e f i n i t e c h a n g e i n t h e r a p i d i t y o f g a i n a n d t h e g e n e r a l a p p e a r a n c e o f h i s la m b s who t h e b e t t e r h a y w as f e d . I f g r a i n i s m o s tly o r s m u tty t h e lam b s w i l l n o t consum e a maximum am o u n t a n d w i l l n o t f a t t e n t h e way t h e y s h o u l d . p a l a t a b l e a n d o f good q u a l i t y . TIie f e e d s u s e d m u st b e When i n f e r i o r f e e d s a r e u s e d , la m b s w i l l p r o b a b l y e a t e n o u g h t o g ro w , b u t n o t e n o u g h a b o v e t h e m a in te n a n c e r a t i o n t o p u t on t h e d e s i r e d d e g r e e o f f i n i s h . C o s t o f G r in d in g a n d M ix in g M ost f e e d e r s c h a r g e d from | 2 t o $ 2 .5 0 p e r t o n t o ch o p l e y end c o r n fo d d e r. T h is c o s t w o u ld b e r e l a t i v e l y m ore i m p o r ta n t when a l f a l f a was c h e a p i n p r i c e t h a n w hen i t w as h i g h e r i n p r i c e . Many f a r m e r s s t a t e d t h a t 42 t h e y t h o u g h t i t w o u ld n o t p a y t o c h o p c h e a p h a y e s t h e c o s t w o u ld s o r e t h a n o f f s e t t h e b e n e f i t s d e r i v e d fro m s a v i n g s i n f e e d a n d p r o b a b l y f a s t e r g a in s . P a s tu rin g On t h e a v e r a g e I r r i g a t e d farm w h e re la m b s a r e f e d t h e r e I s u s u a l l y much w a s te f e e d , c o n s i s t i n g o f t h e a f t e r m a t h i n t h e h a r v e s t e d h ay a n d g r a i n f i e l d s a n d t h e w a s te g ro w th a l o n g t h e f e n c e s a n d d i t c h b a n k s . In th e re g io n i n w h ic h t h e s e f e e d e r s w e re l o c a t e d , s u g a r b e e t s w are grow n s o t h a t t h e r e w as a l a r g e q u a n t i t y o f b e e t t o p s on w h ic h t h e lam b s c o u ld f e e d . B e e t t o p s a r e c o n s i d e r e d a v e r y e x c e l l e n t f e e d f o r p u t t i n g on c h e a p g a in s . Tcm o f t h e f e e d e r s i n t h i s s t u d y p a s t u r e d t h e i r la m b s on b e e t t o p s . Due t o t h e f a c t t h a t p l a t f o r m s c a l e s w e re n o t a v a i l a b l e i n m o s t o a s e s , no a t t e m p t w as made t o w e ig h t h e ltm b s i n t o t h e d r y l o t from t h e p a s t u r e , t h u s t h e d a i l y , a i n w h i l e on p a s t u r e oen n o t b e f i g u r e d . B e e t t o p s w e re fo u n d v e r y s a t i s f a c t o r y i n m o st o a s e s a n d t h e d e a t h I s e e s w h i l e cn b e e t t o p p a s t u r e w e re v e r y lo w o n t h e a v e r a, o . T h e re a r e a p p r o x i m a t e ly 1 ,4 0 0 p o u n d s o f g r e e n t o p r e c o v e r e d f r e e each to n o f su g a r b e e ts p ro d u ce d . A bout 70 p e r c e n t o f t h e w e i g h t o f t h e b e e t I e r e p r e s e n t e d b y t h e g r e e n t o p s w h ic h a r e com posed o f a b o u t 2 5 p e r c e n t cro w n a n d 75 p e r c e n t g r e e n l e a v e s . They h a v e a n a v e r a g e m o is t u r e c o n t e n t o f a b o u t 85 p e r c e n t when f i r s t o u t . They a r e th ro w n i n t o w indow s when t h e b e e t s a r e to p p e d a n d fro m t h e n c n t h e i r m o is t u r e c o n t e n t e n d n u t r i t i v e v a l u e d e p e n d l a r g e l y on w e n t e r c o n d i t i o n s e n d m e th o d s u s e d i n h a n d l i n g th e m . 45 Bec a u s e o f t h e p o s s i b i l i t y f o r w id e v a r i a t i o n i n m o is t u r e c o n t e n t d u r i n g t h e f e e d i n g s e a s o n , t o p s a r e g e n e r a l l y c o n s id e r e d i n t e r m s o f t o p s p e r to n o f b e e ts p ro d u ce d . When p a s t u r e d w i t h l i t t l e o r n o v x ia te , t h e t o p s fro m 14 t o n e o f b e e t s w i l l f u r n i s h s u f f i c i e n t f e e d f o r 1 ,0 0 0 lam b s f o r one d a y . I f la m b s h a v e a c c e s s t o s t u b b l e la n d t h e t o p s fro m 7 t o n s o f b e e t s a n d 1 . 5 a c r e s o f a l f a l f a s t u b b l e a n d s m a ll g r a i n s t u b b l e s h o u ld c a r r y I , OCX) lam b s f o r o n e d a y . 2 0 / A l f a l f a s t u b b l e w as a l s o p a s t u r e d i n som e c a s e s . s a t i s f a c t o r y b u t r e q u i r e s m ore c a u t i o n b e c a u s e o f b l a t . A lfa lfa is q u ite S an e f e e d e r s s t a t e d t h a t t h e y h a v e known o f i n s t a n c e s w h e re a l a r g e num ber o f lam b s w e re l o s t i n j u s t a s h o r t tim e d u e t o b l o a t i n g . I t i s c o n s i d e r e d good p r a c t i c e t o f e e d t h e lam b s on a l f a l f a h a y f o r s e v e r a l h o u r s b e f o r e t u r n i n g th e m o u t cm a l f a l f a p a s t u r e . I n t h i s w ay t h e y a r e f i l l e d up s o t h a t t h e y d o n o t e a t s o m uch o f t h e s u c c u l e n t f o r a g e a n d , t h e r e f o r e , t h e r e i s l e s s danger o f b le a t. When t h e la m b s a r e f i r s t p u t o u t on t h e a l f a l f a p a s t u r e , t h e y s h o u ld n o t b e moved a r o u n d t o o much b u t s h o u ld b e m ade t o re m a in p r e t t y much i n m e s p o t u n t i l t h e y h a v e f i l l e d th e m s e lv e s a f t e r h io h th e y w i l l l i e down a n d s h o u ld r e m a in u n d i s t u r b e d . W e a th e r c o n d i t i o n s o n p a s t u r e a r e v e r y i m p o r t a n t . In w et ra in y s e a s o n s t h e lam b s p u t on s m a l l g a in s a n d p r a c t i c a l l y n o n e o f th e m f a t t e n . One f e e d e r t o l d me t h - t h i e la m b s l o s t w e i g h t d u r i n g a s to r m y p e r i o d l a s t f a l l w h i l e on p a s t u r e . T h is l o s s i n w e i g h t w h i l e o n p a s t u r e r e s u l t e d i n a much s m a l l e r r e t u r n f o r t h i s p a r t i c u l a r f e e d e r . k e p t o n p a s t u r e w hen t h e g ro u n d i s t o o w e t . 20/ Lembe s h o u ld n o t b e They s h o u ld a l s o b e rem oved h a y n a r d , E . J . , M o rto n , 0 . £ . , and i s l a n d , R . 3 .', Op'. c l t . 44 fro m t h e p a s t u r e a a so o n a s t h e y h a v e c le a n e d m o st o f t h e b e e t t o p s o r a l f a l f a b e c a u s e t h e y s i l l r u n a ro u n d a n d w i l l n o t La l n I n w e i g h t . The f e e d e r s t h a t I I n t e r v i e w e d a g r e e d v e r y d e f i n i t e l y t h a t b ig " h o r s e y ” l a a b a s h o u ld n o t b e a llo w e d t o go on p a s t u r e b e c a u s e t h e y w i l l n o t f a t t e n b u t w i l l c o n t i n u e t o g ro w , As a r e s u l t , t h i s t y p e o f lam b w i l l b e to o h eav y b y th e tim e h e hae " p u t on" a s u f f i c i e n t d e g re e o f f i n i s h t o m e r i t s h ip m e n t a n d w i l l * t h e r e f o r e , s e l l a t a d i s c o u n t . M ost o f t h e f e e d ­ e r s a g r e e d t h a t la m b s w e ig h in g e v e r 80 p o u n d s s h o u ld n o t b e p a s t u r e d b u t s h o u ld b e p u t I n t o t h e d r y l o t a n d f i n i s h e d a s q u i c k l y a s p o s s i b l e , F l n a n e l a l Summary o f L anb F e e d in g As c a n b e s o o n fro m t a b l e I I I , t h e r e I s q u i t e a l o t o f v a r i a t i o n i n n e t re tu rn to each fe e d e r. F e e d e rs I t o 7 , i n c l u s iv e , a r e c o n tr a c t f e e d ­ e r s and th e o th e r s e v e n e r e a i t r i g & t p u r c h a s e r s . The r e t u r n p e r f i n i s h e d lam b r a n , od fro m a lo w o f 84 c e n t s f o r f e e d ­ e r num ber 8 t o a h i g h o f 4 2 ,2 0 f o r f e e d e r n um ber 2 , g i v i n g a r a n t e o f 41 #56 bet-w ee t h e h i g h a n d lo w . T h is I s q u i t e a l a r g e d i f f e r e n c e a n d w i l l b e e x p l a i n e d l a t e r when t h e f a c t o r s a f f e c t i n g c o s t s a n d r e t u r n s a r e s t u d i e d . F e e d e r s I t o 6 , I n c l u s i v e , r e c e i v e d 9 c e n t s p e r pound o f g a i n a n d f e e d e r num ber 7 r e c e i v e d 7 c e n t s p e r p o u n d o f g a i n . The o t h e r s e v e n owned t h e i r la m b s a n d s o l d th em e i t h e r l o c a l l y o r a t o n e o f t h e tw o f o l l o w i n g m a r k e ts * S o u th S t . P a u l o r C h ic a g o , w e i g h t r a n g e d fro m 4 7 ,5 8 t o 4 6 ,5 6 . The a v e r a g e s a l e p r i c e p e r h u n d re d ­ The l e t t e r f e e d e r s o l d la m b s s a r l y l a s t f a l l a t a v e r y h ig h p r i c e a n d l a t e t h i s s p r i n g a t a h ig h p r i c e s o t h a t h i e a v e r a g e s e l l i n g p r i c e w as i n c r e a s e d . F e e d e r num ber 14 s o l d h i s lam b s 45 TABLE I I I . —FIHArfCIAL SUMMARY OF LAMB FEEDDfG OS FOURTEES HOMTMA FARMS, 1 9 5 8 -1 9 3 9 I F o o d e r num ber T " T T 4 Number o f lesnbs f i n i s h e d A v e ra g e I n i t i a l w e ig h t* A v e r s /e f i n a l e e l ^ i t G a in p e r lam b P u rch ase d a te P u ro h a e e p r i c e p e r c w t. S a l e p r i c e p e r c w t. M a rg in p e r c w t. S h r in k a g e t o m a r k e t A ve. m a r k e tin g c o s t s p e r c w t. 1585 6 8 .5 1 0 1 .4 7 3 2 .9 7 O c t. 17 - 1226 7 1 .1 1 0 6 .2 2 3 5 .1 2 O c t. 6 T o ta l c o s t s « Lambs F sed E q u ip m e n t u s e L abor (h ire d ) In te re s t M is c e lla n e o u s T o ta l 1 9 2 2 .4 7 1 0 0 .0 0 6 0 0 .0 0 — 2 6 2 2 .4 7 — 1 4 2 3 .0 5 2 0 0 .0 0 2 0 0 .0 0 1 8 2 3 .0 5 2 7 3 5 .6 0 1 9 7 0 .8 5 „ 2 0 9 4 .1 0 1 4 2 .2 5 1 0 9 .3 5 • 2 3 .0 5 2 3 6 8 .7 5 Incom e s Lambs a n d p e l t s M anure T o ta l 4 6 8 5 .0 6 5 5 3 .3 5 5 1 3 8 .4 0 3 7 8 9 .9 9 6 8 9 .0 1 4 4 7 9 .0 0 3 9 5 0 .9 1 5 4 9 .7 8 4 5 0 0 .6 9 3 8 1 0 .1 5 5 5 6 .9 2 4 3 6 7 .0 7 4 7 7 9 .9 0 6 1 4 .0 4 5 3 9 3 .9 4 N e t R e tu