AN ABSTRACT OF THE THESIS OF. EUGENE DUANE PANASUK for the MASTER OF SCIENCE (Name) (Degree)

AN ABSTRACT OF THE THESIS OF EUGENE DUANE PANASUK for the MASTER OF SCIENCE (Name) (Degree) in AGRICULTURAL ECONOMICS presented on //- /, c#///^/v (Major) (Date) Title: MANAGEMENT AND MARKETING STRATEGIES FOR HIGH DESERT BEEF RANCHES IN EASTERN OREGON Abstract approved: Dr. A. Gene Nelson Ranchers in the high desert area of Eastern Oregon traditionally market their calves when they are weaned in late fall. This is the time when the market prices for calves are at a seasonal low. In this study the economic feasibility of various alternative management and marketing strategies for the utilization of range forage with a spring calving operation is determined. The operational objectives were (1) to determine the most profitable time and weight to market the spring-born calves, (2) to determine whether supplementary feeding of yearlings is economically feasible, (3) to explore the competitive relationship between cows and yearlings for limited range forage, and (4) to determine the combination of beef production and growing activities which will provide the highest net returns.

Linear programming was used to determine the combination of activities that would maximize net returns subject to the con- straint of forage quality and quantity. The quality and quantity of the range forage was determined by using data provided by the Squaw Butte Experiment Station, Burns, Oregon. All the basic data pertaining to the high desert area were obtained from Squaw Butte. The initial L. P. solution indicated the heifers should be sold March 1 at 600 pounds having been fed to gain 1. 5 pounds per day while the steers were sold April 16 at 780 pounds, gaining 2. 0 pounds per day. The cows earned a higher MVP for the limited resource, range forage, than could the yearlings either with or without supplementary feeding. In the second solution barley price was reduced from $50 to $45 per ton and the steers were sold April 16 at 780 pounds (same as initial solution). The heifers were sold June 16 weighing 900 pounds having been fed to gain 2. 0 pounds per day. Supplementary feed was provided on the range for these heifers from April 16 to June 15. The study shows that the traditional management and marketing practice is not the most profitable alternative. The feed costs are less than the increase in income from feeding the animals to heavier weights.

Management and Marketing Strategies For High Desert Beef Ranches in Eastern Oregon by Eugene Duane Panasuk A THESIS submitted to Oregon State University in partial fulfillment of the requirements for the degree of Master of Science June 1972

APPROVED: -j^ji- Assistant Professor of Agricultural Economics in charge of major j =_^ 1 Head of Department of Agricultural Economics Dean of Graduate School Date thesis is presented QcdtLv t Ql } mi Thesis typed by Mary Lee Olson for EUGENE DUANE PANASUK

ACKNOWLEDGEMENTS I wish to express my deepest thanks and appreciation to Dr. A. Gene Nelson for his guidance, assistance, and encouragement given during the duration of this study. I am also indebted to Dr. Clinton Reeder for his time spent in reading my entire dissertation and for his valuable comments. Thanks are also extended to the staff of the Squaw Butte Experiment Station for their assistance, time, and cooperation in helping obtain the data used in this study. Without the data provided by them, this study would not have been as comprehensive. Special thanks are extended to Mr. Lynn Sherman and Billy Chou of the Oregon State University computer center staff for their assistance in the use of the computer. Finally, I wish to thank my many friends for their encouragement throughout my graduate studies.

TABLE OF CONTENTS Chapter Page I INTRODUCTION 1 Characteristics of Study Area 3 Objectives 4 Research Procedure 5 Plan of Thesis 6 II LINEAR PROGRAMMING MODEL 7 General Description of Model 7 Structure of Model 8 Description of Activities 9 Range Forage Grazing Activities 9 Feed Activities 9 Cow Activity 11 Replacement Heifer Activity 12 Gestation Heifer Activity 13 Growing and Feeding Activities for Steers and Heifers 13 Selling Activities for Steers and Heifers 14 III DATA DEVELOPMENT 15 Feed Nutrient Content 15 Range Forage 16 Meadow Hay, Alfalfa Hay, Barley, and Cottonseed Meal 18 Feed Costs 19 Nutrient Requirements for Cattle Activities 20 Cow Requirements 20 Steer and Heifer Nutrient Requirements 21 Death Loss 23 Variable Costs 24 Interest on Operating Capital 24 Salt and Minerals 24 Fuel and Oil 24 Property Tax 25 Veterinary and Medicine 25 Grazing Fee 26 Bull Depreciation 26 Cattle Prices 26

Chapter Page III Selling Costs 27 Commission Charge 27 Hauling Costs 28 IV ANALYSIS AND RESULTS 29 General Description of Results 29 Net Returns for the Initial Solution 30 Most Profitable Enterprise Combination With Initial Solution 32 C ow s 33 Replacement Heifers 34 Gestation Heifer 35 Steers 36 Heifers 37 Comparison of Initial Solution With Traditional Operation 39 Net Returns With $5 Lower Barley Price 41 Most Profitable Enterprise Combination With $5 Lower Barley Price 41 Heifers 44 Comparison of Second Solution With Traditional Operation 46 Analysis of Supplementary Feeding In The Two Solutions 48 The Effects of Changes In The Availability and Price of Hay 50 No Alfalfa Available 50 Meadow Hay Price Reduced to $10 Per Ton 51 V SUMMARY AND CONCLUSIONS 52 BIBLIOGRAPHY 58 APPENDICES 62

LIST OF TABLES Table Page 1 Percent Cattle Sales are of Total Sales in Three County Area, 1968. 3 2 Outline Showing the Transactions of the Activities in Model. 10 3 Quantity and Quality of Range Forage As Consumed By Livestock Class. 17 4 Feed Nutrient Content. 19 5 Assumed Prices for Hay and Concentrate Feeds. 19 6 Nutrient Requirements for Cows. 20 7 Property Tax Rates for Cattle in Harney County. 25 8 Net Returns From Cattle Operation Obtained In Initial Solution. 31 9 Annual Cattle Numbers, Range Used, and Feed Fed for Initial Solution. 32 10 Cows and Bull: Feed Consumed and Costs, Per Head, In Specified Time Periods for Initial Solution. 33 11 Replacement Heifers: Feed Consumed and Costs, Per Head, In Specified Time Periods for Initial Solution. 34 12 Gestation Heifers: Feed Consumed and Costs, Per Head, In Specified Time Periods for Initial Solution. 35 13 Steers: Feed Consumed Per Head, In Specified Time Periods for Initial Solution. 36 14 Steers: Feed Costs, Variable Costs, and Income Per Head In Specified Time Periods for Initial Solution. 37

Table Page 15 Heifers: Feed Consumed Per Head, In Specified Time Periods for Initial Solution. 38 16 Heifers: Feed Costs, Variable Costs, and Income Per Head, In Specified.Time Periods for Initial Solution. 38 17 Enterprise Analysis of the Initial Solution. 40 18 Net Returns From Cattle Operation for Solution With $5 Lower Barley Price. 42 19 Annual Cattle Numbers, Range Used, and Feed Fed With $5 Lower Barley Price. 43 20 Heifers: Feed Consumed Per Head, In Specified Time Periods With $5 Lower Barley Price. 45 21 Heifers: Feed Costs, Variable Costs, and Income Per Head, In Specified Time Periods With $5 Lower Barley Price. 45 22 Enterprise Analysis of Second Solution. 47

LIST OF APPENDIX TABLES Table Page A-l Computer Input: List of Columns, Rows, and Coefficients Used in Study. 62 A-2 Names of Nutrient Requirements, Feed and Livestock Constraints. (Rows) 68 A-3 Names of Activities (Columns) for Livestock, Livestock Selling, and Feed Sources. 71 A-4 Names of Activities (Columns) for Livestock Feeds. 72 B-1 Dry Matter Intake for Growing and Finishing Steers and Heifers. 74 B-2 Total Digestible Nutrient Requirements for Growing and Finishing Steers 75 B-3 Total Digestible Nutrient Requirements for Growing and Finishing Heifers. 76 B-4 Digestible Protein Requirements for Growing and Finishing Steers and Heifers. 77 B-5 Cow and Bull Nutrient Requirements and Variable Costs. (Per Head) 78 B-6 Replacement Heifer Nutrient Requirements and Variable Costs. (Per Head) 80 B-7 Gestation Heifer Nutrient Requirements and Variable Costs. (Per Head) 81 B-8 Example of Worksheet Used for Computing Steer Nutrient Requirements and Variable Costs. (Per Head) 82 B-9 Example of Worksheet Used for Computing Heifer Nutrient Requirements and Variable Costs. (Per Head) 83

Table C 1 Feeder Steer Prices ($/cwt.). C-2 Good Heifer Prices (800-1000 lbs.). C-3 Good Steer Prices (900-1100 lbs.). C-4 Utility Cow Prices. Page 84 86 87 88

LIST OF GRAPH Graph Pag( 1 Value of Steers and Heifers Gaining 1. 5 and 2. 0 Pounds Per Day For Various Weights in Various Months. 49

MANAGEMENT AND MARKETING STRATEGIES FOR HIGH DESERT BEEF RANCHES IN EASTERN OREGON CHAPTER I INTRODUCTION Ranchers operating within the high desert region of Eastern Oregon traditionally follow a management and marketing program of weaning their spring-born calves in late fall when the cows are brought into the winter headquarters. The calves are usually then sold weighing 320-350 pounds when market prices for calves are at their seasonal low. The purpose of this study is to explore alternative strategies which might be followed by the ranchers regarding the disposition of these weanling calves to most economically utilize available resources and maximize net returns. Rather than selling the calves when weaned, it may be more profitable to feed the calves during the winter and then sell, or put them out on range and sell in late summer as long yearlings. If they are fed the rancher must decide upon the rates of gain and the combinations of feeds to obtain the various rates of gain. They might also be supplementarily fed if they are put out on range. These are some of the issues studied in this research.

