ECONOMIC INFORMATION
FOR   INDIANA   FARMERS
No. 23
Division of Agricultural Economics
October, 1943
THE LAMB FEEDING SITUATION
Because of higher feed costs in the fall of 1943 wider margins between the cost
of feeder lambs and the price of fat lambs at time of sale are necessary to show the
same profit on lamb feeding operations as during the previous five years. The
price of slaughter lambs is expected to croivd ceilings during the last half of the
current lamb feeding season.
Lamb Feed Costs Higher in 1943 choice feeding lambs at Omaha and the price
At present prices, approximately $12.85 of g°°d to choice slaughter lambs at Indian-
worth of feed (350 lbs. corn, 50 lbs. cotton- apolis during the five year period 1938-42.
seed meal and 500 lbs. hay or its equivalent)
is required for 100 lbs. of gain On lambs fed Table l'  Estimated Cost of Feed to Produce 100 lbs.Galn on Good t0 Choice Western Feeding Lambs in
in dry lot under average farm conditions, five.year period 193(M2 and current year m3 44
allowing 4-percent death loss.   On pasture
gains would be cheaper.  The average cost Feed                                   1938-421  1943-44-
of feed for 100 lbs. gain during the five year ^50 lbs. Shelled Com    $3.75      $6.56
0 500 lbs   Hav                                             2 °$          4 IS
period 1938-42 was $7.20 (Table I).   Thus, 50 lbs! Protein Supplement II      LOO          L50
it would cost about $5.55 more  for  feed 4%    Death Loss 30 .41
alone, to secure 100 lbs. gain on feeder lambs     	
in the current feeding season than it did on Total     *7-30    *12-85
an average in the previous five years 1938- t The average November h farm price of fced dur.
42.    Other  COSts  SUCh  as labor,  equipment, ing five-year  period   1938-42 was approximately as
marketing and transportation may be some- follows: com 60c per bushel, hay $9.00 per ton and
what higher but for the purpose   of   this 
November   1,   1943  farm  price of feed  has
analysis they have been assumed to be the been estimated to be: Corn $i.os per bushd> hay
Same. $17.50 per ton and supplement $60.00 per ton.
Wider Feeding Margins Necessary
Most feeders increase the initial weight Trhre °™^ market was used for the price
of their feeder lambs about one-third during of f,eedf lambs be^use it is the largest feed-
the feeding period. Therefore, $5.55 addi- er lamb market in the country and price
tional feed cost per 100 lbs. gain means that quotations probably are more accurate than
approximately $1.85 more margin will be re- ,for smaller ma/ket^ The Indianapolis mar-
quired this year between the cost of feeder ket was used f°r thef P™e of fat lambs be-
lambs and the sale price of the fat lambs ,cauf mo* Indiana feeders market their fat
•fan during the previous five year period lambs at Indianapolis   Thus, it will be ob-
38-42, in order to show the same profit on fe™fd that the cost of good to choice feeder
lamb feeding operations. *amlf at averaged $1-0,9 lessu Per
°   r hundred than the price of good to choice
Margins Between Cost of fat lambs at Indianapolis on September 15,
Feeder Lambs and Price during the five year period 1938-42.  Good
Of Fat Lambs Narrow to  choice  feeder  lambs  were  quoted  at
In Table II, column 4, is shown the aver- Omaha on September 15, 1943, at $13.00
age difference on the first and fifteenth of and the price of good to choice slaughter
each month between the cost of good to lambs at Indianapolis on this date $13.50, a