r n 2 6 1 6 .9 3 2 6 5 5 .9 6 1 7 6 7 .0 9 2 3 9 6 .2 2 3 0 2 5 .1 9 - 1299 7 5 .2 1 0 9 .7 6 3 4 .5 6 O c t. 12 - • - - - • - m ■■ 3 1 0 .0 0 1 7 0 .0 0 - - 1282 7 1 .1 4 1 0 5 .5 1 3 4 .3 7 O c t. 8 • 1 7 2 0 .8 5 1 5 0 .0 0 1 0 0 .0 0 - 1496 7 0 .5 1 0 7 .1 3 6 .6 O c t. 7 • - - C o sts p er f in is h e d Iambi Lemb c o s t Food 1 .2 4 Other f e e d l o t c o s t s .3 9 T o ta l c o s t p er f i n i s h e d lento 1 .6 3 1 .1 9 .3 3 1 .5 2 1 .7 7 .5 8 2 .1 5 1 .4 0 .2 0 1 .6 0 1 .4 5 Income p er f in is h e d Itxribi Lamb Manure T o ta l Income 2 .9 7 .3 5 3 .3 2 3 .1 6 .5 6 3 .7 2 3 .1 1 .4 2 3 .5 3 3 .0 9 .4 3 3 .5 2 3 .2 9 .4 1 3 .7 0 Labor income per f in is h e d lanto 1 .6 9 2 .2 0 1 .3 8 1 .9 2 2 .0 6 Return p er d o l l a r f e e d fe d 2 .3 6 2 .8 6 1 .7 8 2 .3 7 2 .4 2 - - - • Ol iH * T liis f i g u r e i n c lu ;‘c;, a l l l a : Vlc purches'o'ti. - 1 .6 4 46 TABLE I I I , s h e e t 2 P u rc h a s e p r i c e p e r c w t. S a le p r i c e p e r owfc. M argin p e r c a rt. S h rin k a g e t o m a rk e t A re . m a rk e tin g c o s t s p e r c w t. T o ta l c o s t s s Lambs F eed Equipment, u s e L ab o r ( h i r e d ) In te re s t M is c e lla n e o u s T o ta l T™ 10 1193 7 6 .4 0 1 0 9 .3 6 3 2 .8 5 O c t. 14 ■ 1447 7 8 .4 1 1 0 3 .1 1 2 4 .7 1 O c t. 25 «e • 1086 7 8 .1 4 1 0 4 .0 1 2 5 .8 7 Nov. 25 7 .0 3 7 .7 5 .7 2 4 .6 3 .9 4 1089 6 9 .2 6 9 9 .1 2 2 9 .8 6 O c t. 20 6 .8 5 7 .9 8 1 .1 3 5 .1 8 1 .0 3 1999 7 9 .9 6 1 0 2 .4 8 22 .5 2 O c t. 8 6 .7 8 8 .0 1 1 .2 3 6 .6 3 .8 6 - #» 1 1 8 3 .8 3 5 0 .8 0 5 4 1 6 .5 0 1 1 1 40.47 1 7 6 8 .6 3 3 1 8 3.33 1 3 2 .0 0 9 2 .6 8 2 8 9 .2 5 5 4 5 .0 0 1 7 3 .0 0 9 8 .7 9 7 6 6 5 .8 5 14973.80 8 6 1 2 .7 9 16421.72 7 4 9 .7 0 5 3 3 .3 5 9 1 6 6 .1 4 17171.42 S S S S i i 0 S S Ih a a b e r o f lem b s f i n i s h e d ATOrei- S i n i t i a l -m ltfit A v e rs o f i n a l w i ^ i t G a in p a r lam b P u rc h ase d a te § 7"" g 1 2 3 4.13 Income* Lembs and p e l t s Manure T o ta l 3 2 8 3 .4 7 5 2 1 .2 2 3 0 0 4 .6 9 2 3 8 8 .1 2 6 4 9 .7 8 2 9 3 7 .9 0 8 7 5 1 ,4 3 4 5 6 .9 6 9 2 0 8 .3 9 S e t R e tu rn 1 5 9 4 .2 4 1 7 0 3 .7 7 9 3 5 .9 9 1 5 0 0 .2 9 2197.62 .8 7 .0 4 .9 1 5 .4 9 1 .7 9 .3 7 7 .6 5 4 .7 4 1 .7 1 .4 7 6 .9 2 5 .4 2 1 .7 6 .5 6 7 .6 4 2 .8 9 .4 3 3 .3 2 1 .7 3 .5 8 2 .1 1 8 .0 7 .4 2 8 .4 9 7 .9 1 .5 1 8 .4 2 8 .2 1 .3 7 8 .5 8 L ab o r incom e p e r f i n i s h e d IanA 1 .3 3 1 .2 0 .8 4 1 .5 0 1 .0 4 R e tu rn p e r d o l l a r f e e d f e d 1 .7 7 2 .3 8 1 .4 7 1 .8 8 1 .5 9 C o s ts p e r f i n i s h e d lamb? Lm b c o s t 1 .7 2 F eed .2 7 O th e r f e e d l o t c o s t s T o t a l o o s t p e r f i n i s h e d lamb 1 .9 9 Incom e p e r f i n i s h e d I bhA i Lamb Manure T o ta l incom e - * ft. Is fig u r e in c l udes a i l lemus purclmsed. 8 8 8 8 5 2 2 1 0 .4 5 6 1 1 0.69 1 7 9 3 .4 0 8 6 .1 0 1 1 4 .2 5 1 0 8 .1 4 6 0 .8 2 8 2 7 2 .4 0 1 9 1 6 .7 0 1 4 4 .0 0 1 4 9 .7 5 47 T--BLE I I I , s h e e t 3 11 12 I 14 2406 7 2 ,6 93c8S 2 0 .9 6 O c t. 15 6 .2 6 8 .3 5 2 .0 9 4 .8 0 .8 7 818 A v o r g o f i n a l w e ig h t O iin p e r I n s h 0U r o h a s s d a t e P n r e h a s e p r i c e p e r <mt* S a le p r i c e p e r m at. S to rg in p e r o u t . S h r in k a g e t o m a r k e t Avo. m a r k e tin g c o s t s p e r msrfc. 920 6 8 ,0 4 9 6 ,3 2 2 6 ,2 8 O c t. 10 6 .9 2 7 .9 0 .9 9 5 .4 3 .9 3 970 8 1 .1 0 9 4 ,0 5 1 2 ,9 5 O c t. I S 6 .6 3 7 .5 8 .9 5 ** * T o ta l c o s ts s L en b s Feed E quipm ent, u s e Labor (h ir e d ) In te re s t M ie c e lla n e o u s T v ta l 452C.6C 1 1 1 6 5 .5 5 1 5 6 8 .1 2 3 0 5 1 .5 0 6 1 .0 0 1 5 0 .0 0 2 0 0 .0 0 4 0 0 .0 0 2 1 8 .0 0 — 6 3 3 9 .6 2 1 4 9 8 6 .0 5 4 1 1 6 .8 0 9 6 5 .8 0 5 0 8 2 .6 0 5 2 1 5 ,6 2 8 4 3 .0 8 6 0 5 8 .9 0 Iro o e a e t L eabs and p e l t s M anure T o ta l 6 9 5 7 .9 6 1 8 7 8 0 .2 ? 4 1 0 .6 5 9 2 4 .6 3 7 3 6 8 .5 1 1 9 7 0 4 .9 0 6 1 5 8 .6 0 3 7 8 .4 2 6 5 3 7 .0 2 6 9 1 4 .5 8 2 3 5 .6 2 7 1 5 0 .2 0 S e t R e tu r n 1 0 2 8 .8 9 4 7 1 9 .8 5 1 4 5 4 .4 2 1 0 9 1 .3 0 C o s t s p e r f i n i s h e d lam b s 4 .7 1 L a rh c o s t 1 .9 3 Feed O th e r f e e d i e t c o s t s .3 2 T o t a l c o s t p e r f i n i s h e d lam b 6 ,9 6 4 .5 1 1 .3 7 .3 5 6 .2 3 4 .9 6 1 .1 6 6 .1 2 5 .3 8 .0 7 Incom e p e r f i n i s h e d l a a b t Lamb M anure T o t a l incom e 7 .6 1 .4 6 8 .0 6 7 .8 1 .3 8 8 .1 9 7 .4 3 .4 6 7 .8 9 7 .1 3 .2 4 7 .3 7 L a b o r in co m e p e r f i n i s h e d lamb 1 .1 0 1 .9 6 1 .7 7 1 .1 2 R e tu r n p e r d o l l a r f e e d f e d 1 .6 7 2 .4 3 2 .6 3 2 .2 9 H m cber o f leuabs f i n i s h e d A v e ra g e i n i t i a l w o ig h t* * 7 2 ,7 8 9 6 ,4 6 2 3 .6 7 O ct. 20 6 .8 2 7 .7 0 .0 8 ** • T k is f i g u r e i n c l u d e s e l l l a n b s p u r c h a s e d . 6 .2 5 DOLLARS 4.00 RECEIPTS PER HEAD 3.5 0 3 .0 0 - 2 .50 - 200 - 1.5 0 - 1.00 - .5 0 — 2 3 4 1 CONTRACT FEEDERS 6 7 Il 10 8 OWNER FEEDERS F ig u r e ! . —A verage r e c e i p t s p e r lamb f i n i s h e d t o co v er f e e d , l a b o r , i n t e r e s t , e q u ip m e n t, and m is c e lla n e o u s c o s ts f o r f o u r te e n f e e d e r s i n M ontana, 1938-1939 - 49 - l o c a l l y b e f o r e th e y vrere e o f s p le te ly f i n i s h e d and a s a co n seq u en c e r e c e iv e d a lo w e r p r i c e . The p r i c e p a id p e r h u n d re d w e ig h t f o r f e e d e r lembe l a s t f a l l ra n g e d from .0 .2 6 t o # 7 .0 3 w ith a n a v e r a g e o f a p p r o x im a te ly # 6 .6 3 f o r t h e seven f e e d e r s p u r c h a s in g t h e i r own la m b s. The h ig h f i g u r e o f $ 7 .0 3 can b e ex­ p la in e d by t h e f a c t t h a t t h e s e la m ia w ere b o u g h t a t a r a t h e r l a t e d a te when f e e d e r s had become q u i t e s c a r c e . The s h r in k a g e t o m a rk e t d id n o t v a r y v e ry much i n m o st o a s e s . I t w e s t f i g u r e w as -5.63 p e r c e n t an d th e h ig h e s t was 5 .6 3 . The T h is d i f f e r e n c e was d ue in l a r g e p a r t t o m ore a d v e r s e w e a th e r c o n d i t i o n s , when t h e lam bs w ere s h ip p e d , on t h e p a r t o f t h e h ig h s h r i n k g ro u p . A verage m a rk e tin g c o s t s p e r h u n d re d w e ig h t v a r i e d f r m 86 c e n t s t o $ 1 .0 3 , d e p e n d in g upon t h e m a rk e t t o w hich t h e lam bs w ere s h ip p e d . E ig h ty - s i x c e n ts r e p r e s e n t s th e a v e ra g e m a rk e tin g c o s t t o S o u th S t . P a u l and S I . 03 r e p r e s e n t e th e c o s t s t o C h icag o . The d i f f e r e n c e i s due t o t h e a d d itio n a l f r e ig h t c h a rg e . T h ere I e a w id e d i f f e r e n c e i n f e e d c o s t s p e r h ead f i n i s h e d . f e e d c o s t s v a r i e d from a low o f 87 c e n t s t o a h ig h o f $ 1 .9 3 . d i f f e r e n c e s w i l l be e x p la in e d l a t e r i n t h e d i s c u s s i o n . The These F a c to rs su ch a s t h e k in d o f r a t i o n f e d , t h e am ount o f fe e d r e q u i r e d p e r h u n d red w eig h t o f g a in , t h e am ount o f f e e d p u rc h a s e d and t h e am ount o f cheap f e e d s u sed a r e a l l c o n s id e r a tlo n e w h ich w i l l be gone i a t o . The o t h e r f e e d l t c o s t s a l s o v a r ie d q u i t e a l o t d u e t o d i f f e r e n c e s I n am ounts s p e n t f o r h i r e d l a b o r . As o n ly am ounts a c t u a l l y s p e n t f o r la b o r w ere in c lu d e d a s l a b o r c o s t s , t h i s e l n e n e c e s s a r i l y makes f o r a l a r g e ■ 6 0 «• d i f f e r e n c e b e c a u s e some f e e d e r s d i d n o t h i r e a n y I a W r a t a l l , some f e e d ­ e r s d i d n o t h a v e a n y c o r r a l c o s t s b e c a u s e t h e y w e re on a r e n t e d f a r o . I n t e r e s t c h a r g e s w e re n o t b r o u g h t i n i n some e a s e s b e c a u s e o n l y a c t u a l c a s h e x p e n d i t u r e s f o r i n t e r e s t p a i d on b o rro w e d money w a s I n c l u d e d , T he i n OWTC f o r Inzab a n d p e l t s i n c l u d e s a l l incom e f o r l e a b s s o l d o r p e l t s s o l d p l u s Incom e fro m lam b s b u t c h e r e d a n d consum ed o n t h e fa rm . T he c o n t r a c t f e e d e r s w e re p a i d f o r t h e n e t p o u n d s o f t a i n and t h e y w ere a l s o c r e d i t e d f o r a n y lam b s b u t c h e r e d e n d consum ed o n t h e f a r m . The n e t r e t u r n p e r d o l l a r f e e d f e d v a r i e d fro m a lo w o f # 1 .4 7 t o a h i g h o f # 2 .8 5 . I h i s d i f f e r e n c e c a n b e e x p l a i n e d by t h e t y p e o f r a t i o n u s e d and th e k in d s o f fe e d u se d . A r a t i o n m ade up l a r g e l y o f home grow n f e e d s i n t h i s p a r t i c u l a r s t u d y p r o v e d t o b e m ore e c o n o m ic a l b e c a u s e t h e home grow n f e e d s ? ;e re m uch c h e a p e r t h e . t h e c o m m e rc ia l f e e d s i n m o s t I n s t a n c e s . The p r i c e r e c e i v e d f o r t h e f i n i s h e d lam b s a l s o h a s much t o d o w i t h t h e n e t r e tu r n p er d o lla r fee d f e d . am o u n t h a d a lo w m a r g in . I n t h i s s t u d y , t h e f e e d e r w i t h t h e lo w e s t On t h e w h o le , t h e c o n t r a c t f e e d e r s m ade a v e r y good r e t u r n p e r d o l l a r o f f e e d f e d d u e p r i m a r i l y t o t h e i r le w c o s t o f f e e d . Summary o f W e ig h ts , G u in s , and V ced C o n su m p tio n P e r Head o f Lamb P l n i sl e d T a b le IV show s t h a t t h e r e was q u i t e a d i f f e r e n c e i n t h e num ber o f lam b s f e d i n a fe w c a s e s . I w e s t. F e e d e r I S s t a r t e d w i t h 8 SO la m b s a n d w as t h e F e e d e r num ber 12 s t a r t e d w i t h 2 , 4 5 6 . W ith t h e e x c e p t i o n o f f e e d e r n um ber 10 who f e d 2 ,0 5 3 en d f e e d e r num ber I who f e d 1 ,6 0 4 , t h e r e w as n o t much d i f f e r e n c e i n t h e n u m b ers f e d . T he v ie ig h ts o f t h e lam bs f o r t h e d i f f e r e n t f e e d e r s r a n g e d fro m a lo w TABLE I V .