These decisions must be made in consideration of the fact that the nutrient content of the range forage on the high desert deteriorates rather rapidly after the month of May. For example, studies done at Squaw Butte show that protein becomes a limiting nutrient for growing cattle as early as June. The study also shows that due to the low nutrient content of the forage, calves will not gain any weight after approximately September 1 or may even lose weight if they remain out on the range without supplementary feeding. (21, p. 108-114) Another consideration dealt with is the seasonal pattern of cattle prices within the year, which can have a substantial effect upon the returns from marketing of cattle. The timing of the rancher's wean and/or sell decision not only affects his own income but also the income and general economic activity in the surrounding community. In Harney County, for example, livestock is the major industry. To show the importance of the livestock industry in this area, table 1 was prepared compar- ing the three county area of Grant, Harney, and Lake counties to th entire state of Oregon. Cattle sales account for a high percentage of the total sales in the three counties as compared to the state. In summary, the study is to determine the economic implications of various alternative strategies of management and marketing as compared to the traditional program followed in the high desert area.

TABLE 1. Percent Cattle Sales are of Total Sales in Three County Area, 1968. County Sales of cattle Total sales of crops Percent cattle and calves and livestock sales are of total sales Grant $ 5,280,000 Harney $ 7,966,000 Lake $ 6,663,000 Totals $ 19,905, 000 $5,643, 000 93. 6 8,801, 000 90.5 7,847,000 84.9 $22,291, 000 Oregon $132,205,000 $507,182, 000 26. 1 % counties total of Oregon total 15. 1 4. 4 Characteristics of Study Area The area to which this study specifically pertains is the high desert range of Eastern Oregon, excluding such areas as timber land and the flooded meadows that are used for grazing. The type of soil on this high desert range is shallow, well drained, and somewhat to extremely stony. Approximately 40 percent of the soil in Harney County is of this makeup and it lies mostly west of Burns and south of the timber line (at the SE corner of Crook County). The elevation ranges from 4100 to 6500 feet and has an average growing season of 50 to 100 days. (19, p. 64-70) The results of this research may also prove helpful to other areas of the high desert which have similar conditions.

Squaw Butte Experiment Station, characteristic of much of the high desert area, has very warm, dry summers and cold winters. Annual precipitation averages about 11 inches in much of the area. Twothirds of the precipitation occurs as snow in the winter and the remainder as rain during the growing season of April, May and June. (21, p. 108-114) The native forage in this high desert area is sagebrush- bunchgrass. Introduced species consist primarily of crested wheat- grass. As one can surmise from the precipitation pattern, there is only one growth cycle and all the forage species mature at about the same time with little difference in quality between the species. With the short growing period and rapid decline in the nutrient quality of this forage, the management of this range forage is very critical to the success of any ranch operation in the area. Objectives There is one major objective consisting of several components which this study intends to accomplish. The major objective is to examine the economic feasibility of alternative management and marketing strategies for the utilization of range forage with a spring- calving operation (cows calving in the months of March ahd April). The following operational objectives comprise the major objective. The first operational objective is to determine the most profitable time and weight to market the spring-born calves weaned September 1.

The second operational objective is to determine whether supplementary feeding of yearlings is economically feasible, considering the questions of when and how much to feed. The third-operational objective is to explore the competitive relationship between the cow-calf unit and yearlings for limited range forage. The fourth operational objective is to determine the combination of beef production and growing activities which will provide the highest returns to the range forage. Research Procedure The objectives of this study will be achieved through the use of linear programming. An L. P. model will consider many more alternatives than the use of a simpler technique such as budgeting. The application of the L. P. model is explained in Chapter II. The basic data pertaining to the high desert area were obtained from the review of literature published from research work done at the Squaw Butte Experiment Station and conversations with the research personnel at Squaw Butte. Ranchers in the area also provided guidelines which were followed in developing the analysis. Information was obtained from other sources as well (see bibliography).

Plan of Thesis Chapter II presents the structure of the L. P, model used in this study. A description of the activities included in the model is presented. Chapter III defines the coefficients of the activities and their derivation. The procedure used in obtaining the variable costs and the cattle prices is described in the last part of the chapter. Chapter IV discusses the solutions obtained from the L. P. model. Chapter V summarizes the study and points out what conclusions can be drawn. The limitations of the study due to the generalization and lack of sufficient data are also discussed.

CHAPTER II LINEAR PROGRAMMING MODEL Linear programming as applied to this study, is the optimizing technique for selecting the different combinations of activities which will maximize net returns subject to certain specified constraints,, The primary constraint dealt with here is the availability of range forage, with its varying nutrient composition over the grazing season. The use of linear programming within this study allows determination of that set of forage utilization alternatives with the highest net return, considering the opportunity cost of forage use in other alternatives. For further details on the linear programming method, refer to reference 9. General Description of Model The objective function of this model is to maximize net returns. The alternatives considered in the model are the different comginations of beef production activities, various selling dates for calves, various rates of gain to be achieved if calves are fed, and what feeds are fed to each class of animals in each time period. One of the decisions made within the model involves the determination of the most profitable herd size subject to the range forage available. The cow herd size then determines the number

8 of calves weaned. Selling dates are determined considering prices, weight of animal and time of year in regard to type of forage available. The number of replacement heifers needed-to maintain the cow herd is given. The total amount of each feed used is based on the least cost rations for the specific rates of performance computed for each class of animal in each time period. Structure of Model Within this model the quality and quantity of range forage are the limiting constraints. feed available for use. There is no limit on the amount of other When "feed" is mentioned throughout this research it pertains to all feed available excluding range forage. Labor is assumed not to be a limiting factor in deciding which alternative to select as the study is attempting to optimize net returns given the range resource situation. Also, the availability of labor varies greatly among operations. Variable costs that are included in the model are interest on operating capital, salt and minerals, fuel and oil for hauling and inspecting cattle, property tax, veterinary and medicine, and grazing fees. Computations of these costs are discussed in Chapter III.

Description of Activities Table 2 helps understand how the activities are set up. The table shows the different transactions that occur within the various time periods. Following the table each activity is explained in further detail. Range Forage Grazing Activities It is assumed there are 10,000 acres available for grazing. The quality and quantity is specified for each of six time periods, as there is a continual change in the nutrient content of the forage during the grazing season. The range forage is assumed available for grazing from April 15 to November 1. See Table 2. Feed Activities Meadow hay, alfalfa hay, barley and cottonseed meal are the feeds available for use in this study. It is assumed there is no limit on the amount available for consumption. In addition to the meadow hay that is put up in stacks, bunched meadow hay that is fed ad lib is also included. Feeding of bunched meadow hay is a practice carried out by Squaw Butte and some ranchers in the area. Meadow and alfalfa hay are available for feeding from September 1-April 15. Barley and cottonseed meal are available during the winter months and for supplementary feeding for the yearlings while on range.

10 Table 2. Outline Showing the Transactions of the Activities in Model. Cow - (September 1 - August 30). Sept. 1 Nov. 1 April 1 April 15 June 15 Calf weaned To winter lot Calve To range Bred Sell cull cows (lose weight) (gain weight) Replacement heifer - (September 1 - August 30). Sept. 1 April 15 June 15 Aug. 30 Weaner from cow To range Bred Transfer to to winter lot. (gain 1-1. 5 gestation heifer (gain 1 lb. /day) lbs. /day) Gestation heifer - (September 1 - April 1). Sept. 1 April 1 To winter lot Calve (gain weight) Transfer to cow Steer and heifer calves - (September 1 - August 1). Sept. 1 Nov. 1 Jan. 1 Mar. 1 Weaner from cow Sold or fed at Sold or fed Sold or fed sold or fed at winter winter lot. at winter at winter lot. lot. lot. (gain 1. 0, 1.5, or (gain 1. 0, 1.5, (gain 1. 0, (gain 1. 0, 2. 0 lbs./day) or 2. 0 lbs. /day) 1.5, or 2. 0 1.5, or 2. 0 lbs. /day) lbs. /day) April 15 June 15 Aug. 1 Sold or to range Sold or fed on range Sold Supplementary feed Supplementary feed provided provided. (gain 1. 5, 2. 0, or 2. 5 (gain 1. 5, 2.0, or 2.5 lbs, /day) Ibs./day)

11 Cow Activity The following assumptions were made regarding the cow activity. As shown in table 2, the cow is out on range from April 15 to November 1 when she is taken off range and fed hay and/or other feeds until the following spring. The calving date is April 1 and the cull cows are sold September 1, at the time the calves are weaned weighing 330 pounds. While the cow is out on range, her entire nutrient require- ments are assumed to be obtained from the range forage. During a the winter months her requirements are met by the feed provided at the winter headquarters. As can be seen from table 2 the cow does gain and lose weight but these weight changes are not great enough to affect her rate of production or conception. It was assumed there is one bull for 25 cows and the bull's feed requirements are added to the cow's feed requirements. bull's weight of 1800 pounds is held constant during the year. The One twenty-fifth of one bull's requirements are added to each cow's nutrient requirements. The cows have a 90 percent conception rate and 82 percent weaned calf crop based on average percentages at Squaw Butte. It is assumed that 50 percent of the calf crop is steers and 50 per- cent is heifers. The study assumes a 14 percent replacement rate for cows. The rate is based on a study done at the Washington

12 Agricultural Experiment Station (27), showing that as the cow's age increases beyond 10 years, her profitability decreases. After an annual death loss is accounted for, the 14 percent replacement rate is needed to replace the cows lost due to death and the cull cows sold. The variable cost coefficient is the amount the variable cost for the cow and bull exceeds revenue from the sale of the cull animals. Replacement Heifer Activity As shown in table 2, the replacement heifer activity begins when she is weaned, September 1 and ends August 31. She is fed from September 1 to April 15 and is then put out on range April 16 to be bred. The heifer's nutrient requirements can be met in the winter by the feeds provided at the winter headquarters. When she is out on range her entire requirements are assumed to be obtained from the forage. Gain of one pound per day is assumed during the winter and when out on range, she is assumed to gain one and a half pounds per day till July 31. During the month of August she is assumed to gain one pound per day due to the declining nutrient content of the range forage. To account for death loss the number of replacement heifers is constrained to be larger than the number of heifers in the gestation activity.

13 The variable cost coefficient is the amount of variable cost that occurs in maintaining a heifer in the specified time period. Gestation Heifer Activity The gestation heifer activity is a transfer from the replacement heifer activity and begins September 1 and ends March 31 as a two year old heifer which is transferred to the cow herd. See table 2. The nutrient requirement for this heifer is obtained from the feeds available in the winter. She has a weight gain of one pound per day. The number of gestating heifers going into the cow activity is constrained to account for death loss. The variable cost coefficient is the amount of variable cost incurred.to maintain the gestating heifer for this time period. Growing and Feeding Activities for Steers and Heifers At the beginning of each time period the steers and heifers can be sold or can continue to be grown. The heifers in question are those not kept for replacement. The calves are weaned September 1, the beginning of the first time period, at a weight of 330 pounds. Referring back to table 2, the various time periods considered in this study and the rates of gain these cattle are assumed to be capable of attaining can be seen. Only the steers are assumed capable of achieving the 2. 5 pounds gain per day.

14 It is assumed all steers and heifers will be sold on or before August 1. The nutrient requirements are obtained from the range forage and feed provided. Supplementary feeding on the range is provided if profitable during the period April 15 through August 1. supplementary feeds used are barley and cottonseed meal. The The requirements during these months can be met by a combination of range forage, barley and cottonseed meal. The difference between the number of animals at the beginning and the end of each time period for the growing activities allows for death loss. The variable cost coefficient is different for each activity due to the different weights and values of the steers and heifers. Selling Activities for Steers and Heifers The selling dates are the same periods mentioned in the growing activities. See table 2. They must be sold at the beginning of the time period. The prices used are appropriate for the specific date and weight the animals are sold. A selling cost is substracted from the amount received from the sale of these steers and heifers. The selling cost consists of a commission charge and a hauling cost.

15 CHAPTER III DATA DEVELOPMENT The representative ranch to which the data in this study refers is in the high desert area of Eastern Oregon. The ranch is assumed to consist of 10, 000 acres which is leased from the BLM. This range is assumed to be in very good condition. The winter headquarters is located on native flood meadows where the cattle are grazed on aftermath and fed hay and/or barley and cottonseed meal. The winter hay supply is usually grown on these native flood meadows but the costs used for the hay and other feeds provided in this study are the opportunity cost, that is, market value, of this feed. It is also assumed there is sufficient labor available for any of the alternatives that are considered in this study. The following is an explanation of the data used in this study. Feed Nutrient Content For the range forage and each feed available for use, there are separate activities providing nutrients to each class of livestock. The reason is so one class of animal will not eat a portion of the feed and obtain one nutrient while another class of animal consumes the remaining quantity and obtains the other nutrient.

16 Range Forage The grazing activities are structured to show the nutrient con- tent and quantity of the range forage on a per acre basis. The time periods and coefficients in each time period are such as to account for the continual change in the quality and quantity of the forage dur- ing the grazing season. Table 3 shows the coefficients used to identify the quality and quantity of the range forage. As can be seen from table 3, the coefficients differ in the early part of the grazing season for different classes of livestock. In the first time period. (April 15-May 31), the coefficients for the cows are higher than for the replacement heifers or growing steers and heifers. The reason is that the assumption was made that the cow will consume more old growth than will the replacement heifers and yearlings. The old growth referred to here is available on that part of the range which was grazed early the prior year and the cattle removed in time to get rdgrowth. The coefficients for the first time period were obtained in the following manner. It is assumed there are 150 pounds of old growth DRM per acre from the prior year with a 40 percent TDN value and zero percent DGP value per acre. Two-thirds of the old growth can be consumed. There are 106 pounds DRM of new growth with a 68 percent TDN value and 12 percent DGP value per acre. Fifty percent of this is available for consumption. The figures for the new

17 TABLE 3. Quantity and Quality of Range Forage As Consumed By Livestock Class. Class of Dry matter Total Digestable Livestock Time Periods DRM digestable protein nutrient TDN DGP (Lbs. per acre) Cow April 15-May 31 153.00 7.6. 04 6. 360 June 1-30 120. 50 66.28 8. 203 July 1-31 145. 50 72.75 7.280 August 1-31 149. 00 71. 52 4. 470 September 1-30 147. 5 0 63.43 1.480 October 1-31 146.00 58.40 0.740 Replacement heifer April 15-May 31 118. 00 62. 04 6. 360 June 1-30 120.50 66.28 8. 203 July 1-31 145.50 72.75 7. 280 August 1-31 149.00 71.52 4. 470 Growing steers and heifers (yearlings) April 15-May 31 118. 00 62. 04 6. 360 June 1-15 112. 50 64.69 8.203 June 16-30 131.25 70.22 8. 203 July 1-31 145.50 72.75 7.280

18 growth are averages over the time period. This provides the coefficient to identify the range that is available for consumption by the cows. With the higher nutrient requirements needed by the replacement heifers and yearlings, it is assumed they consume 45 percent new growth and 55 percent old growth through selective grazing. After the first time period, there is only new growth available for consumption. The amount of DRM available consisting of a certain percentage of TDN and DGP, are averages during that time period. Fifty percent of the amount on the range is available for con- sumption as reflected in the coefficients. In the month of June the coefficient related to the yearlings are divided into half month periods to help coincide the range quality changes with the decision points of the growing activities. Meadow Hay, Alfalfa Hay, Barley, and Cottonseed Meal It is assumed there is no limit on the amount available for con- sumption of these feeds. The coefficients used to identify the quality was obtained from Morrison Feeds and Feeding (Reference 13). Table 4 shows the nutrient composition of each feed.