— SUUMBY OF WEIGHTS, GAIMS, AND FEED CONSUMPTION PER HEAD OF IAMBS FED OHa FOUHTL cS ItiSYftNAz FARMS, 1 9 5 8 - » 3 9 T T I n i t i a l num ber o f leunbs F i n a l num ber o f lam bs D eath l o s s D eath p e r c e n t 1604 1586 19 1 .2 ” 1238 1226 12 1 .0 F e e d e r number T T T 1311 1299 12 .9 1303 1282 21 1 .6 -------5------- 1614 1496 18 1 .2 1228 1198 30 2 .4 7 1 .1 1 0 6 .2 2 3 5 .1 2 .2 9 7 6 .2 1 0 9 .7 6 3 4 .5 6 .3 3 7 1 .1 4 105 .5 1 3 4 .3 7 .3 1 7 0 .5 1 0 7 .1 3 6 .6 .3 6 7 6 .4 1 0 9.36 3 2 .0 6 .3 1 L en g th o f f e e d in g p e r io d L en g th i n t h e f e e d l o t 103 71 120 84 106 86 111 08 102 04 107 87 M c le s E e e • 25 .3 3 .2 9 .2 5 .3 4 1 5 .7 0 1 1 .6 8 .7 1 .2 2 .2 8 1 5 .1 6 8 .0 8 1 .1 3 .1 7 .2 3 .2 7 1 4 .4 1 4 .2 .7 1 .2 2 .2 9 1 5 .3 8 1 4 .2 .9 5 • 15 .3 8 .2 2 .3 0 .19 1 6 .2 7 7 .0 8 .7 7 4 .1 5 .9 9 1 .1 8 S Wet p u lp B eet to p s * A lfa lfa Corn fo d d e r Bean s tr a w S c re e n in g ( c r e s t e d w h eat g r a s s ) .1 6 .2 9 1 4 .0 0 1 1 .2 0 .4 3 .0 6 .0 5 77 77 g A verage d a i l y f e e d : O ats D .M .B.P. B a rle y Wheat S h e lle d c o rn C o tto n s e e d cak e 78.41 103.11 24 .7 1 CM 6 8 .5 1 0 1 .4 7 3 2 .9 7 .3 2 1469 1447 22 1 .5 to A verage i n i t i a l w e ig h t A verage f i n a l w e ig h t G ain p e r lamb A v erafcB d a i l y g a in T *' T'ke f i g u r e f o r th e a v e ra g e d a i l y o o a s u n p tia s o f cot" to p s i s f i g u r e d on th e b a s is o f d ay s on p a s t u r e o n ly . The co n su m p tio n o f o t h e r fe e d s i s f i g u r e d on t h e b a s i s o f d ay s i n th e d r y fe e d l o t . TABLE IV, e h e et 2 T I n i t i a l num ber o f lam bs F in a l num ber o f lembe D eath l o s s D eath p e r c e n t A verage I n i t i a l w e ig h t A verage f i n a l i e e l ^ i t G ain p e r Ismb A verage d a i l y g a in L ength o f f e e d i n g p e r io d L e n g th i n t h e f e e d ! a t i l l s 1086 27 2 .4 7 8 .1 4 1 0 4 ,0 1 2 6 .8 7 .3 0 85 86 " 1115 1089 24 2 .2 6 9 .2 6 9 9 .1 2 2 9 .8 6 .2 9 ID f e e d e r number 11 1:.’ 2063 1999 54 2 .6 960 920 40 4 .2 2466 2406 61 2 .1 7 9 ,9 6 1 0 2 .4 8 2 2 .6 2 .2 3 100 76 105 103 • A verage d a i l y feed # .6 1 O ats .4 3 D .M .B .P. B a rle y .6 8 Wheat S h e lle d c o m C o tto n s e e d cak e .0 4 M o lasses 1 .0 8 Wet p u lp B e e t tc p u * .8 2 A lfa lfa .5 2 Corn fo d d e r Bean s tr a w S o re e n in g ( c r e s t e d w h e a t g r a s s ) T .7 0 .4 7 3 .7 3 1 .4 8 .7 1 1 .2 0 .0 9 .0 5 .0 2 3 .0 4 6 .2 .8 6 .1 1 6 8 .0 4 9 6 .3 2 2 8 .2 8 .2 2 126 90 1 .0 7 1 .1 2 6 .0 7 1 .1 7 13 7 2 .6 9 3 .5 6 2 0 .9 6 .2 0 107 78 1I T " 830 818 12 1 .5 970 9970 * 72 .7 8 9 6 .4 6 2 3 .6 7 .2 6 81 .1 0 9 4 .0 6 12.95 .2 6 94 94 49 49 .3 2 .4 6 ,2 9 .7 0 .3 8 .3 3 1 .9 2 4 .7 6 1 .7 1 .7 4 .8 0 .1 2 1 .4 5 1 .5 0 .T l .9 3 * TI-o f i g u r e f o r th e BVorage d a i l y c o a e u n p tio n o f b e e t to p 's ia f : , ".a-od on ti e b a s i s o f d ay s on p a s tu r e o n ly . The co n su m p tio n o f o th e r fe e d s I s f ig u r e d on t h e b a s i s o f d a y s i n th e d ry f e e d l o t . F ig u r e 2 , —A verage d a i l y g a in per lamb f i n i s h e d fo r f o u r t e e n f e e d e r s i n M ontana, 1938-1939 64 o f 68*04 pounds p e r h ead t o a h ig h o f 81*10 pounds e t t h e s t a r t . Most o f th e lam bs on t h e d i f f e r e n t fa rm s w eig h ed o v e r 70 pounds on t h e av era g e* The lam bs t h a t oame i n th e f e e d l o t s a t a f a i r l y h ig h w e ig h t w e re i n scene o a s e s p u rc h a s e d l a t e an d I n o th e r o a s e s , th e lam bs had b e e n k e p t on e x ­ c e p t i o n a l l y good ra n g e d u r in g t h e l a s t few weeks b e f o r e t h e f e e d e r s b o u g h t them so t h a t th e y w ore i n b e t t e r c o n d i tio n th a n th e l i g h t e r lambs* The lam bs o a ie i n a t a h e a v i e r w e ig h t t h i s y e a r th a n th e y have f o r s e v e r a l y e a r s due t o th e b e t t e r c o n d i tio n o f t h e r a n g e s . T h is r e s u l t e d i n b ig g e r and g ro w th ie r la m b s, some o f w hich w ere r e a l l y u n d e s ir a b l e fro m a f e e d e r s ta n d p o in t. A p p ro x im a te ly t h e same d i f f e r e n c e in w e ig h t e x i s t e d b e tw e e n th e d i f f e r e n t l o t s when t h e lam bs w ere w eig h ed o u t and s o ld a s when th e y w ent i n t o th e v a r io u s l o t s . The c o n t r a c t lam bs w eig h ed more on t h e a v e ra g e due t o t h e f a c t t h a t th e y d id n o t s u f f e r t h e s h r i n k t h a t th e owner f e d lam bs d id a s home w e ig h ts m inus 4 p e r c e n t s h r in k w ere u se d i n t h e o n es o f c o n t r a c t f e d lam bs w h ereas m a rk e t w e ig h ts w ere ta k e n a s f i n a l f o r th e o th e rs . The c o n t r a c t lam bs w ere a l s o b i g g e r leenbs when th e y oame i n t o t h e f e e d l o t a a n d th e y p u t on more g a in . The a v e ra g e f i n a l w e it h t e ra n g e d from n I w o f 93*56 f o r f e e d e r 12, t o a h ig h o f 1 0 9 .7 6 f o r f e e d e r 3* The a v e ra g e g a in p e r lam b was f i g u r e d on th e b a s i s o f t h e number o f lam bs f i n i s h e d i n a l l o a s e s . The c o n t r a c t f e e d e r s made t h e h i $ i e s t t o t a l r a i n s i n a l l o a s e s w ith th e e x c e p tio n o f f e e d e r 7 who had a lo w er g a in t h a n t h r e e o f t h e ow ner f e e d e r s . The r e s u l t s o b ta in e d b y th e con­ t r a c t f e e d e r s and o t h e r lam bs s o ld l o c a l I y s h o u ld be a d j u s t e d b y th e ex ­ t e n t o f t h e s h r i n k t o m a rk e t i n o r d e r t o h av e a b s o lu t e ly co m p arab le f i g u r e s . 56 The r e s u l t s o b ta in e d by t h e c o n t r a c t f e e d e r s w i l l be a d j u s t e d l a t e r I n t h e d is c u s s io n # F e e d e r 14 f e d o n ly 49 d a y s an d had t h e lo w e s t g a in w ith 1 2 ,9 5 pounds p e r lamb and f e e d e r 6 had t h e h ig h e s t t o t a l g a in p e r lamb w ith 3 6 ,6 pounds# The a v e ra g e d a i l y ^ a in p e r lamb f i n i s h e d ra n g e d f r o Ta a lo w o f .2 0 pound p e r d ay f o r f e e d e r 12 t o a h ig h o f .3 6 pound p e r day f o r f e e d e r 5 . The c o n t r a c t f e e d e r s a s a w hole had t h e h ig h e s t a v e ra g e d a l l y g a in b u t th is f i g u r e w ould b e lo w e re d somewhat i f s h r in k a g e t o m a rk e t w ore sub­ tra c te d . H owever, f e e d e r s 13 an d 14 s o l d t h e i r lambs l o c a l l y a n d s t i l l showed a lo w e r d a l l y g a in th a n d id t h e f i r s t sev en f e e d e r s . The s h o r t e s t le n g th o f fe e d in g p e r io d was 49 d ay s f o r f e e d e r 14 and t h e lo n g e s t f e e d in g p e r io d was 126 d a y s . An a v e ra g e t o t a l le n g th o f f e e d in g p e r io d h a s b een w orked o u t and an a v e ra g e le n g th o f p e r io d i n t h e d r y l o t and th e p a s t u r e . in The d i f f e r e n c e lietw een th e t o t a l le n g t h o f f e e d - p e r io d an d t h e number o f d a y s g iv e s t h e a v e ra g e le n g th o f tim e on p a s tu re . F our o f th e f o u r te e n f e e d e r s d id n o t p a s tu r e t h e i r lem be a t a l l . The a v e ra g e t o t a l le n g th o f f e e d in g p e r io d f o r t h e s e v e n c o n t r a c t f e e d e r s w as 1 0 2 .8 6 d ay s a s com pared w ith 9 7 .1 3 d a y s f o r th e owner f e e d e r s . a v e ra g e le n g th o f f e e d in g p e r io d f o r a l l f e e d e r s was 1 0 0 .0 3 d a y s . The Thle h a s b een shown g r a p h i c a l l y i n f ig u r e 3 . The a v e r a g e d a i l y fo o d consumed p e r h ead was c a l c u l a t e d f o r e a c h s e p a ra te fe e d e r. I n c a l c u l a t i n g th e am ount o f b e e t to p s consum ed p e r d ay p e r h e a d , t h e t o t a l num ber o f t o n s o f b e e t to p e t o w h ich t h e lam bs had a c c e s s t o w ere m u l t i p l i e d by 60 p e r c e n t b e c a u se i t was e s ti m a t e d t h a t o n ly 50 p e r c e n t o f th e to p s w ere u t i l i s e d . The amount o f b e e t to p s POUNDS OF GAI F ig u r e 3 . —A verage le n g t h o f f e e d in g p e r io d and a v e ra g e t o t a l g a in p e r lam b f i n i s h e d f o r f o u r te e n f e e d e r s in M ontana, 1938-1939 - 57 * consumed p e r h ead i s b a s e d on a p e r d a y co n su m p tio n w h ile b e in g p a s tu r e d i n e v e ry c a s e e x c e p t w here th e to p s w ere f e d i n th e d ry l o t and th e lam bs w ere n o t p a s tu r e d * The d a l l y co n su m p tio n o f t h e o th e r f e e d s h as been b a se d on t h e co n su m p tio n p e r d ay w h ile i n t h e d r y l e t . The co n su m p tio n o f w et b e e t p u lp f o r t h e f i r s t s i x f e e d e r s i s q u i t e h ig h b u t t h i s can b e e x p la in e d i n l a r g e p a r t b y t h e f a c t t h a t th e s e lam bs d id n o t have a c c e s s t o v e ry much c o n c e n t r a t e s . A ls o , t h e s e lam bs r e c e iv e d no w a te r a s i t was f e l t t h a t th e y w ould g e t enough w a te r fro m t h e w et p u lp . The co n su m p tio n o f b e e t to p s a p p e a r s r a t h e r h ig h i n some o a se s and p ro b a b ly I s a s t h e e s ti m a t io n o f