19 TABLE 4. Feed Nutrient Content Feed DRM TDN DGP Amount in 100 pounds of feed ' Meadow hay- (lbs. ) 90.2 CTEsTj flsst) 48.0 4, 1 Alfalfa hay 90. 5 50.7 10.9 Barley 89.9 78.8 6.9 Cottonseed meal 92.9 71.7 33. 3 No change in c omp osition during year. Feed Costs Prices used for the feed are based on the data obtained from Squaw Butte Experiment Station. Table 5 shows prices used. TABLE 5. Assumed Prices for Hay and Concentrate Feeds. Feed $ per ton Meadow hay $20 Alfalfa hay 30 Barley 50 Cottonseed Meal 95

20 Nutrient Requirements for Cattle Activities Cow Requirements With the cow gaining and losing weight during the year, her weight is assumed to range between 1000 to 1100 pounds. Her requirements will change during the year due to weight changes and her physiological stage. Listed in table 6 are the requirements for a cow during lactation and for wintering pregnant cows. TABLE 6. Nutrient Requirements for Cows. Type and weight of cows Lactating cow: Maximum Minimum DRM TDN DGP (Pounds per head per day) 1000 lbs. 27 12. 3 1. 17 1100 lbs. 28 13.2 1.26 Wintering pregnant cow: 1000 lbs. 18 8. 0. 42 1100 lbs. 19 9. 0. 46 Source: Reference 12 and 16 It is assumed the cow's DRM intake while out on range will be the same as for a lactating cow even after the calf is weaned. The reason for this is due to the very low quality of the range. During the months of August-O ctober, the TDN and DGP requirements listed in Appendix Table B-5, are lower than her actual requirements and correspond to nutrients available in the range

21 forage. The assumption made here is that the cow will obtain her needed requirements from body tissue or through selective grazing. The requirements from September 1 - March 31 are for only. 86 of a cow as the cull cow is sold September 1 and the gestation heifer doesn't enter the cow herd until April 1. The requirements for one twenty-fifth of a bull are added to the cow requirements. Appendix Table B-5 shows the specific monthly requirements. Steer and Heifer Nutrient Requirements The nutrient requirements for steers and heifers are deter- mined for different weights and rates of gain. The maximum amount of dry matter (DRM) the animal can consume is figured by using the following formula: 0 75 M = 0. 125 W ' M is dry matter in pounds per head per day. W is live weight of animal in pounds per head. The equation was derived from information obtained from NRC (National Research Council). See Appendix Table B-l for the dry matter constraints for the various weights. The total digestible nutrients (TDN) requirements for steers and heifers are different because of the difference in their con- version efficiency. The equation used to derive the TDN require- ments for steers and heifers is:

TDN = NE W X. 90 + NE^ X 1.37 M G TDN is total digestible nutrients in pounds per head per day. 22 NE NE is the net energy required for maintenance per day subject to the animal's weight and sex. is the net energy required for gain per day subject to animal's weight, rate of gain and sex. The steer's net energy requirements are lower than for the heifer's net energy requirements. The formula was obtained from a study done at the University of California, Davis (References 10 and 11). See Appendix Table B-2 for the steer's TDN requirements and Appendix Table B-3 for the heifer's TDN requirements for different weights and rates of gain. The digestable protein requirements for the steers and heifers are derived by using the following equation: DGP DGP =2.79 W. 0 ' 75 (1+1.905G) g kg is the amount of digestable protein in grams. W is the animal's weight in kilograms, kg G is the daily gain in kilograms. DGP is divided by 453. 6 to convert it to pounds per head per day. The equation was obtained from a study done by Preston (Reference 20). See Appendix Table B-4 for the requirements of the various weights and rates of gain. Specific monthly nutrient requirements for replacement and gestation heifers are in Appendix Tables B-6 and B-7. The specific

monthly nutrient requirements for the other heifers and all steers for the various weights and rates of gain can be observed from the 23 computer input. See Appendix Table A-l. Death Loss The difference in the beginning and ending number of animals for the livestock activities accounts for death loss during the period. It is assumed there is a annual death loss of 1. 5 percent in the cow herd giving a survival rate of 98. 5 percent. The replacement heifers have a survival rate of 99. 5 percent over a year's time and the gestation heifers have a 99. 4 percent survival rate over a seven month period. There is a higher death loss among the gestation heifers due to death occuring during calving. A death loss of 1. 67 percent annually is assumed for the grow- ing heifers and steers. It is assumed there is a higher number of deaths accounted for in the first month after weaning than in any month thereafter. The percent survival for each time period can be observed from the computer input. See Appendix Table A-l. The rates used are based on beef production studies done in the Western states.

24 Variable Costs Interest on Operating Capital The interest charge is based on the average value of the animal during the specified time period and is figured at an annual rate of 8 percent. The average value for a cow is assumed to be $250; bull at $1000; and gestation heifer at $200. For the replacement heifers and growing steers and heifers, the average market value is used. Salt and Minerals It is assumed that an animal consumes $. 25 per head per year of salt and $2. 00 per head per year of minerals. Figures are taken from studies done in Montana, California, and Washington (References 1, 2, 8, 15 and 26). Fuel and Oil The costs included are for hauling the cattle to and from range (a practice used by Squaw Butte Experiment Station and other ranchers in the area), and for the feeding and inspection of the cattle. The hauling costs were obtained by using the Williamette tariff rates. The rate of $. 21 per hundred weight is used in this study for hauling the cattle to and from range. A charge of $1. 50 per head per year is used for the feeding of minerals and inspection of the cattle.

25 Property Tax The property tax is levied on the animal if there is possession at the first of the year. Table 7 shows the rates for the different classes of cattle. TABLE 7. Property Tax Rates for Cattle in Harney County. Class of livestock Calves, under 6 mos. Steers, 6 mos. - 1 yr. Heifers, 6 mos. - 1 yr. Steers, 1 yr. and over Heifers, 1-2 yrs. Cows, 2 yrs. and over Bulls, 1 yr. and over a/ Tax rates ($ per head per year) $1. 00 2. 55 2. 00 3. 33 2.89 3. 44 6. 44 a/ Rates were obtained from Harney County Assessor's office Veterinary and Medicine There is a $2. 00 charge per head per year for the cow activity. Included in this charge are the expenses incurred by the calf from birth to weaning. head per year. The growing activities have a cost of $. 64 per It is assumed that $. 20 per head occurs the first month after weaning and $. 04 per head per month thereafter. The replacement heifer has a cost of $2. 00 per head per year. For the gestation heifer, there is a cost of $. 04 per head per month.

26 Grazing Fee The rate charged for grazing is $. 64 per AUM (animal unit month). This is the rate charged in 1971 by the BLM (Bureau of Land Management). (Reference 30). If the livestock are on the range for only part of a month, a charge is made for only the time they are on the range. It is assumed that after the calves are weaned and taken off range, there is no charge for a grazing fee as they are put on deeded land. Bull Depreciation There is a $7. 00 charge per cow for the depreciation of the bull. The rate is made assuming there is one bull for 25 cows and the bull is used for four years. For specific computations of the variable costs incurred by the cows, replacement and gestation heifers, see Appendix Tables B-5, B-6, and B-7. For an example of a completed worksheet on how the variable costs coefficients were obtained for the steer and heifer growing activities see Appendix Tables B-8 and B-9. Cattle Prices Prices used in the study for calves up to 800 pounds were obtained from the Ontario market. Prices for steers and heifers over 800 pounds and for cull cows were obtained from the North Portland market.

27 For all the feeder prices used in this study and an explanation on how they were obtained, see Appendix Table C-l. The prices for all the different weights in each month are given. Heifer prices over 800 pounds were obtained by using prices for 800-1000 pound Good animals. An average price for years 1960-1970 was used in the study. Appendix Table C-2 shows how the averages prices used were obtained. Steer prices over 800 pounds were obtained in the following way. Good steer prices for 900-1100 pounds were obtained. Prices between 800-900 pounds were interpolated between feeder and slaughter prices. It is assumed there is a linear relationship between the feeder and slaughter prices. Appendix Table C-3 shows how the average prices for Good steers, 900-1100 pounds, were obtained. Utility cow prices are used for the selling price of cull cows. The price used is a 10 year average for the months of August and September. See Appendix Table C-4. Selling Costs Commission Charge Information pertaining to the commission charge was obtained from the Ontario Livestock Commission Company. The charges used in the study are $3. 00 per head for animals 425 pounds and

28 over and $2.75 per head for animals less than 425 pounds. Hauling Costs Willamette tariff rates for hauling livestock are used. In this study the rate of $. 33 per hundred weight is used. The rate is higher for hauling to market than for hauling to range because of an assumed longer hauling distance to market. These selling costs are computed and than substracted from the returns to obtain the coefficient used for the net returns in this study. See computer input, Appendix Table A-1 for the net return coefficients for each selling activity.

29 CHAPTER IV ANALYSIS AND RESULTS The results presented in this chapter show the combinations of activities that will provide the highest net returns for the spring cow-calf operation. It must be remembered that the results obtained from this programming model are a function of the assumptions made and data as reflected in the coefficients. General Description of Results There are two major solutions discussed in this chapter with reference to two other solutions. After obtaining the initial solution, the cost of barley was reduced $5. 00 per ton from $50 to $45 and the second solution was obtained. In the initial solution there are 256 cows in the operation and the calves are kept and fed after weaning. The heifers are fed to gain 1. 5 pounds per day and sold March 1 weighing 600 pounds. The steers are fed to gain 2. 0 pounds per day and are sold April 16 weighing 780 pounds. The cows, replacement heifers, and gestation heifers are maintained on meadow and alfalfa hay during the winter and the growing steers and heifers receive meadow hay, alfalfa hay and barley.

30 In the solution with barley cost reduced $5 per ton, there are 247 cows, a decrease of 9 compared to the initial solution. The reason for the decrease in cow numbers is that the yearling heifers are put out on range for two months and are using range forage that was used by the cows in the first solution. The heifers are fed to gain 2. 0 pounds per day and are sold June 16 weighing 900 pounds. They are supplementarily fed barley and cottonseed meal while out on range. The steers are fed to gain 2. 0 pounds per day and sold April 16 weighing 780 pounds, same as the initial solution. Net Returns for the Initial Solution The net returns obtained from the 10, 000 acre cattle operation in the initial solution was $4250. The net return referred to here and throughout this study, is the return to labor, buildings, lots, equipment and management used in beef production, but not those resources used for hay or grain production. The charges for hay and grain fed are based on the opportunity costs, that is, market value, of these feeds. Table 8 shows the breakdown of net returns on a per cow and on a per acre of range basis for the initial solution.