t h e p e r c e n ta g e o f co n su m p tio n may be a little h ig h . The am ount o f a l f a l f a consumed v a r ie d t o q u i t e an e x t e n t w ith t h e ty p e o f o th e r f e e d s used* When w et p u lp was f e d , t h e a l f a l f a consum ption was f a i r l y low a s was t h e c a s e when c o rn f o d d e r was f e d . The f e e d e r s i n m o st e a s e s a tte m p te d t o u se a s much o f t h e i r home grown f e e d s a s p o s s i b l e b e c a u se o f t h e i r r e l a t i v e l y low p r i c e com pared t o com m ercial fe e d s. T o ta l F eed Consumed and A o u n t Consumed P e r Hundre d w e it Kt o f1 C ain I n t a b l e V th e t o t a l am ount o f f e e d consumed f o r e a c h l o t o f lam bs i s g iv e n . T here i s q u i t e a w ide d i f f e r e n c e In t h e t o t a l am ount o f eaoh k in d o f f e e d made u se o f by t h e v a r io u s f e e d e r s . F e e d e rs I t o 6 , i n c l u s i v e , u sed a l a r g e amount o f w et p u lp so t h a t n o t much o t h e r f e e d was consum ed. T hese s i x f e e d e r s u s e d more c o tto n s e e d cake th a n t h e o t h e r s b e c a u se a h ig h p r o t e i n f e e d was n e c e s s a r y t o b a la n c e th e r a t i o n a s t h e w et p u lp i s v e ry le w in p r o t e i n . S e v e ra l o f t h e o th e r f e e d e r s f e d some w et p u lp —m ost o f TABLE V . — TOTAL FEED C d l SUEED PEE FARM M D AMOUST CORSUMED PER HUHDaELHEIQiT OF GAIH FOR LAMll- FED Ofi F JURTEEK MUKTAlA FAB: 5 , 1 9 5 8 -1 9 3 9 I F T X 5 8 T o ta l fe e d s used* (p o u n d s) 2 8 ,8 7 5 3 4 ,0 0 0 O ats D. i.B .P . 6 ,7 2 0 5 2 ,4 9 6 3 6 ,3 8 4 2 2 ,0 2 5 B a rle y Wheat 6 ,0 0 0 S h e lle d c o m 2 5 ,0 0 0 2 8 ,0 0 0 1 6 ,1 0 0 2 5 ,4 0 0 2 7 ,900 C o tto n se e d oako 3 1 ,5 0 0 3 1 ,1 4 0 3 7 ,7 6 0 2 9 ,7 1 0 2 9 ,9 1 0 3 7 ,0 9 0 1 9 ,8 1 0 M o lasses 1 ,7 2 2 ,3 7 0 1 ,4 4 3 ,3 6 0 1 ,6 9 6 ,1 4 0 1 ,6 2 5 ,0 0 0 1 ,9 3 7 ,3 6 0 1 ,5 9 2 ,9 6 0 Wet p u lp 4 2 0 ,0 0 0 6 4 0 ,0 0 0 1 ,1 8 8 ,0 0 0 9 9 0 ,000 7 7 0 ,000 5 95,000 B eet to p s 1 2 6 ,0 0 0 8 0 ,0 0 0 4 4 ,0 0 0 8 0 ,0 0 0 1 2 0 ,0 0 0 8 0 ,0 0 0 A lfa lfa 6 0 ,0 0 0 Com fo d d e r Bean s tr a w SoroenLngs 3 ,0 0 0 3 ,0 0 0 3 ,5 0 0 3 ,4 0 0 3 ,8 0 0 2 ,0 0 0 S a lt Bone n c a l F eed consiaaed p e r ewt* g a in (p o u n d s) O ats D .M .B .F. 6 2 .3 5 B a rle y Wheat S h e lle d c o rn 5 3 .7 5 3 8 .7 2 C o tto n s e e d oeke 7 3 .1 0 7 0 .1 8 M o lasses 3 ,3 7 5 .5 3 ,3 8 8 .0 Ttet p u lp 1 ,1 3 2 .9 6 1 ,1 5 3 .6 0 B e e t to p s 1 5 2 .6 5 1 0 4 .0 6 A lfa lfa Com fo d d e r 1 4 0 .3 6 Bean s tr a w S c re e n in g s - 5 2 .4 4 8 0 .8 5 5 3 .9 0 6 8 .6 0 3 ,7 1 4 .2 0 4 6 8 .6 4 2 7 6 .8 5 1 5 .3 0 1 2 .7 5 3 8 .7 6 5 6 .6 5 6 8 .8 5 3 ,6 7 2 .0 9 6 5 .6 1 8 1 .0 5 5 0 .1 6 6 6 .1 2 3 ,5 0 6 .6 4 71 0 .0 2 1 6 .6 0 8 6 .4 6 7 1 6 ,550 4 2 ,0 0 0 24,600 4 6 2 ,4 7 0 1 1 0 ,0 0 0 131,600 QQ 1,700 4 6 .8 8 118.75 6 8 .7 5 7 8 .6 0 4 9 .7 8 4 ,0 0 0 .7 4 4 3 1 .8 8 2 0 1 .7 4 1 ,2 9 6 .8 8 309,38 3 6 8.75 I TABLB V , s h e e t 2 9 T o ta l fe e d s u s e d i (p o u n d s) O ats D .’-.B .P . B a rle y Tlhoat S h e lle d c o m C o tto n s e e d cake M o lasses Wet p u lp B e e t to p s A lfa lfa Corn f o d d e r Bean s tr a w S c re e n in g s S a lt Bone m eal 5 6 ,1 4 0 4 0 ,0 0 0 2 6 ,8 4 0 7 8 ,3 0 0 5 2 ,2 0 0 Itii 1 0 7 ,7 6 0 1 8 1 ,8 0 0 li' 1 8 3 ,2 2 0 9 2 ,0 0 0 6 3 ,1 6 0 4 ,0 0 0 1 0 0 ,0 0 0 7 5 ,6 4 0 4 8 ,0 0 0 4 1 8 ,0 0 0 1 6 6 ,3 2 0 1 3 ,9 3 0 8 ,0 0 0 3 ,2 9 0 4 6 2 ,8 2 5 5 0 0 ,0 0 0 1 3 0 ,0 0 0 2 2 ,4 0 0 4 0 0 ,0 0 0 9 6 ,0 0 0 IT T5 6 0 ,0 0 0 6 4 ,0 0 0 2 2 ,4 1 3 6 4 ,0 0 0 7 2 ,000 25,522 3 6 0 ,0 0 0 5 1 9 ,000 3 2 0 ,0 0 0 1 3 8 ,000 6 1 ,3 6 0 1 1 ,452 " IT 6 8 ,9 3 6 75 7 1 ,295 8 0 ,0 0 0 4 4 ,3 0 0 2 ,0 0 0 500 1 ,0 0 0 F eed consum ed p e r e w t. g a in (p o u n d s) 2 0 5 ,1 3 8 2 .5 6 O ats 2 4 0 .8 0 1 4 3 .1 9 D .'N B .P , 1 6 1 .6 8 B a rle y 1 9 3 .1 4 W heat S h e lle d c o rn C o tto n s e e d cak e 1 3 .3 2 M o lasses 3 5 9 ,6 4 Wet p u lp 1 ,2 0 3 .1 2 B oot to p s 6 0 9 .1 2 2 7 3 .0 6 A lfa lfa 1 7 3 .1 6 2 4 4 .2 4 C om fo d d e r Bean s tr a w S c re e n in g s 2 ,0 0 0 400 2 ,0 0 0 I I I 235 .0 1 3 9 7 .2 0 2 9 .7 9 1 6 .5 6 6 .0 2 0 0 6 .2 4 5 4 0 .3 0 2 8 4 .6 6 3 6 .4 1 346 .6 1 3 6 1 .7 6 8 0 6 .2 4 377 .9 1 1 1 6 .8 0 1 6 4 .25 1 1 6.00 2 8 0 .0 0 1 3 8 .7 0 1 5 2 .0 4 8 .0 7 0 0 .8 0 6 4 2 .6 0 624.18 2 7 0 .1 0 3 2 0 ,0 5 5 8 .2 5 5 7 7.50 3 5 8 ,OS 60 t h e s e f e d o n ly t h a t am ount id iic h w as a l l o t t e d t o them a c c o r d in g t o th e num ber o f to n e o f b e e t s t h a t th e y s o l d . Some o f t h e owner f e e d e r s t r i e d t o u s e a s a u a h o f t r e i r home g ro n n fe e d s a s p o s s i b l e . Met nuoh d i f f e r e n c e was found t o e x i s t i n t h e am ounts o f th e d i f f e r e n t f e e d s consumed p e r h u n d re d w e ig h t o f g a l a i n t h e c a s e o f th e f i r s t s ix fe e d e rs . The am ount o f w et p u lp c o n s u m e d p e r h u n d red w eig h t o f g a in i s j u s t a b o u t th e seme i n e v e r y c a se * The am ounts o f c o tto n s e e d c a k e , Tnolasnes4 an d g r a i n a l s o r u n much t h e same f o r t h i s group o f f e e d e r s . T h e re i s , h o w ev er, somewhat more d i f f e r e n c e i n t h e m o u n ts o f g r a i n e o n aim ed . Some o f th e d i f f e r e n c e s i n fe e d co n su m p tio n i n t h i s g ro u p o f f e e d ­ e r s i s due t o d i f f e r e n c e s i n le n g th o f tim e id iic h th e lam bs w ere p a s tu r e d . W ider d i f f e r e n c e s w e re fo u n d e x i s t i n g among t h e l a s t e i g h t f e e d e r s . I n t h i s group m ore v a r i a t i o n e x i s t s a s t o t h e k in d s o f f e e d s u s e d i n th e ra tio n * Some f e d l a r g e q u a n t i t i e s o f d r i e d m o la s se s b e e t p u lp , an d o t h e r s d id n o t f e e d m uch. Some d r i e d m o la s s e s b e e t p u lp was u s e d i n a l l th e r a t i o n s o f f e e d e r s 7 t o 1 5 , i n c l u s i v e , b u t none wne u se d by f e e d e r 1 4 . a l l cases In h e r e t h e d r i e d m o la s se s b e e t p u lp wee u s e d , th e lacdas w ere s e l f - fe d a t l e a s t p a r t o f th e t i n e . The p u rp o se o f t h e p u lp i n many o f t h e s e c a s e s w as t o l i g h t e n t h e f e e d I n o r d e r t o a v o id th e d a n g e r o f o v e r - e a t i n g . The p u lp i s a l s o an e x c e l l e n t c o n d i t i o n e r an d w as w e ll l i k e d by a l l fe e d ­ e rs. I t h e lp s p u t o u t a v e r y d e s i r a b l e ty p e o f lamb w ith a v e r y n ic e lc o k in g o& ronss. The f a t on p u lp - f e d lam bs i s w h ite i n c o l o r and I s v e r y d e s i r a b l e from a s e l l i n g s t a n d p o i n t . H ie am ounts o f g r a in u s e d v a r ie d t o q u i t e a n e x t e n t w ith t h e k in d told w ith t h e am ount o f d r i e d m o la s se s b e e t p u lp f e d . More w h e a t w as u se d 61 t h i s ya& r d ue t o I t s lew p r i c e . The w h e a t was q u i t e s a t i s f a c t o r y b u t o a t s wee p r e f e r r e d l a m ost o a s e s due i n I a r %e p a r t t o t h e f a c t t h a t I t i s a s a f e r fe e d t o u s e . Ground c o rn f o d d e r was u se d I n s e v e r a l o a s e s and m s fo u n d t o b e v e ry s a t i s f a c t o r y , p a r t i c u l a r l y w h ere s e l f - f e e d i n g I s p r a c t i c e d . It I s t h e i n v e s t i g a t o r * s b e l i e f t h a t more c o rn f o d d e r w i l l b e f e d i n t h e f u t u r e , p a r t i c u l a r l y i n t h e B i l l i n g s a r e a w h ere h ig h q u a l i t y c o m can be p ro d u c e d . The d i f f e r e n c e I n a l f a l f a consumed p e r h u n d re d w e ig h t o f g a in can b e e x p la in e d i n l a r g e p e r t b y t h e ty p e o f lam be t h e f e e d e r s p u rc h a s e d and t h e way i n w h ic h th e y h a n d le d t h e n . I n t h e e a s e o f f e e d e r 1 2 , t h e h eav y en d o f t h e lam bs was o u t o u t end s e l f - f e d q u i t e h e a v i l y on c o n c e n tr a te s and t h e l i g h t end o f th e larabs was h a n d -fe d j u s t a sm all am ount o f t h a t 1Giey consumed more ro u g h a g e . ra in sc T h is f e e d e r grew b i s l i g h t lam bs on a s cheap a r a t i o n a s p o s s i b l e w hich tu r n e d o u t t o b e a l f a l f a h ey t h i s y e a r due t o i t s low p r i c e p e r t o n . I n c o s e s iA e re h e a v i e r lam bs w ere p u rc h a s e d , i t w ould b e im p o s s ib le t o g e t a s M g h » co n su m p tio n o f ro u g h ag e b e c a u se b i g lam bs w ould b e p ro d u ced t h a t w ould b e to o h eav y f o r t h e m a rk e t by th e tim e th e y re a c h e d a h ig h enough d e g re e o f f i n i s h t o m e r it s h ip m e n t. FACTORS AFFECTING COSTS ASD KiTUKSS Dp t o t h i s p o i n t th e d is c u s s io n h a s b e e n a g e n e r a l d e s c r i p t i o n and statemMint o f some o f t h e m ain d i f f e r e n c e s i n t h e p h y s ic a l a n d f i n a n c i a l re q u ire m e n ts o f f a t t e n i n g la m b s . S in c e i n d i v i d u a l farm s v a r i e d w id e ly i n some o a s e s i n r a t e o f g a i n , c o s t o f ( M n , an d n e t r e t u r n s fro m t h e lamb f e e d in g e n t e r p r i s e , a n a tte m p t w i l l be made t o a n a ly s e t h e s e d i f f e r e n c e s d o l, d o l. P e rc e n ta g e d e a th l o s s Ik e . P ro fit p er head IksV T E s -T d o l. d o l. p o t. * - 1 .6 6 - — .9 6 - 1 .3 4 1 .6 5 .9 6 1 .3 4 1 .2 .9 1 .2 — .8 2 - 1 .4 9 - .9 0 .82 1 ,4 9 .9 0 1 .5 1 .6 2 .4 .4 2 1 .6 4 1 .1 3 .3 2 - 1 .6 4 .1 3 2 .4 1 .0 2 .2 .1 0 — .4 6 .5 9 1.12 1.31 .6 7 1 .5 2 .6 .4 0 .6 5 1 .5 8 4 .2 2 .1 . 