31 TABLE 8. Net Returns From Cattle Operation Obtained In Initial Solution. Income: Selling 104 steers at $27. 68/cw,t. weighing 780 lbs. less selling cost. $21,862 Selling 68 heifers at $25. 60/cwt. weighing 600 lbs. less selling cost. 10, 118 Total Per Per acre Cow of range Total Income $31,980 $124. 77 $3. 20 Expenses: Feed costs: Meadow hay at $20/ton. Alfalfa hay at $30/ton. Barley at $50/ton. Total feed costs $12,176 2,492 3,037 $17,705 $69. 08 $1.77 Variable costs; a/ Cows (256 head) Replacement heifers Gestation heifers Steers Heifers Total variable costs Total operating expense Net Return $ 6,677 967 487 1, 325 569 $10,025 $ 39. 11 $1. 00 $27,730 $108. 19 $2.77 $ 4,250 $ 16. 58 $.43 Is amount V. C. is above income received from sale of cull cows. Is the return to labor, management, buildings, lots, and equipment used in beef production.

32 The net return per cow is $16. 58, or $. 43 per acre of range. To provide a return of $10, 000 above variable cost per year, these results indicate a ranch would need to be about 24, 000 acres with about 600 cows, assuming a ranch that large could be operated at the same average costs assumed in this study. Most Profitible Enterprise Combination With Initial Solution An explanation of the most profitable enterprise combination which obtains the above net return is shown in table 9. The number of animals maintained in the operation, acres of range used, and tons of feed fed are given. TABLE 9. Annual Cattle Numbers, Range Used, and Feed Fed for Initial Solution. Class of Animal Range Amount of feed consumed cattle numbers ; used Meadow Hay Alfalfa Barley CSM (head) (acres) (tons) Cow 256 9351 359.7 Replacement heifer 36 649 41.4 7.3 Gestation heifer Steer ±J Heifer * 36 62.7 11. 0 104 84. 4 49.9 51.0 -- 68 -- 60.5 15. 0 9.9 -- Totals 10,000 608.7 83.2 60.9 0 a/ 104 is number sold on April 16. 105 are weaned September 1. 68 is number sold on March 69 are weaned September 1.

All the range forage is consumed by the cows and replacement heifers as the yearling steers and heifers are sold prior to the graz- 33 ing season. This suggests the MVP of the range is higher for cows and replacement heifers than for the yearlings. The following tables show what feeds are consumed and the costs incurred for each class of livestock. Cows The amount of range used in each time period by the cows and bulls and the amount of winter feed used in each period is shown on a per cow basis in table 10. TABLE 10. Cows and Bull: Feed Consumed and Costs, Per Head, In Specified Time Periods for Initial Solution. Time period Range Meadow hay Feed used consumed Costs (acres) (pounds) (dollars) Jan. 1-31 -» 481 $ 4. 81 Feb. 1-28 47 3 4.73 Mar. 1-Apr. 15 867 8.67 Apr. 16-May 31 8.8 June 1-30 6.0 July 1-31 5.6 Aug. 1-31 5.9 Sept. 1-30 5.1 Oct. 1-31 5.1 Nov. 1-30 498 4.98 Dec. 1-31 488 4.88 Totals 36.5 2807 $28. 07 Variable costs (net) 26. 05 Total fee< d and variable costs i $54. 12

The cow and bull obtain all their nutrient requirements during 34 the grazing season from the range forage. During the winter months, meadow hay, fed in the amounts shown, fulfills their nutrient requirements. Replacement Heifers The amount of range used by the replacement heifers and the amount of feed consumed as indicated in table 11 is on a per head basis. TABLE 11. Replacement Heifers: Feed Consumed and Costs, Per Head, In Specified Time Periods for Initial Solution. Time period Range ^mc^nt of feed_cons_umed _ Feed used Meadow Alfalfa costs hay hay (acres) (pounds) (dollars) Sept. 1-30 253 Oct. 1-31 272 Nov. 1-30 285 Dec. 1-31 302 Jan. 1-31 315 Feb. 1-28 332 Mar. 1-Apr. 15 522 Apr. 16-May 31 6.6 -- June 1-30 4.2 -- July 1-31 3.6 -- Aug. 1-31 3.5 -- 44 $ 3. 19 46 3.41 51 3. 62 53 3.82 57 4. 01 59 4.21 95 6.65 Totals 17.9 2281 405 $28.91 Variable costs 26. 64 Total feed and variable costs $55. 55

35 The replacement heifer obtains all her nutrient requirements during the grazing season from the range and from meadow and alfalfa hay during the months she is not on range. Alfalfa and meadow hay are required in a ratio of 1:5-1/2, that is, 10 pounds of alfalfa for each 55 pounds of meadow hay. Gestation Heifer The amount of feed consumed by the gestation heifer is indicated in table 12. It is on a per head basis. TABLE 12. Gestation Heifers: Feed Consumed and Costs* Per Head, In Specified Time Periods for Initial Solution. Time period _ Arnount_of^feecl consumed_ Meadow hay Alfalfa hay (pounds) Feed Costs (dollars) Sept. 1-30 Oct. 1-31 Nov. 1-30 Dec. 1-31 Jan. 1-31 Feb. 1-28 Mar. 1-31 45 3 82 471 81 484 84 494 88 510 89 525 91 536 92 $ 5.76 5.93 6. 10 6.26 6.44 6.62 6.74 Totals Variable costs 347 3 607 $43. 85 13.49 Total feed and variable costs $57. 34 The gestation heifer obtains all her nutrient requirements from meadow and alfalfa hay. The ratio of alfalfa to meadow hay

36 is the same as for the replacement heifer, 10 pounds of alfalfa to 55 pounds meadow hay. Steers For each specific time period, the number of animals on hand at the beginning of the periocj, beginning weights of the animals, and the amount of feed that is consumed to achieve the most profitable daily gain of 2. 0 pounds are given in table 13. Table 14 shows the beginning weights of the animals and the costs incurred in each specific time period. The date, weight and dollar value when the steer is sold are also given. TABLE 13. Steers: Feed Consumed Per Head, In Specified Time Periods for Initial Solution. Time period Initial Initial ^IT 1?} 1^ f Je d_consumed _ number weight Meadow Alfalfa hay hay Barley (head) (pounds) (pounds) Sept. 1-Oct. 30 105. 1 Nov. 1-Dec. 31 104. 8 Jan. 1-Feb. 28 104. 5 Mar 1-Apr. 15 104. 2 330 336 197 197 450 405 2 37 249 570 485 279 283 690 390 2 39 246 Totals 1616 952 975

TABLE 14. Steers: Feed Costs, Variable Costs, and Income Per Head In Specified Time Periods for Initial Solution. Time : period Initial Initial Feed Variable Net number weight Costs costs returns (head) (pounds) (dollars) Sept. 1 - Oct. 30 105. 1 330 $11.25 $3.21 -$14.46 Nov. 1-Dec. 31 104. 8 450 13. 84 2. 81-16.65 Jan. 1-Feb. 28 104. 5 570 16. 12 3.61-19.73 Mar. 1-Apr. 15 104. 2 690 13.64 3. 04-16. 68 Apr. 16 103.9 780 -- -- - -- 210. 33 37 Totals $54. 85 $12.67 $142.81 The steers gaining 2. 0 pounds per day require barley, alfalfa and meadow hay in a ratio of about 1:1:1. 7, that is 10 pounds barley and 10 pounds alfalfa hay to every 17 pounds of meadow hay. The ratio is the same throughout the time periods. The steer is sold April 16, which is the beginning of the grazing season, weighing 780 pounds. Heifers For each specific time period, the number of heifers on hand at the beginning of the period, beginning weight of the animals, and the amount of feed that is consumed to achieve a daily gain of 1. 5 pounds are given in table 15. The initial weight and the feed and variable costs incurred in each time period are shown in table 16. The sale date, weight and dollar value of the heifer when sold are also shown.