2 ti d o l. d o l. d o l. 3 I .3 6 .3 3 .3 2 7 0 .5 7 6 .2 6 8 .5 3 6 .6 1 0 7 .1 3 4 .5 6 1 0 9 .7 6 3 2 .9 7 1 0 1 .4 7 9 .0 0 9 .0 0 9 .0 0 102 106 103 3 .9 7 5 .1 3 5 .7 7 .5 2 1 .0 9 1 .1 8 7 4 6 .3 2 .31 .3 1 7 8 .4 1 7 1 .1 4 7 6 .4 0 2 4 .7 1 1 0 3 .1 2 3 4 .3 7 105.51 3 2 .1 3 1 0 9 .6 3 7 .0 0 9 .0 0 9 .0 0 77 111 107 3 .6 6 4 .0 6 5 .2 6 .1 5 .5 9 .8 1 8 2 9 .3 0 .2 9 .2 9 7 6 .1 4 7 1 .1 6 9 .2 6 2 5 .8 7 1 0 4 .0 1 3 5 .1 2 1 0 6 .2 2 2 9 .8 0 9 9 .1 2 6 .8 5 7 .7 5 9 .0 0 7 .9 8 86 120 103 6 .9 0 3 .3 8 8 .7 3 1 .4 2 .9 6 1 .6 6 14 13 IO .2 6 .2 6 .2 3 8 1 .1 0 7 2 .7 8 7 9 .9 6 1 2 .9 6 9 4 .0 5 2 3 .6 7 36 .4 5 2 2 .6 2 1 0 2 .4 6 6 .6 3 6 .6 2 6 .7 8 7 .5 6 7 .7 0 8 .0 1 49 94 100 6 .7 1 4 .9 1 7 .8 2 1 .6 0 .9 6 .8 8 1 .2 3 11 .2 2 .2 0 6 8 .0 4 7 2 .6 2 8 .2 8 2 0 .9 5 6 .9 2 6 .2 6 7 .9 0 8 .3 5 126 107 6 .6 3 6 .6 5 1 .1 4 1 .6 5 .9 8 2 .0 9 5 12 9 6 .3 2 9 5 .5 5 7 .0 3 - Hi III Iu M CD Farm No, |iI S IS .-8II i Il A c tu a l m a rg in t o m a rk e t lb s . O fe e d c o st p e r c w t. o f g a in P u rc h a s e c o s t p e r m vt. In fe o d lo t it it I III J iI II S a le w e ig h t TABLE V I . — AVERAGES PER FARM* FOURTEEN MONTANA FARMS ARRAYED ACCORDING TO DAILY QUH PER HEAD OF LAMB FINISHED, 1 9 3 8 -1 9 3 9 .7 2 - 63 n o re o lo a e ly i n an e f f o r t t o f i n d o u t W iich o f th e f a c t o r s a r e m ost im­ p o r t a n t i n c c m e d t i c n w ith c o s t s and r e t u r n s . S in c e o n ly f o u r te e n f e e d ­ e r s e r e in v o lv e d , t h e a n a l y s i s w i l l be made on c c a s o b a s i s w here th e w ide d i f f e r e n c e s o c c u r . The f a c t o r s t o b e a n a ly z e d a r e r e l a t i o n o f d a te o f p u rc lia s e t o c o s t s and r e t u r n s , in f l u e n c e o f I a a b w e ig h t a t s t a r t on o o a te a n d r et u r n s , e f f e c t s o f number o f lam bs f e d , r e l a t i o n o f le n g th o f f e e d in g p e r io d t o c o s ts an d r e t u r n s , in f l u e n c e o f f e e d in g e f f i c i e n c y , l n f l n e n o e o f doecfch l o s s , r e l a t i o n x ily g a in s t o c o s t s an d r e t u r n s , a id r e l a t i o n o f p r i c e m a rg in t o n e t r e t u r n s . T a b le VI h a s b een s o .a r r a n g e d t h a t d i r e c t c o m p a riso n s may be made b y tJee r e a d e r . R e l a ti o n o f D ate o f P; r c h a s e t o C o s ts and R e tu rn s As shown i n t a b l e I I I , m ost o f t h e leta e w ere p u rc h a s e d a t th e same t i n e s o t h a t no g r e a t d i f f e r e n c e e x i s t s t h e r e en d p r o b a b ly i t w ould be unw ise t o a t te m p t t o d raw any c o n c l u s i o n s . Ho o v e r , one o f t h e f e e d e r s , f e e d e r 8 , p u rc h a s e d h i s lam bs on november 26 w hich i s a p p ro x im a te ly a m onth l a t e r th e n any o th e r f e e d e r . The r e s u l t o f t h i s l a t e p u rc h a s e i s t h a t t h e r e w ere o n ly a few f e e d e r lam bs r e m a in in g i n th e s t a t e s o t h a t I t was r a t h e r d i f f i c u l t t o o b t a i n larab s. The p r i c e o f lam bs h ad a l s o a d ­ v an ce d In t h e m eantim e s o t h a t t h i s p a r t i c u l a r f a o d t r h a d t o p a y m ore p e r pound f o r h i e lam bs th a n a n y o t h e r f e e d e r . T h la h ig h p u r c h a s e p r i c e r e ­ d u ced h ie m a rg in p e r h u n d re d w e ig h t and a s a r e s u l t f e e d e r 8 h ad t h e lo w e s t l a b o r incom e p e r l a s * o f a n y f e e d e r s t u d i e d . I n f lu e n c e o f Laab V m ipht a t S t a r t on C o sts and R e tu rn s A lth o u g h no g r e a t d i f f e r e n c e s o c c u r i n lamb w e ig h t a t t h e s t a r t , a 64 few o f t h e ow ner f e d la rib s came I n a t a r a t h e r h eav y w e ig h t* lo a d e r 8 , 1 0 , and 14 had acme r a t h e r h e a v y lambc an d a s a r e s u l t th e y had t o h u rry and p u t t e s e lam be on a f a i r l y h eav y f e e d i n o r d e r t o t r y end f i n i s h them b e f o r e th e y re a c h e d t o o h eav y a w eig h t* W e t o t h e f a c t t h a t th e s e lambe h ad t o be ^pushed" a lo n g a e r a p i d l y a e p o s s i b l e , i t was im p o s s ib le t o make u s e o f a s h ig h a n am ount o f cheap home grown f e e d s su e h a e b e e t to p s and a lfa lfa . T h is r e s u l t e d i n a h ig h e r c o s t o f g ain * Some o f t h e lam bs s h ip p e d by f e e d e r s 8 an d 10 w ere a l s o d is c r i m i n a t e d a g a i n s t t o a c e r t a i n e x t e n t on t h e m a rk e t due t o h eav y w e ig h t la m b s . T h is r e s u l t e d i n a some­ w h at lo w e r s a l e p r i c e p e r h u n d red w eig h t* E f f e c t o f Mumber o f Lambs le d on C o s ts an d R e tu rn s TM num ber o f lam bs f i n i s h e d ra n g e d fro m a lo w o f 818 head t o a h ig h o f 2 ,4 0 6 an d t h e a v e r a g e f o r t h e f o u r t e e n f e e d e r s was 1 ,5 4 6 lam b s. T h is ra n g e w ou ld a p p e a r t o b e l a r g e enough eo t h a t s i g n i f i c a n t d i f f e r e n c e s c o u ld be p o in t e d o u t , H ow ever, t h e r e s u l t s o b ta in e d o r t h e l a b o r income p e r f i n i s h e d lamb do n o t r u n p a r a l l e l w ith th e am ounts fe d * I t i s th e o p in io n o f t h e i n v e s t i g a t o r t h a t i n th e c a s e o f t h e f e e d e r who had th e s m a l l e s t num ber o f la m b s, a l l o f h i e w ork was done b y h im s e lf an d i n t h e e a s e o f some o f t h e o th e r s o n ly t h a t am ount o f a d d i t i o n a l l a b o r w as h i r e d w h ich c o u ld be p r o f i t a b l y made u s e o f . I n a l l o a s e s enough lam bs w ere fe d s o t h a t t h e e x p e n s e s p e r h eed w ere r e a s o n a b ly lo w . T h is f a c t o r would be m ore im p o r ta n t w here o n ly s e v e r a l h u n d red lam be w ere f e d b e c a u s e t h e r e w ould b e a d a n g e r o f i n e f f i c i e n t u s e o f l a b o r an d e q u ip m en t and a n i n ­ c r e a s e I n o v e rh e a d c o s t p e r lam b f e d . 65 R e l a t i o n o f L e n g th o f F c o d ln j P e r io d t o C o s ts a n d R e tu r n s T h e re w ue a v a r i a t i o n I n t h e l e n g t h o f fe e d in g , p e r i o d o f d a y s t o 126 d a y s . from 49 T h e re I s n o d e f i n i t e e v id e n c e t h a t t h e l e n g t h o f f e e d ­ in g p e rio d e f f e c t s c o s ts and r e t u r n s i n t h i s s tu d y . H ow ever, i f m ore r e c o r d s c o u ld b e s t u d i e d o v e r a p e r i o d o f y e e r e u n d e r v a r y i n g c o n d i t i o n s , p e r h a p s o n e w ould p r o b a b l y b e a b l e t o f i n d m ore c o n c r e t e e v id e n c e p o i n t i n g to w a r d s a m ore d e s i r a b l e l e n g t h o f f e e d i n g p e r i o d . In t h is tu d y th o s e f e e d e r s h a v in g , t h e l o n g e s t l e n g t h o f f e e d i n g p e r i o d w e re a b l e i n acme e a s e s t o u t i l i s e m ore c h e a p l y gre e n ro u g h a g e s o t h a t c h e a p e r g a i n s w e re o b ta in e d . H ow ever, t h e r e s u l t s a r e t o d ra w d e f i n i t e c o n c l u s i o n s . not c o n s i s t e n t s o t h a t i t i s d i f f i c u l t S u e h f a c t o r s a s c o s t o f f e e d u s e d e n d m a rg in e x i s t i n g a t d i f f e r e n t t i m e s d u r i n g t h e f e e d i n g p e r i o d w o u ld a f f e c t t h e r e l a t i o n o f le n g th o f fe e d in g p e rio d t o c o s ts and r e t u r n s . I f c o n c e n tra te s f e d w e re h i g h i n p r i c e co m p ared t o r o u g h a g e , i t w o u ld p a y t o f e e d t h e la m b s a s I c n g a s p o s s i b l e i f t h e lam b s w e re l i g h t eno u g h t o s t a r t w i t h . I f , h o w e v e r, t h e p r i c e o f r o u g h a g e w as h i g h i n r e l a t i o n t o t h e p r i c e o f c o n c e n t r a t e s , t h e r e v e r s e w ould b e t r u e . I n f l u e n c e o f F e e d in g E f f i c i e n c y an C o s ts a n d R e tu r n s I n t h i s s t u d y we f i n d a w id e v a r i a t i o n i n f e e d c o s t p e r pound o f g a in . F e e d e r 2 w i t h a f e e d c o s t p e r h u n d r e d w e ig h t o f g a i n o f $ 5 .3 8 was t h e l o w e s t a n d f e e d e r 10 w as t h e h i g h e s t w i t h $ 7 .8 2 p e r h u n d r e d w e ig h t o f g a in . I n t h i s s t u d y , t h e f e e d e r s who f e d a l a r g e q u a n t i t y o f w e t p u lp h a d t h e l o w e s t f e e d c o s t p e r h u n d r e d w e ig h t o f g a i n . some la m b s t h a t w e re q u i t e h e a v y t o s t a r t w i t h . F e e d e r 10 b o u g h t T h e se p a r t i c u l a r lam b s 66 l o s t w e ig h t d u r i n g a s to n q y p e r i o d l a s t f a l l nstolle on b e e t t o p s s o t h a t t h e t o t a l n e t g a i n m e lo w e r e d , i n c r e a s i n g t h e c o s t o f g a i n . a l s o u s e d m ore c o m m e rc ia l f e e d s a n d p u r c h a s e d m ore o f h i e fa rm T h is f e e d e r row n f e e d s t h a n o o m o f t h e o t h e r f e e d e r s who i n m o st c a s e s u s e d o n ly t h e i r o e n g r a i n . F a c t o r s w h ic h c o n t r i b u t e t o g r e a t e r e f f i c i e n c y on m o st f a r m s a r e s a b ility o f t h e f a r m e r s t o f e e d a w e l l b a la n c e d r a t i o n s o a s t o g e t a r e a s o n a b ly h i g h d a i l y g ^ in a n d a lo w c o s t o f g a i n , b e t t e r q u a l i t y la m b s , l i g h t la m b s , l e s s d e a t h l o s s , s h o r t e r f e e d i n g p e r i o d , a n d f a s t e r a v e r a g e d a i l y g a in # S e l f - f e e d i n g was u s e d b y a l l t h e f e e d e r s who u s e d a l a r g e p e r c e n ta g e o f g r a i n a n d d r i e d m o la s s e s b e e t p u l p . T h is m sth o d o f f e e d i n g h e e n o t b e e n u s e d s o v e r y much i n p r e v i o u s y e a r s b u t t h e f e e d e r s fo u n d i t v e r y s a t i s ­ f a c t o r y t h i s y e a r , 1 9 3 8 -3 9 . I t i s t h e b e l i e f o f m o st f e e d e r s t h a t t h e d e a t h lf .e e o a a b e h e l d down t o a minimum b y t h e u s e o f a p r o p e r f e e d m ix t u r e w hen s e l f - f e d . I n f l u e n o e o f D eath L e s s on C o s ts and P o t n r n s The a v e r a g e d e a t h l o s e a s shown i n t a b l e V II w as 1 .7 8 p e r c e n t f o r a ll fee d e rs. The l o w e s t d e a th l o s s w a s . 9 p e r c e n t f o r f e e d e r 3 a n d t h e h i g h e s t w as 4 . 2 f o r f e e d e r 1 1 . The w e t p u l p f e e d e r s h a d t h e l o w e s t d e a th I s s on t h e a v e r a g e w i t h m o st o f t h e i r l e a s e s o c c u r r i n g o n b e e t t o p p a s t u r e a n d a l f a l f a s t u b b l e d u e t o b l o t a n d c h o k in g on b e e t t o p c ro w n s . F e e d e r 11 s a i d t h a t m o st o f t h e la m b s t h a t h e l o s t becam e s t i f f a n d seem ed to s u f f e r a l o t o f p a in . T h e s e lam b s d i e d w i t h i n a fe w d a y s i n m o st e a s e s b u t some o f th e m I i n e r o d o n . F e e d e r 10 s t a t e d t h a t m o st o f h i e l o s s e s vm re d u e t o o v e r - e a t i n g a n d b l o a t a n d p r o b a b l y d u e i n some c a s e s t o w orm s. 67 TABLE V I I .— DEATH LOSS* ZIHMBSRS, FEB CB:T OI TOTAL, AID COST OB FOUBTBBi MGRTMiA FARMS, 1938-39 feed er num ber l o t a i & *atk lo s e P e rc e n ta g e d e a th I c s e D e a th l o s s c o s ts p e r head ( c e n t s 1)"" I 2 3 19 12 12 1 .2 1 .0 .9 6 6 6 4 6 6 21 IS 30 1 .6 1 .2 2 .4 10 8 17 7 8 9 22 27 24 1 .5 2 .4 2 .2 11 14 11 10 11 12 54 40 SI 2 .6 4 .2 2 .1 16 20 11 13 14 12 1 .5 7 0 1 .7 8 10 T o ta l 342 68 The d e a t h I o e e c o s t v a r i e d f m a 6 e e n t e p e r Im ab s o l d f o r f e e d e r s I , 2 , e n d 3 t o * h ig h o f 20 c e n t s f o r f e e d e r 11* I n m o st o a s e s t h e d e a t h l o s s c o s t e n e lo w e n o u g h a o t h a t i t d i d n o t a f f e c t c o s t s a n d r e t u r n s b u t i n t h e c a s e o f f e e d e r I l e t h e h e a v y d e a t h I o e e c o s t raade a v e r y d e f i n i t e d iff e re n c e In th e r e tu r n s f a r t h i s fe e d e r. l n n b s m d l o s t 40 l e a v i n g 9 2 0 . T h i s f e e d e r s t a r t e d w i t h 960 W ith a e o s t o f 20 c e n t s p e r I a n b s o l d , t h i s a m o u n ts t o |1 8 4 f o r t h i s p a r t i c u l a r f e e d e r . T he c o s t o f g a in s i s i n c r e a s e d t o q u i t e a n e x t e n t w h e re t h e d e a t h l o s s l a , r e a t o r . R e l a t i o n o f D a ily G a in t o C o s ts e n d H e tu m s The d a i l y g a i n f i g u r e s u s e d i n t h i s s t u d y a r e b a s e d on t h e num ber o f la m b s f i n i s h e d . Ti e l o w e s t g a in was *20 o f e pound p e r d a y a n d t h e h i g h o s t .3 6 pound p e r d ay p e r la m b . had th e h ig h e s t d a il y g a in . T he c o n t r a c t f e e d e r s who f e d w e t p u lp T h i s l a d u e i n p a r t t o t h e f a c t t h a t home w e i g h ts w e r e u s e d i n c a l c u l a t i n g t h e i r g a i n . T h o se f e e d e r s w i t h t h e low ­ e s t d a i l y g a in had a h ig h e r c o s t o f g a in In m o st e a s e s . F e e d e r 1 2 , h o w e v e r, h a d a lo w g a i n b u t a h i g h n e t r e t u r n — t h i s i s d u e t o t h e f a c t t h a t he u s e d m o re ro u g h a g e e n d grew h i e la m b s . He a l s o h a d a t y p e o f lam b s t h a t c o u ld b e f e d Io n e r s o t h a t h e w a s a b l e t o h o ld th e m l o n g e r a n d s e l l th em on t h e h i g h e r m a r k e t I n Lfeuroh a n d A p r i l . The q u a l i t y o f la m b s p u r c h a s e d , t h e d e a th l o s s , t h e le n g th o f f e e d in g p e r io d , a n d th e d e g re e o f f i n i s h o f lem b e w hen s o l d a f f e c t t h e d a l l y g a in . I f lam b s a r e f e d t o a h ig h d e g r e e o f f i n i s h , t h e g a i n s made p e r d a y d e c re a s e w ith a n in c r e a s e in f i n i s h , t h a t i s , s i w e r g a i n s a r e m ad e. TLie " la w o f d i m i n i s h i n g r e t u r n s " e r n e s I n t o o p e r a t i o n w hen t h e la m b s r o a c h a h ig h d e g re e o f f i n i s h . T h is e x p l a i n s I n p a r t t h e d i f f e r e n c e s i n a v e r a g e 69 d a ily ta in fo r d if f e r e n t fe e d e rs . I f t h e prem ium p a i d f o r e x tr e m e l y w e l l f i n i s h e d lam b s i s I a r t O enough* t h e n i t m ig h t p a y t o c o n t i n u e fe e d in g ; e v e n th o u g h t h e r e t u r n s p e r d a y a r e b e g in n in g t o d i m i n i s h . T h is s u g g e s t s t h e n e c e s s i t y f o r s t u d y i n g t h e m a r k e t a n d n o t i n g t h e s p r e a d i n p r i c e s b e tw e en h i g h l y f i n i s h e d la m b s a n d lam b s c a r r y i n g l e s s c o n d i t i o n . R o l a t i o n o f P r i c e MargJ n t o ? Iet R e tu rn s T h is s t u d y d o e s n o t p r e s e n t e n o u g h e v i d e n c e t o d e te r m in e t h e r e a l I m p o r ta n c e o f p r i c e m a r g in t o n e t r e t u r n s . H ow ever, t h e f e e d e r who made t h e l o w e s t p r o f i t p e r h e a d i n t h e o w n e r -f e d g r o u p , M d t h e l o w e s t p r i c e m a r g in w h e re a s f e e d e r 12 who h ad t h e g r e a t e s t am ount o f m a r g in o f a n y o f t h e o v a a e r-fe d lam b s a l s o M d t h e g r e a t e s t p r o f i t p e r M a d s o l d . I n t h i s p a r t i c u l a r s t u d y , t h e p r i c e m a rg in o f lam b s p u r c h a s e d e a r l y e n d s o l d l a t e b a d t h e w i d e s t m a r g in w h i l e t h o s e l a n h s t h a t w e re p u r c h a s e d l a t e a n d s o l d f a i r l y e a r l y h a d t h e l e a s t m a r g in . M ost f e e d e r s a g r e e d t h a t t h e p r i c e w as v e r y i m p o r ta n t b u t t h a t i t c o u ld v a r y a l e t . I f th e fee d c o s t s w e re lo w a n d s e l l i n g p r i c e s o f lam b s w e re h ig h w hen t h e y s o l d , a w id e m a r g in w o u ld n o t b e n e c e s s a r y . H o w ev er, i f f e e d c o s t s w e re h i g h , a w i d e r p r i c e m a r g in w o u ld b e n e c e s s a r y i f a p r o f i t w e re t o M m ade. The c o s t p e r h u n d r e d w e ig h t o f g a i n w as d i v i d e d i n t o f e e d c o s t s e n d o th e r fe e d lo t c o s ts . The o t h e r f e o d l e t c o s t s made up 1 5 .9 5 p e r c e n t o f t h e t o t a l f e e d l c t c o s t s an d t h e f e e d c o s t s m ade up 8 4 .0 7 p e r c e n t o f t h e c o s t p e r h u n d r e d w e ig h t o f g a i n . Two ow n er f e e d e r s d i d n o t h a v e a n y o t h e r f e e d l o t c o s t s b e c a u s e t h e y d i d n o t h i r e a n y w o rk d o n e a n d d i d n o t c h a r g e 70 TABLE VI I I . — COMPARISON 01 FEED COSTS PER KUSDStSSEIGHT OF QAIH AND OTHER FKECLOT COSTS CR FOURTEEN IEMTAiA FARMS, 1 9 3 8 -1 9 5 9 O tK e r c o s t s Farm num ber Feed c o st p e r o w t. g a i n R o lle rs O th e r f e e d lo t c o s ts p e r o w t. g a i n d o lla rs T o ta l fe e d lo t c o s ts p e r c u t. g a in d o lla rs as a p e rc e n ta g e o f fe e d lo t c o s ts per cent 3 .7 7 3 .3 8 6 .1 3 4 .0 6 3 .9 7 6 .2 5 3 .6 5 1 .1 8 .9 5 1 .0 9 .6 9 .5 2 .8 1 .1 6 4 .9 6 4 .3 3 6 .2 2 4 .6 6 4 .4 9 6 .0 6 3 .7 0 2 3 .8 4 2 1 .9 4 1 7 .6 2 1 2 .6 9 1 1 .5 8 1 3 .3 7 4 .0 6 4 .1 4 .7 8 4 .9 2 1 5 .8 6 6 .9 0 6 .7 3 7 .8 2 6 .8 3 6 .5 6 4 .9 1 6 .7 1 1 .4 2 1 .5 6 1 .6 0 1 .1 4 1 .6 6 8 .3 2 7 .2 9 9 .4 2 7 .9 7 8 .2 0 4 .9 1 6 .7 1 1 7 .0 7 2 1 .4 0 1 6 .9 9 1 4 .3 0 2 0 .1 2 A v e, f o r a l l ow n er f e e d e r s 6 .6 1 1 .2 7 7 .8 8 16*11 A ve. f o r a l l feed ers 5 .1 2 .9 7 6 .0 9 1 6 .9 3 I 2 3 4 6 6 7 A ve. f o r a l l c o n t r a c t fee d e rs 6 9 10 11 12 13 14 IO 3 6 1 4 5 CONTRACT FEEDERS 2 7 10 8 12 Il 9 OWNER FEEDERS 14 13 F i g u r e 4 » - -C o m p a r a tiv e c o s t s o f p r o d u c in g 100 p o u n d s o f g a i n f o r lam b s on f o u r t e e n s e l e c t e d M ontana f a r m s , 1 9 3 8 -1 9 3 9 72 a n y th i n g f o r e q u ip m e n t u s e . In th e c a se o f th e c o n tr a c t f e e d e r s , o th e r fe e d lo t c o s ts v a rie d fro m 4 ,0 5 p e r c e n t t o 2 5 ,8 4 p e r c e n t o f a l l c o s t s and t h e a v e r a g e w e 1 5 ,8 5 p e r c e n t . The o m e r f e e d e r s who h a d o t h e r f e e d l o t c o s t s l i s t e d , h a d a r a n ; # o f 1 4 ,3 0 t o 2 1 ,4 0 p e r c e n t an d a n a v e r a g e f o r a l l o w n er f e e d e r s o f 1 6 ,1 1 p e r c e n t . I n a y e a r when f e e d c o s t s a r e lo w , o n e c a n n a t u r a l l y e x p e c t t h e o t h e r f e e d l o t c o s t s t o c o m p ris e a h i g h p e r c e n t a g e o f t h e t o t a l c o s ts . H ow ever, i n a y e a r o f h i g h f e e d p r i c e s , t h e o t h e r f e e d l o t c o s t s w o u ld n o t am ount t o a e h i g h s p e r c e n t a g e o f t h e t o t a l c o s t s p e r h u n d re d ­ w e ig h t o f g a in . I n p o r t s n o c o f M anure P ro d u c e d a s a F a c t c r A jR e c tin g H e t R e t u r n s ~~ An a t t e m p t w as made t o f i n d o u t s o m e th in g a b o u t t h e v a l u e o f t h e m an u re p r o d u c e d b y t h e la o b o on t h e d i f f e r e n t f a r o s . The f i u r e s a s g i v e n Sn m o s t c a s e s v a r i e d s o much t h a t I t w as t h o u g h t b e s t t o re d u c e th e n a l l d o m t o a s ta n d a rd b a s i s . T he num ber o f lam b s f i n i s h e d w e re d i v i d e d b y 12 t o g i v e t h e num ber o f one th o u s a n d p o u n d a n im a l u n i t s o n e a c h f a r m . A f i g u r e o f 3 3 ,1 5 p o u n d s w as u s e d a s t h e p r o d u c t i o n o f m anure p e r d a y p e r a n im a l u n i t . The a v e r a g e l e n g t h o f tim e t h e lam b s w e re i n t h e d r y l o t w as u s e d a s t h e l e n g t h o f t h e rec o v e ry p e rio d . The m an u re p ro d u c e d w as v a lu e d a t f i g u r e s w e re o b t a i n e d fro m 3 .5 7 p e r t o n . T h e se r s t u d y 'node u n d e r much t h e sam e c o n d i t i o n s i n M e b ra sk a . 