38 TABLE 15. Time period Sept. 1-Oct. 30 68.7 Nov. 1-Dec. 31 68. 5 Jan. 1-Feb. 28 68. 3 Heifers: Feed Consumed Per Head, In Specified Time Periods for Initial Solution. Amount of feed consumed Initial Initial Meadow Alfalfa number weight hay hay Barley (head) (pounds) (pounds] 330 5 00 126 84 420 591 143 98 510 676 171 105 Totals 1767 440 287 TABLE 16. Heifers: Feed Costs, Variable Costs, and Income Per Head, In Specified Time Periods for Initial Solution. Initial Initial Feed Variable Net Time period number weight costs costs returns (head) (pounds ) (dollars ) Sept. 1-Oct. 30 68.7 330 $ 8.99 $2.95 -$11.94 Nov. 1-Dec. 31 68. 5 420 10.52 2. 38-12.90 Jan. 1-Feb. 28 68. 3 510 11.96 2.98-14.94 Mar. 1 68. 1 600 - -- 148.62 Totals $31.47 $8. 31 $108. 84 The heifer gaining 1. 5 pounds per day requires barley, alfalfa and meadow hay in a ratio of about 1:4:6, that is, 10 pounds of barley and 40 pounds of alfalfa hay for every 60 pounds of meadow hay. The difference occurring between the heifers and steers is due to the different rates of gain and efficiency in conversion. The heifers are sold March 1 weighing 600 pounds.

39 Comparison of Initial Solution With Traditional Operation In table 17 the initial solution has been decomposed into three enterprises: calf production, steer growing, and heifer growing. The income and expenses of the initial solution have been allocated to each enterprise. The calf production enterprise resembles the traditional system of operation for ranchers in the high desert. It assumes: (1) the calves are weaned September 1 and fed for the two month period of September 1-November 1; (2) the steers will gain an average of 2 pounds per day and (3) the heifers will gain an average of 1. 5 pounds per day during the two month period. Table 17 illustrates the expected contribution to net returns as a result of adding steer and heifer growing enterprises to the traditional calf production enterprise. The net returns from the steers alone in the initial solution is higher than when all the calves are sold November 1. Net returns for the ranch management alternative of selling the calves November 1 is $1121. By feeding the heifers until March 1 and the steers until April!, the net return is increased $3129. There is a "loss" of $2008 from not feeding steers and heifers for a longer time period. The "loss" per cow is $7. 84 -- a "loss" of $3920 for a 500 cow operation. One needs to be careful

TABLE 17. Enterprise Analysis of the Initial Solution. Cow and calf, Steer growing Heifer growing calf sold Nov. 1 Nov. 1-Apr. 15 Nov. 1-Mar. 1 Total for Per cow Total for Per steer Total for Per heifer 256 cows bred 104 steers sold 68 heifers sold Income: Selling steers $14,019 $21,862 Selling heifers 7,388 $10,118 Total Income $21,407 $83.52 $21,862 $210.33 $10,118 $148.62 Expenses: Beginning value Feed costs Variable costs 0 $14,019 $134.88 $7,388 $108. 52 $11,619 $45.33 4,550 43.78 1, 536 22. 56 8,667 33. 82 990 9.52 368 5. 41 Total Expenses $20,286 $79.15 $19,559 $188.18 $9,292 $136.49 Net Returns $1,121 $4.37 $^,303 ^""zivis - "$"826 $ 12.13 o

41 in interpreting these comparisons generally due to the difference in winter feeding costs and season cattle price patterns from year to year. Net Returns With $5 Lower Barley Price The net returns obtained from the 10, 000-acre cattle operation when barley price was reduced $5 per ton was $4674. Table 18 shows the breakdown of net return on a per cow and on a per acre of range basis. The net return per cow was $18. 95 or $. 47 per acre of range. This is an increase of $2. 37 per head or $. 04 per acre over the initial solution due to a $5 per ton reduction of barley price and a recombination of activities. This solution helps realize the effect a change in feed prices can have on which activities comprise the nnost profitable operation. The following tables and explanation will help show what changes were made in the operation with the $5 per ton reduction in price of barley. Most Profitable Enterprise Combination With $5 Lower Barley Price In obtaining results in the solution with barley price reduced from $50 per ton to $45 per ton, there is a change in cattle numbers and amount of feed consumed compared to the initial solution. Table 19 shews the number of cattle maintained and amount of feed consumed.

TABLE 18. Income: Net Returns From Cattle Operation for Solution With $5 Lower Barley Price. Per Total cow Selling 100 steers at $27. 68/ cwt. weighing 780 lbs. less selling costs. $21, 038 Selling 65 heifers at $23. 37/c-wct. weighing 900 lbs. less selling costs. $13, 321 Expenses: Per acre of range Total Income $34,359 $139.29 $3.44 Feed costs: Meadow hay at $20/ton. $11,417 Alfalfa hay at $30/ton. 2. 690 Barley at $45/ton. 5, 188 Cottonseed meal at $95/ton. 104 42 Total feed costs: $19,399 $78.'64$1.94 Variable costs: a/ Cows - (247 head) $ 6,426 Replacement heifers 930 Gestation heifers 469 Steers 1,276 Heifers 1,185 Total variable costs $10,286 $ 41.70 $1.03 Total operating expense $29,685 $120. 34 $2.97 h/ Net return- ' $ 4,674 $ 18.95 $.47 a/ Is amount V. C. is above income received from sale of cull cows. h/ Is the return to labor, management, buildings, lots, and equipment used in beef production.

TABLE 19. Annual Cattle Numbers, Range Used, and Feed Fed With $5 Lower Barley Price. Class of Animal Range Amount of feed consumed cattle numbers us_ed _. Meadow hay Alfalfa hay Barley CSM (head) (acres) (tons) Cow 247 8999 346. 1 Replacement heifer 35 624 39. 8 7. 1 Gestation heifer 35 60.4 10. 5 Steer ^ 100 81.4 47.9 49.0 Heifer- 65 377 43. 3 24.2 66.2 1. 1 Totals 10, 000 571. 0 89.7 115.2 1. 1 a/ 100 is number sold on April 16. 101 are weaned September 1. b/. 65 is number sold on June 16. 66 are weaned September 1. See tables 20 and 21 for further details.

The major change in the operation is that the heifers are fed for a longer period. They are fed until June 15 compared to March 1 44 in the initial solution therefore requiring more feed. All other changes are in proportion to the decrease in cattle numbers due to the heifers using 377 acres of range, the limiting factor, thus reducing the cow number. The following tables show the changes occurring in the feed consumed and costs for the heifers. Heifers Tables 20 and 21 show the changes that have taken place in relation to heifer growing activities. The amount of. feed that is consumed to achieve a daily gain of 2. 0 pounds per day and the initial number of heifers at the beginning of each period is shown in table 20. The initial weight and the feed and variable costs incurred for each specific time period are given in table 21. The sale date, weight and dollar value of the heifer when sold are also given. In comparing these two tables with tables 15 and 16, the differences in amount of feed consumed, rate of gain, and selling value can be seen. The heifers gain an average of 2. 0 pounds per day rather than 1. 5 pounds per day as in the initial solution. They are fed until June 15 and sold weighing 900 pounds rather than sell- ing at 600 pounds in March 1. Barley, alfalfa and meadow hay are

TABLE ZO. Heifers: Feed Consumed Per Head, In Specified Time Periods With $5 Lower Barley Price. Arm ount of fe< 2d consumed Initial Range Meadow Alfalfa Time period number used hay hay Barley CSM (head) (acres) (pounds) Sept. 1-Oct. 30 66. 1 268 148 314 Nov. 1-Dec. 31 65.9 334 186 37 3 Jan. 1-Feb. 28 65.7 397 217 434 Mar. 1-Apr. 15 65.5 314 185 376 Apr. 16-June 15 65.4 377 522 33 45 Totals 377 1313 736 20 19 33 TABLE 21. Heifers: Feed Costs, Variable Costs, and Income Per Head, In Specified Time Periods With $5 Lower Barley Price. Initial Initial Feed Variable Net Time s period number weight costs costs returns (head) (pounds) (dollars) Sept. 1 - Oct. 30 66.1 330 $11.97 $ 2.98 -$14.95 Nov. 1-Dec. 31 65.9 450 14. 54 2.50-17.04 Jan. 1-Feb. 28 65.7 570 17. 00 3. 13-20. 13 Mar. 1-Apr. 15 65.5 690 14. 38 2. 68-17. 06 Apr. 16-June 15 65.4 780 13. 22 6.76-20. 08 June 16 65.2 900 204. 36 Totals $71.21 $18. 05 $115.10 required in a ratio of about 2:1. 2:1, that is 20 pounds barley to 12 pounds alfalfa and 10 pounds meadow hay. The heifer is consuming more barley and less meadow hay than in the initial solution. is due to the higher rate of gain and the lower cost of barley. This When the heifer is out on range from April 16-June 15, she requires

supplementary feeding of barley and cottonseed meal (CSM) in a ratio of 16:1, that is 16 pounds barley to 1 pound CSM. 46 Comparison of Second Solution With Traditional Operation In table 22 the second solution has been decomposed into three enterprises: calf production, steer growing, and heifer growing. The income and expenses of the second solution have been allocated to each enterprise. The calf production enterprise resembles the traditional system of operation for ranches in the high desert. The same assumptions are made in regard to the traditional operation as stated when com- pared to the initial solution except the heifers are assumed to gain 2. 0 pounds per day rather than 1. 5 pounds per day from September 1- November 1. This is the reason for the higher total income in the calf production enterprise in table 22 compared to table 17. Table 22 illustrates the expected contribution to net returns as a result of adding steer and heifer growing enterprises to the traditional calf production enterprise. The net returns are increased $3332. There is a "loss" of $1990 or $8. 06 per cow when the calves are sold November 1 rather than being fed. Again one needs to be careful in interpreting these comparisons generally due to the yearly differences in winter feeding costs and seasonal cattle price patterns.

TABLE 22. Enterprise Analysis of Second Solution. Cow and calf, calf sold Nov. 1 Total for Per cow 247 cows Bred Steer growing Heifer growing Nov. 1-Apr. 15 Nov. 1-June 15 Total for Per steer Total for Per heifer 100 steers sold 65 heifers sold Income: Selling steers $13,491 $21,038 Selling heifers 7,531 $13,321 Expenses: Total Income: $21,022 $85.22 $21,038 $210.33 $13,321 $204.36 Beginning value 0 $13,491 $134.88 $7,531 $115.53 Feed costs $11,333 $45.94 4,180 41.79 3,886 59.61 Variable costs $ 8,347 33.84 951 9.50 988 15.16 Total Expenses: $19,680 $79.78 $18,622 $186.17 $12,405 $190.30 Net Returns -- $ 1,342 $5.44 $ 2,416 $ 24.16 $ 916 $ 14.06

48 Analysis of Supplementary Feeding In The Two Solutions Even though supplementary feeding was allowed if the yearlings were put out on range, all the yearlings were sold prior to the date when range was available in the initial solution. In the solution when barley prices were lowered, only heifers were put on range and supplementarily fed from April 15 to June 15. An explanation for the results pertaining to supplementary feeding is related to a combination of factors. One means of evaluating the supplementary feeding alternative is with the utilization of the following graph which relates the total dollar "value" of the animal for various rates of gain in various months. This may help to show what affect the average seasonal pattern of cattle prices may have on the total value of the animal in the various months. Graph 1 shows the steer and heifer values for 1. 5 and 2. 0 pounds daily gain in the various time periods when they can be sold within this study. It can be seen from this graph that the price pattern may have a big influence upon the most profitable rate of gain and selling date for steers and heifers. Until March 1 there is a steady increase in value for both rates of gain for the steer. As the weights and value of the steer increase after March 1, the steer's value increases at a decreasing rate throughout the remainder time periods when gaining 1. 5 pounds. When gaining 2 pounds per day, the value

49 GRAPH 1. Value of Steers and Heifers Gaining 1. 5 and 2. 0 Pounds Per Day For Various Weights In Various Months. 240 H 220 200 A r-t <u (0 0 H u > u o 1) rh 180 H 160 A > <» 140-1 120 100 4 80 Sept. 1. Nov. 1 Jan. 1 Mar. 1 Apr. 15 Jun. 15 Aug. 1

increases at a decreasing rate until June 15 after which it increases 50 at an increasing rate again. The likely reason for this may be that the steer gaining 2. 0 pounds per day reaches a slaughter weight by August 1 and can be sold at slaughter prices. Point 1 on the graph shows the value of the steer when sold in both solutions. The heifer's value increases at an increasing rate until March 1 when gaining 1. 5 pounds per day after which it increases at a decreas- ing rate until June 15. Point 2 shows the value of the heifer when sold in the initial solution. The heifer's value increases at an increasing rate throughout the time periods when gaining 2. 0 pounds per day. The likely reason for this continual increase is because she can reach slaughter weight at a lighter weight and can be sold at slaughter prices. There is less difference between slaughter heifer and steer prices than between feeder heifer and steer prices which may explain why the heifers are supplementarily fed in the solution with reduced barley prices rather than the steers. Point 3 on the graph shows the value of the heifer when sold in the solution with reduced barley prices. The Efc'ects of Changes In The Availability and Price of Hay No Alfalfa Available A solution was made allowing no alfalfa to be fed. There was no change in cattle numbers, rates of gain, or selling dates from the

51 initial solution. The only change that occurred was that some cotton- seed meal (CSM) was fed to all classes of cattle that were consuming alfalfa hay in the initial solution. The CSM was needed to meet pro- tein requirements. The feeding of the CSM increased the feed costs. Meadow Hay Price Reduced to $10 Per Ton The results obtained when meadow hay costs were reduced $10 per ton were of more significance than when no alfalfa was allowed. This solution was based on barley price at $45 per ton and meadow hay price at $10 per ton (assumed variable costs to raise own hay). The changes that occurred were: (1) more meadow hay was fed; (2) no alfalfa hay was fed; and (3) some CSM was fed to all animals that consumed alfalfa hay. The cattle numbers were the same as in the initial solution, see table 9, but the heifers were sold April 16 weighing 670 pounds rather than being sold March 1 weighing 600. It would appear from this study that a change in meadow hay prices would not be a major factor in the management and marketing strategy for the high desert beef ranchers, subject to the fact that all other things remain the same.

52 CHAPTER V SUMMARY AND CONCLUSIONS The problem dealt with in this research was to analyze the economical utilization of the scarce range forage resource. An LP model subject to various assumptions was utilized to determine the most profitable date and weight to market spring-born steers and heifers. Many different alternatives were examined in obtaining the solutions in this research. First, the number of cows that could be maintained on the available range forage was determined. The entire livestock enterprise was considered in determining the cow numbers to see whether any other class of livestock could compete for the consumption of the range forage. The feed ration combina- tion was determined for each class of livestock, and the rates of gain to be achieved by the steers and heifers were determined. The effects of changes in feed prices and availability on the solution were also incorporated into the study. The operational objectives that were established for the study are as follows: (1) What is the most profitable time and weight to market the spring-born calves weaned September 1? (2) Is supplementary feeding of yearlings economically feasible? (3) If these yearlings are put out on the range and supplementarily fed, would there be a competitive relationship for the forage between the

53 cow-calf unit and the yearlings? (4) What combination of livestock enterprise would provide the highest returns from the range forage and other resources for a Harney County, Oregon (or similar) cow- calf ranch of 10,000 acres of range? There were two major solutions derived in this study. The initial solution obtained indicated heifers should be sold March 1 at 600 pounds having been fed to gain 1. 5 pounds per day from weaning (September 1) to selling date. The steers were sold April 16 at 780 pounds and fed to gain 2. 0 pounds per day from weaning to selling date. In the solution with barley price reduced $5 per ton from $50 to $45, the steers were sold April 16 at 780 pounds (same as the initial solution). The heifers, however, were sold June 15 weigh- ing 900 pounds having been fed to gain 2. 0 pounds per day from wean- ing (September 1) to selling date. The heifers were supplementarily fed while on the range between April 16 and June 15. The initial solution found that it was not economical to graze yearlings on range forage. The relationship between market price and animal weight is one likely reason why the yearlings were sold on or prior to April 16, the beginning of the grazing season. Between the period of April 16 and June 15, cattle prices are decreasing and the total value of the yearlings is increasing but at a decreasing rate. Consequently, the time to sell is earlier when the weight-price

54 combination is more profitable. Another possible reason is that range quality in the first month of grazing (April 16-May 15) is low and there is very little new growth available yet. If yearlings were put out on range they would require supplementary feeding to maintain a satisfactory rate of gain. It thus appears that the cows can earn a higher MVP for this limited resource, range forage, in the initial solution. In the solution with reduced barley prices, the heifers were put on range and fed a supplementary ration between turnout and market dates. One reason why heifers were put on range rather than steers is that the heifers reach slaughter grades at lower weights than steers. Also the steer-heifer price differentials at the time steers are sold (April 16) are such that it pays to keep heifers longer and add more weight by putting them on grass. The differential between heifer and steer prices at slaughter is lower in comparison to the differential in the feeder prices for heifers and steers, making such an alternative (holding heifers longer) more profitable. A reduction in hay price doesn't appear to have much effect on the management and marketing practices in this study. Meadow hay price -was reduced $10 per ton and there were no major changes in the solution. It would appear that sale at weaning time or at an early date

55 like November 1 is not the "most profitable" alternative. The feed costs are less than the increase in income from feeding the animals through the winter. This decision, however, is certainly contingent upon having facilities and capital to provide the necessary feed. In trying to draw general conclusions from the results discussed, it must be remembered that the results are subject to all the assumptions made. The study indicates further work is needed concerning overall management and marketing on these range cow-calf ranches. A difficult and limiting factor in this study was trying to obtain data on the range quantity and quality. With the range forage playing such a big part in the management decisions on these ranches and fluctuating from year to year due to weather, more detailed studies are needed. These detailed studies should provide the amount of range forage available for grazing and the nutrient content of this forage. It would be of great benefit for any further studies. With the continual change in the nutrient content of the range forage, it is recommended in further studies that the time periods be of a shorter duration. This would help determine the best way to utilize the range, especially in the early part of the grazing season where quality and quantity of forage is changing rapidly. The nutrient content of the range forage and feeds have a substantial influence on the rates of gain. It would be interesting