2 l / The v a l u e o f m an u re p ro d u c e d p e r h e e d r a n g e d fro m a I w o f 24 c e n t s 21/ H a r r i s , ' L i o n e l',' >p. c i t . TABLE I I . — MAMORE* AMOtBiT PRODUCED PER AHIfIAL BHIT OF 1000 PdiHDS AHD VALUE PER HEAD OS FOUBTEEH MONTANA FAiPS IN 1 0 3 8 -1 9 5 9 Feeder num ber le n g th o f rec o v e ry p e rio d Number o f aniia& l u n i t s o f 1000 I b e . liv e e e lg b t Am ount o f m an u re p ro d u ced { to n e )' V a lu e o f m an u re p ro d u ced (d o lla rs ) V a lu e p e r head (o e B t« | I 2 5 Tl 84 86 132 102 108 155 193 154 5 5 3 .3 5 6 8 9 .0 1 5 4 9 .7 8 35 56 42 4 5 6 88 84 87 107 125 101 156 172 146 5 5 6 .9 2 6 1 4 .0 4 5 2 1 .2 2 43 41 43 7 8 9 77 85 103 121 91 91 154 128 155 6 4 9 .7 8 4 5 6 .9 6 6 5 3 .3 5 38 42 51 10 11 12 76 90 78 167 77 200 210 115 259 749*70 4 1 0 .5 5 9 2 4 .6 3 37 45 36 13 14 94 49 68 81 106 66 3 7 8 .4 2 2 3 5 .6 2 46 24 2 .1 6 9 7 ,7 4 3 .3 3 T o ta l 45 Avo. f o r a l l feed ere - 74 f o r f e e d e r 1 4 , who b e d h i s liuabe i n t h e d r y l e t o n ly 49 d a y s , t o a h ig h o f 56 c e n t s p e r h e a d f o r f e e d e r 2 who h a d M a la ia b s I n t h e d r y l o t f o r 84 d a y s . The a v e r a g e f o r a l l la m b s w as 4 2 c e n t a p e r h e a d . T h e se f i g u r e s n o d o u b t lo o k r a t h e r h ig h b u t t h e y a r e b a s e d on a c t u a l fa r m d a t a u n d e r c o n d i t i o n s t h a t a r e m uch t h e same a s fo u n d I n t h e a r e a s I n w h ic h t h i s s t u d y w as m ad e . I m p o r ta n t C ons Ider a t l a .s H e o e s s a r y t o t h e C u e e e ss o f a n y La t e e d ln / I . . t o r ; r i s e ' The f e e d e r s w e re q u e s ti o n e d i n r e g a r d t o t h e i m p o r t a n t c o n s i d e r ­ a t i o n s n e c e s s a r y t o t h e s u c c e s s o f a n y lam b f e e d i n g e n t e r p r i s e . M ost o f them a g r e e d t h a t lam b s s h o u ld n o t b e t o o h e a ? y when p u r c h a s e d , t h a t i s , l a u b s w e ig h in g o v e r 75 p o u n d s s h o u ld n o t b e b o u g h t. . Many o f th e m s t a t e d t h a t lam b s w e ig h in g b e tw e e n 60 a n d 70 p o u n d s w o u ld b e b e s t t o b u y b u t s t a t e d t h a t c a r e s h o u ld b e t a k e n when b u y in g l i g h t la m b s b e c a u s e t h e y may b e l i g h t d u e t o u n t h r i f t i n e s s a n d s i c k n e s s . H unty lam b s a r e n o t good fee d e rs. O th e r c o n s i d e r a t i o n s deem ed o f l n p o r t m o e w e r e , M r e d good l a b o r , f e e d a w e l l b a la n c e d r a t i o n , k e e p t h e la m b s w e l l b e d d e d a t a l l t i m e s , do n o t m ake s u d d e n c h a n g e s i n f e e d , f u r n i s h p l e n t y o f c l e a n w a t e r , s e p a r a t e t h e lam b s a c c o r d i n g t o e l s e , a n d f e e d a t r e g u l a r i n t e r v a l s . S e v e ra l f e e d e r s s t a t e d t h a t i t m ig h t b e a good t h i n g t o t r e a t t h e lam b s f o r worms a s so o n a s th e y a r e p u t i n th e f e e d l o t. A n o th e r i m p o r t a n t t h i n g i s t o f e e d e n o u g h la m b s t o e f f i c i e n t l y u s e t h e e q u ip m e n t a t h a n d . F in a lly , o n l y f a t la m b s s h o u ld b e s M p p e d I n o r d e r t o g e t t h e h i g h e s t p o s s i b l e p ric e . Some f e e d e r s h a v e d e v e lo p e d a r e p u t a t i o n o n t h e l a r g e c e n t r a l 75 m a r k e ts s o t h a t t h e i r lemibs s e l l e t a p r m l u a . RESU7.TS OBTAIMBD BI CONTRACT FEEDERS HHEES FIGURED ON All OWNER FEEDER BASIS T a b le X show s w h a t t h e r e s u l t s o b t a i n e d b y t h e c o n t r a c t f e e d e r s w o u ld h a v e b e e n l i k e h a d t h e y owned t h e i r la m b s . The sam e p u r c h a s e p r i c e o f * 6 ,6 3 a s u s e d f o r t h e o w n e r f e e d e r s w as u s e d i n c a l c u l a t i n g t h e I n a b c o s t in th e f e e d l o t, An i n t e r e s t c h a r g e o f 9 c e n t s w as a l s o a d d e d . To f i g u r e t h e in c o m e , 4 , 8 p e r c e n t o f t h e f i n a l w e ig h t w as s u b ­ t r a c te d to ta k e c a re o f s h rin k a g e . B i i s i s t h e a v e r a g e am ount t h a t t h e o w n e r - f e d Iam W s h r a n k e n r o u t e t o m a r k e t. TW a v e r a g e s a l e p r i c e o f $ 7 .9 8 p o r h u n d r e d w e ig h t o b t a i n e d b y t h e ow ner f e e d e r s w as u s e d i n f i g u r i n g t h e incom e fro m la m b s s o l d . I n t h e f i n a l a n a l y s i s , we f i n d t h a t t h e co m p u ted l a b o r incom e w as l a r g e r i n a l l c a s e s t h a n t h e a c t u a l l a b o r in c o m e . T he f i r s t s i x f e e d e r s who r e c e i v e d 9 coirfcs p e r pound o f g a i n , w ould h a v e made fro m I c e n t t o c e n t s m ore p e r h e a d h a d t h e y owned t h e la m b s . 12 F e e d e r 7 who r e c e i v e d 7 c e n t s p e r pound o f g a i n , w o u ld h a v e m ade 70 c e n t s m ore p e r h e a d . The r e s u l t s a s o b t a i n e d i n t a b l e X, h o w e v e r, m u st b e s t u d i e d v e r y c a re fu lly . I t i s t h e b e l i e f o f t h e i n v e s t i g a t o r t h a t th e a v e r a g e s h r i n k f o r t h e c o n t r a c t f e d la m b s w o u ld h a v e b e e n h i g h e r t h a n 4 . 8 p e r c e n t b e c a u s e o f t h e r a t i o n on w h ic h t h e y w e re f e d . A l s o , t h e s e laafh s d i d n o t show a s m uch q u a l i t y a s t h e o m e r - f e d I m b s b e c a u s e t h e y w e re e x tr e m e l y h e a v y and t h e r e i s no d o u b t t h a t t h e y w o u ld n o t h a v e r e c e i v e d a n a v e r a g e o f $ 7 .9 8 p e r E u n d r e d e e iiI i t on t h e o p e n m a r k e t. T h e re fo re , i t can b e s a id t h a t in t h e c a s e o f t h e f i r s t s i x f e e d e r s t h e y w e re b e t t e r o f f t o f e e d on a TABLE X . --RESULTS OBTAINED BY CONTRACT PEBDSiS WHEJ PIGLRED QH AS OWNER FEEDER BASIS T \ d o l l RTS C o s t p e r f i n i s h e d lam bs 4 .6 0 Lamb c o s t 1 .2 4 Feed .3 9 O th e r f e o d l o t c o s t s .0 9 In te re s t T o tn l c o s t p e r f i n i s h e d 6 .3 2 Iaa b Incom e p e r f i n i s h e d lam b s Lmb M anure T o t a l lncom n L a b o r incom e f ig u r e d o n ow ner b a s i s A c tu a l l a b o r Incom e o b t a i n e d D lffe rm o e d o lla rs ~ d o lla rs F e e d e r num ber “ TT" d o lla rs d o lla rs d o lla rs y d o lla rs 4 .7 7 1 .1 9 .3 3 .0 9 5 .0 4 1 .7 7 .3 8 .0 9 4 .8 1 1 .4 0 .2 0 .0 9 4 .7 5 1 .4 6 .1 9 .0 9 6 .2 4 1 .7 2 .2 7 .0 9 6 .3 1 .8 7 .0 4 .0 9 6 .3 8 7 .2 8 6 ,6 0 6 .4 8 7 .3 4 6 .3 1 I a 8 .6 3 6 .3 4 .4 2 8 .7 6 .4 3 8 .5 4 1 .6 9 2 .2 6 2 .2 0 1 .4 8 1 .3 8 + .0 6 + .0 6 + .1 0 7 .7 1 .3 8 8 .0 6 1 .7 4 8 .0 7 .6 6 8 .0 1 8 .1 4 .4 1 e .5 5 8 .3 2 .4 3 8 .7 6 7 .8 3 .3 8 8 .2 1 1 .9 2 2 .0 7 2 .0 6 1 .4 1 1 .3 3 1 .9 0 1 .2 0 + .1 2 + .0 1 + .0 8 + .7 0 2 .0 4 ~ 77 ~ c o n t r a c t b a s i s b e c a u s e t h e y r e c e i v e d a s much l a b o r incom e a n d d i d n o t h av e t o b e a r t h e r i s k s in v o lv e d i n o e n in , leasb s o u t r i g h t . RKCOM^fDED PIJUi 70 USE A f e e d e r b u y in g 1 ,2 5 0 la m b s w i l l b e u s e d a s a n h y p o t h e t i c a l c a s e . When t h e l a i b s a r e f i r s t b o u g h t , a t l e a s t 250 o f t h e b i g g e s t a d fa tte s t la m b s s h o u ld b e o u t o u t an d p l a c e d i n t h e d r y l o t a n d f i n i s h e d a s q u i c k l y a s p o s s ib le . When t h e s e 260 a r e f i n i s h e d , t h e n e x t f a t t e s t l o t s h o u ld b e o u t c u t a n d p l a c e d i n t h e f e e d l o t on s e l f f e e d e r s . T he t h i n n e s t lam bs a n d s m a l l e s t la r ib s s h o u ld b e p a s t u r e d a s l o n g a s p o s s i b l e a n d t h e n p u t in to th e f e e d lo t. H ow ever, o n l y t h e f a t t e s t o n e s s h o u ld b e s e l f - f e d s o t h a t t h e o t h e r s c o u ld b e h a n d - f e d on a l i m i t e d am ount o f g r a i n a n d g iv e n a l l t h e ro u g h a g e t h a t t h e y w i l l co n su m e. By h o l d i n g b a c k t h e s m a l l e s t a n d t h i n n e s t la m b s , m ore u s e c a n be m ade o f c h e a p ro u g h a g e s a n d c ro p r e s id u e s th u s d e c re a s in g th e c o s t o f g a in s . The a v e r a g e d a i l y g a i n s w o u ld b e lo w b u t t h i s w o u ld b e c o m p e n sa te d fcy t h e lo w c o s t . A n o th e r p o i n t i n f a v o r o f s u c h a p l a n I e t h a t o n l y f i n i s h e d lam b s o f u n if o r m e l s e w o u ld b e s h ip p e d m aking f o r a h i g h e r q u a l i t y p r o d u c t t h a t w o u ld ccHBaand a h i g h e r p r i c e o n t h e m a r k e t. THE PLACE OF LAMB FEEDING OR MONTANA FARMS U t i l i s e s Home Crown F e e d s . — M ost o f t h e f e e d e r s i n t h i s s t u d y u t i l i s e d l a r g e q u a n t i t i e s o f home grow n f e e d s s u c h a s a l f a l f a , c o m f o d d e r , o a t s , b a r l e y , a n d w h e a t. Some f e e d e r s u s e d m ore c o m m e rc ia l f e e d s t h a n hom e-grow n f e e d s b u t m o st o f th em u s e d m ore home grow n f e e d s . In 78 t h i s w a y , t h e f a t t e n i n g o f lam b s f u r n i s h e d a good m a r k e t f o r a m a jo r p o r tio n o f th e fe e d s r a i s e d by t h e fa rm e rs . L a rg e q u a n t i t i e s o f o ro p r e s i d u e s s u c h a s b e e t t o p s a n d a l f a l f a s t u b b l e w o re made u s e o f t h a t w ould o t h e r w i s e b e w a s te d i n m o st c a s e s . H e lp s M a in t a in S o i l F e r t i l i t y o f I iurm s.- The f e e d i n g o f t h e hom eg r o a n f e e d s on t h e f a r m , r a t o r t h a n s e l l i n g thorn m akes p o s s i b l e t h e r e ­ tu rn in g o f a l a r g e s h a re o f th e f e r t i l i s i n g c o n s titu e n ts i n t h e c ro p s t o th e s o i l . v a lu e . Son© o f t h e e o m e r c i a l f e e d s u s e d a l s o h ad a h ig h m a n o r ia l An a v e r a g e o f 1 5 5 t o n s o f m anure m e p ro d u c e d p e r fa rm a t a n a v e r a g e v a l u e o f $ 3 .6 7 p e r t e n . The a p p l i c a t i o n o f t h i s am o u n t o f m anure t o 10 t o 15 a c r e s on e a c h f a r m w i l l d o m uch t o m a i n t a i n o r im p ro v e t h e s o il f e r t il it y . One f e e d e r s t a t e d t h a t t h e man w e h e a p p l i e d o n h i s p a r t i c u l a r fa rm h a d i n c r e a s e d t h e incom e i n r e n t p a id t o h i e l a n d l o r d b o n e - h a l f i n j u s t a fe w y e a r s . rak e s so o f L tb o r a t S l a c k S e a s o n .— The w ork o f g ro w in g end h a r v e s t i n g o f f a r m c r o p s o n a n i r r i g a t e d f a r m k e e p s t h e f a r m e r b u s y frc ra s p rin to f a ll. U n le s s t h e p r o d u c t i o n o f c r o p s i s s u p p le m e n te d w i t h some k i n d o f l i v e s t o c k , n o t much p r o d u c t i v e w o rk c a n b e d o n e d u r i n g t h e w in te r. W ith a n a v e r a g e l e n g t h o f f e e d i n g p e r i o d o f 100 d a y s , t l i e f e e d ­ e r s w e re a b l e t o u t i l i s e t h e i r tim e v e r y p r o f i t a b l y by f e e d i n g lam b s w h e r e a s t h e i r t i m e m ig h t h a v e b e e n w a s t e d . P e d u e e s t h e S h a re o f F a n a O v e rh e ad t o e a c h E n t e r p r i s e . — I n t h e o p i:.'v .: i<m o f a fa rm t h e r e a r e m any e x p e n s e s w h ic h c a n n o t b e c h a r g e d d i r e c t l y a g a in s t any p a r t i c u l a r e n te r p r is e . Such i t e m s a s t e l e p h o n e a n d l i g h t b i l l s , a u to e x p e n s e , l a b o r o r m is c e l l a n e o u s j o b s , d e p r e c i a t i o n 79 o n c e r t a i n e q u ip m e n t, t a x e s , a n d l i e e n e e f e e s f o r t r u c k s e n d c a r ^ a r e l i s t e d a s o v e rh e a d c h a r g e s . I f lam b s a r e f e d t h e y may b e e n a r g e d w ith t h e i r p r o p o r t i o n a t e s h a r e o f t h i s o v e rh e a d c h a r g e t h u s r e d u c i n g t h e ,m o u n t c h a rg e d a g a i n s t o t h e r e n t e r p r i s e s . Sunnaary B e s id e s m ak in g u s e o f l a b o r d u r i n g s l a c k p e r i o d s , u t i l i s i n g boricru m f e e d s , r e d u c i n g t h e o v e r h e a d e x p e n s e s t o e a c h e n t e r p r i s e a n d h e lp ­ i n g t o m a i n t a i n t h e s o i l f e r t i l i t y , lam b f e e d i n g a l s o h e l p s t o e n l a r g e t h e volum e o f b u s i n e s s a n d i n c r e a s e t h e r e c e i p t s t o t h e fa rm a b o v e t h a t w h ic h i s r e c e i v e d fro m c r o p s . I n t h i s w ay, t h e fa rm lnoorae can b e i n c r e a s e d and p o s s i b i l i t i e s o f p r o v id in g a s a t i s f a c t o r y s ta n d a r d o f l i v i n g a r e g re a te r. I t h as b een th e p u rp o se o f t h i s s tu d y t o f in d o u t th e e f f e c t o f v a r i o u s f a c t o r s on t h e c o s t s a n d r e t u r n s o f lam b f a t t e n i n g . T he r e s u l t s o b t a i n e d i n t h i s s t u d y i n d i c a t e t h a t t h e f o l l o w i n g f a c t o r s a r e o f p r im a r y i m p o r ta n c e , n a m e ly : (1 ) The f e e d i n g e f f i c i e n c y , w h ic h a s u s e d i n t h i s s t u d y , i s t h e a b i l i t y o f t h e f a r m e r t o s o u t i l i z e h i s tim e a s t o o b t a i n t h e , n e a t e s t p o s s i b l e g a i n fro m t h e f e e d u s e d a n d t o u s e h i s tim e a n d e q u ip m e n t i n su c h a way t h a t h e w i l l o b t a i n t h e m o st p r o f i t a b l e r e s u l t s u n d e r t h e e x is tin g c o n d itio n s . (2 ) The m a r g in b e tw e e n t h e p u r c h a s e p r i c e a n d t h e s a l e p r i c e . I n t h i s s t u d y t h o s e f e e d e r s h a v in g t h e w i d e s t m a r g in o b t a i n e d t h e l a r g e s t incom e p e r I u a b f i n i s h e d . 80 (3 ) D e a th L o s e , Aa f o u n d i n t h i e s t u d y , t h e p e r c e n t a g e o f d e a t h l o s e e a n M v e a v e r y d e f i n i t e e f f e c t on t h e r e s u l t s o b t a i n e d . O n ly one o f t h e f e e d e r s had a r e l a t i v e l y h i g h d e a t h l o s s a n d h i s r e t u r n s w e re lo w ­ e re d t o q u ite an e x te n t, (4 ) C o e t o f p r o d u c in g t h e g a i n . T h is wee a l s o fo u n d t o b e a v e r y I m p o r ta n t f a c t o r . (5 ) M is c e lla n e o u s f a c t o r s . O th e r f a c t o r s s u c h a s l e n g t h o f f e e d ­ i n g p e r i o d , a v e r a g e d a i l y g a i n , a v e r a g e t o t a l g a in p e r la m b , num ber o f la r ib e f e d , a n d w e ig h t o f la m b s b o u g h t h a d some i n f l u e n c e o n c o s t s a n d r e ­ t u r n s , b u t w e re o f l e s s i n p o r t a n o e . In c lo s i n g , th e w r i t e r w is h e s t o s t a t e t h a t I t i e h i s b e l i e f t h a t I t i s p o s s i b l e t o f a t t e n l c ib s p r o f i t a b l y I n o u r I r r i g a t e d v a l l e y s h e r e I n M o n tan a w h e re l a r g e q u a n t i t i e s o f c h e a p hom e-grow n f e e d s a r e p r o d u c e d . P a r t i c u l a r l y i s i t l n p o r t a n t w h ere s u g a r b e e t s a r e p r o d u c e d b e c a u s e t h e b y - p r o d u c t s o f t h e I n d u s t r y moke e x c e l l e n t s h e e p f e e d e n d a l s o th e y i e l d o f b e e t s i s g r e a t l y i n c r e a s e d w h e re f a r m m an u re i s u s e d a s f e r t i l i s e r . A f t e r a l l , w hy s h o u ld we s h i p o u r lam b s t o t h e Ckmx B e l t t o b e f a t t e n e d when w e c a n d o t h e j o b j u s t a s w e l l h e r e I n o u r own s t a t e ? - 8 ?. BIBLlOCSAPHT Durd l c k , 8 . Te, a n d P l n g r e y , R . Be, P r o f i t r. fro m M n t o r F e e d in g l a ^ o r t h o r a Col , r e d o , C o lo ra d o Ag r i o u l t '^re.lTr">;ifp d r I: w i t s t a t i o n , Bnl l e t i i i Mo, 394', O c to b e r , 1 3 3 2 , 75 p p . , l l l u s . D eacter , Ae J . , S i x t y I a n g e rs l a t t e a R a a re Leaaba i n S o rth D ak o ta m& W e s te rn M in n e s o ta , A g r i a i A t n r a l D ev elo p m en t D e p a r tm e n t, N o r th e r n P a c I H o R a ilw a y , 1 9 3 1 , SB p p » , l l l u s . H eokod o r n , I ; , , S i n g l e t o n , B . P . , and S a t o l a , J . , Lenb P o e d in g ',X p e r lr a o n ts , W a sh in g to n A f r i c u l t u r e I E x p e rim e n t S t a t i o n , B u l l e t i n Mo. ^ S I^ i^ S o p te , 1 9 3 7 , 3 4 p p e , U l u s . B a r r i e , L i o n e l , The V alu e o f £ Ton o f Farm M anure i n t h e N o r th P l a t t e V a l l e y , 5I e k r a e k a A g r T c u l tu r a l IocpeM menS S t a t i o n , B u lV e tln b o . S I ” , May, 1 9 3 8 , 20 p p . , l l l u s . H o ld e n , Jm nos A ., L enb F e e d in g E x p e r im e n ts w ith O r a in e a n d D r ie d B eat P a l p s , H e b ra a k a A g r i o u l t u r a l E x p e rim e n t S t a t i o n , B u l l e t i n N o. % 8 , M a rc h , 1 9 3 2 , 16 p p . Mann, L . B . , w e s te r n C a t t l e and S heep A r e a s . F arm C r e d i t A d m i n i s t r a t i o n , C o o p e r a tiv e Ti- v i e I o n , BSTskin^xon,'' b . C . , C i r c u l a r S o . C -1 0 3 , S e p t . , 1 9 3 6 , 101 p p . , l l l u s . IA y n a rd , E . J . , E s p l I n , A . C ., a n d B o s w e ll, S . R . , U r Vo F a t t e n i n g I < p e r!m e rits i n U ta h , U ta h A g r i e u l t i r a l E x p e rim e n t S t a t i o n , B u l l e t i n S o . 2 3 9 , D e o ., I VoV, 44 p p ., l l l u s . r.A ynard, E. J . , M o rto n , G. E ., an d O s la i d , H. B ., C o l r u d o D r y l o t F a t t e n ­ i n g R a t io n s f o r la m b s , C o lo ra d o Ag r i e u l t u r a i ','x p o rim s n t C t a t i o n , B u T l e t i a N o." 3 % , A u g ., 1 9 3 1 , 64 p p . , l l l u s . Newsom, I . E . , a n d C r o s s , F l c y d , l lu eafco s o f Hoi; re d o l a d i n g I^aobs, C o l r e d o A g r i o u l t u r a l E x p e r iia e c t S t a t i o n , - B u l l e t i n IIoT V oS '," O c to b e r , 1 9 2 5 , 28 p p . , l l l u s . R i c h a r d s , D . E . , a n d V in k s , t o u l a , F ee l in g Lambs i n MonUum, M ontana E x t e n s i o n S e r v i c e , C i r c u l a r V o. ^ 6 , JuT y', 1 9 3 1 ," TV " p p ., l l l u s . R i n e h a r t , B . F * , BlokiMim., C . E . , e n d J c d m e o n , R . F . , F a t t e n l yI.; Eunge Lambs i n I d a h o , I d a h o A g r i c u l t u r a l E x p e rD a e n t S t a t i o n , > ;V l e t i n N o . 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