56 to evaluate in more detail the effects a change in the nutrient content would have on the rates of gain and upon market dates. The rate of gain achieved by the animals in the study varied with the kind of feed available, feed cost, and time of marketing. Further study is needed in determining what rates of gain are feasible and most profitable, considering the different times when these animals are sold subject to the feed availability and costs. In this study it was assumed all the winter feed needed was available. Further study should be made regarding the supply of the winter feed and what effect a price change or a shortage of winter feed would have on both feeding programs and sale dates. Another interesting facet to be studied is to determine when supplementary feeding heifers and steers is most effective and what grades should be achieved when feeding on the range for a specified length of time. A further study pertaining to the demand in the market for these yearlings at various selling dates may be quite helpful in decision making. If there is a market established, (special sales, etc. ) for these yearlings at various dates, what effect will this have on cattle prices during other time periods for the geographic area being studied? Another consideration needing further study for cow-calf ranches is in regard to risk. For instance, if a rancher had an

57 operation set up as shown in the initial solution with the cows con- suming all the range forage and all yearlings sold by April, what would he do in a bad year when the quantity of grass is low? Should he sell the cows and replace them later? For the second solution with the yearling heifers consuming some grass, these yearlings could be sold in a bad year prior to putting them out on range to save the limited amount of range forage for the cows. Is it more profitable then to follow the "all cows" strategy and gamble on the grass or have a "combination of cows and yearlings" and have more flexibility concerning grass utilization? It would be interesting to see which alternative provides the greatest net returns "on the average" over time. These are just a few additional problems one might consider if further work is done in management and marketing on the high desert cow-calf ranches.

58 BIBLIOGRAPHY 1. Bucher, Robert F. Costs and returns of cow-calf ranch in Yellowstone County that winters on the range. Bozeman, May, 1970. 14 p. (Montana State University. Extension Service. Bulletin 1073.) 2. Bucher, Robert F., et al. Costs and returns of yearling ranch in Yellowstone County. Bozeman, August, 1970. 11 p. (Montana State University. Extension Service. Bulletin 1078. ) 3. Bullock, Bruce J. and Samuel H. Logan. An application of statistical decision theory to cattle feedlot marketing. American Journal of Agricultural Economic^ 52:234-241. May, 1970. 4. Castle, E. N., Joe D. Wallace and Ralph Bogart. Optimum feeding rates for wintering weaner calves. Corvallis, July, 1961. 19 p. (Oregon. Agricultural Experiment Station. Technical Bulletin no. 56. ) 5. Cole, David L. Effect of merchandising methods on prices paid at cooperative feeder cattle sales. American Journal of Agricultural Economics 51:1129-1133. December, 1969. 6. Cook, C. Wayne. Energy budget of the range and range livestock. Fort Collins, December, 1970. 28 p. (Colorado. Experiment Station. Bulletin TB 109. ) 7. Coppedge, Robert O. (ed. ) Agriculture in Oregon counties: Farm sales and general characteristics. Corvallis, June, 1971. 92 p. (Oregon State University. Extension Service. Special Report 330. ) 8. Francis, L. E., et al. Beef cattle production costs. Davis, March,1968. 24 p. (University of California. Extension Service. Lassen, Modoc Counties. ) 9. Heady, Earl O. and Wilfred Candler. Linear programming methods. Ames, Iowa State University Press, I960. 597 p. 10. Lofgreen, G. P. and W. N. Garrett. A system for expressing net energy requirements and feed values for growing and finishing beef cattle. Journal of Animal Science 27:793-806. 1968.

11.. Net energy tables for use infeeding beef cattle. Davis, University of California, Dept. of Animal Science, 1969. 25 p. 12. Marshall, Douglas. Grazing capacity and animal unit formulas for managers and appraisers. Journal of the American Society of Farm Managers and Rural Appraisers 35:51-57. April, 1971.' 13. Morrison, Frank B. Feeds and Feeding. 22nd ed. Clinton, Iowa, Morrison Publishing Company, 1959. 1165 p. 14. Morrison, S. H. Introduction to 1970-71 ingredient analysis and estimated feed value tables for beef and sheep rations. Feedstuffs 42:A4-A19. December, 1970. 15. Mueller, Robert G. Costs of cow-calf ranching in northern interior Washington. Pullman, January, 1968. 22 p. (Washington. Agricultural Experiment Station. Circular 481. ) 16. National Research Council. Nutrient requirements of beef cattle. 4th revised edition. Washington, D. C., National Academy of Sciences, 1970. 55 p. 17. Norman, David Wallace. An economic analysis of beef cattle prices. Master's thesis. Corvallis, Oregon State University, June, 1963. 138 numb, leaves. 18. Oehrtman, Robert Lee. Physical and economic determinants that limit adjustments on cattle ranches in northeastern Oregon. Master's thesis. Corvallis, Oregon State University, 1965. 156 numb, leaves. 19. Oregon. State Water Resources Board. Oregon's long-range requirements for water. Appendix 1-12. Malheur Lake Drainage Basin general soil map report with irrigable acres. [Salem], 1969. 79 p. 20. Preston, R. L. Protein requirements of growing-finishing cattle and lambs. Journal of Nutrition 90:157-160. 1966. 21. Raleigh, R. J. Symposium on pasture methods for maximum production in beef cattle: Manipulation of both livestock and forage management to give optimum production. Journal of Animal Science 30:108-114. January, 1970. 59

60 22. Raleigh, Robert J., Larry Foster, and H. A. Turner. Fall calf production. In: 1964 progress report -- Research in beef cattle nutrition and management. Corvallis, March, 1971. p. 9-12. (Oregon. Agricultural Experiment Station. Special Report 322) 2 3. Raleigh, Robert J. and Joe D. Wallace. Nutritive value of range forage and its effect on animal performance. In: 1965 progress report -- Research in beef cattle nutrition and management. Corvallis, March, 1965. p. 1-6. (Oregon. Agricultural Experiment Station. Special Report 189) 24.. Protein and energy supplements for yearlings on crested wheatgrass pasture. In: 1963 progress report -- Research in beef cattle nutrition and management. Corvallis, March, 1963. p. 1-5. (Oregon. Agricultural Experiment Station. Special Report 145) 25.. Supplementing yearlings on native range. In: 1964 progress report -- Research in beef cattle nutrition and management. Corvallis, March, 1964. p. 4-9. (Oregon. Agricultural Experiment Station. Special Report 171) 26. Reed, A. D. An analysis of beef costs and returns in California. Davis, 1968. 31 p. (University of California. Extension Service. AXT-258) 27. Rogers, LeRoy F. Replacement decisions for commercial beef herds. Pullman, June, 1971. 9 p. (Washington. Agricultural Experiment Station. Bulletin 7 36) 28. Sneva, Forest A. and D. N. Hyder. Forecasting range herbage production in Eastern Oregon. Corvallis, October, 1962. lip. (Oregon. Agricultural Experiment Station. Bulletin 5 88) 29. U. S. Dept. of Agriculture. Forest Service. Grazing fees on national forest range, past history and present policy. Washington, D. C., June, 1969. 20 p. (Report No. 3) 30. U. S. Dept. of the Interior. Bureau of Land Management. Grazing fees 1971 - Western Oregon, Portland, 1970. 1 p. (Instruction memo no. ORE-70-5 36)

31. Wallace, Joe D., et al. Winter feeding and management of range calves. Corvallis, August, 1962. 22 p. (Oregon. Agricultural Experiment Station. Bulletin 584) 32. Wallace, Luther Tompkins. A comparative study of beef production systems on Eastern Oregon ranches. Master's thesis. Corvallis, Oregon State University, June, 1956. 7 3 numb, leaves. 61

APPENDICES

Table A-1. Computer Input: List of Columns, Rows, and Coefficients Used in Study. ROHS SNETRTN <GRZRST >CJA0R!1 <CjaTDN <CFBT0N <CFBDGP JCMAORM <CM0T0N <C6MT0N <CANDGP >CJNDRH <CJNTDN <CJLTDN <CJLOGP >C«GDRM <CAGT0N <CSPTON <CSPDGP >C0T0RM <COTTDN <CNWIDN <CNVDGP >C0C0RM <CDCTON <SJAT0M <SJADGP >SFB0RK <SFf)TDN <SMATnN <S1A0GP»SAM0R1 <SAMTDN <SFJTON <SFJDGP >SLJDRH <SLJTDN <SJLTDN <SJLDGP >SAGORf <SAGTDN <SAGOGP >SSPDRM <SSPT0N <SOTTON <SOTOGP >SNVORH <SNVTON <S0CTON <SOCOGP SSP330 SNV390 SNVltSO SNV".5a SJAltSO SJA51.0 SJA570 SMR510 SMR5I.0 SMR630 SMR660 SHR690 SAP555 SAP610 SAP630 SAP6".C SAPb60 SAP720 SAPrSO SAP780 SJNSitS SJN700 SJN72U SJN73a SJN750 SJN79a SJN810 >HSP0R1 <HSPTON <HOTTON <HOT0GP >HNVORH <HNVT0N <H0CTDN <HOCDGP >HJAORH <HJATON chfbtdn <HFBOGP >HMAORM <H(1AT0N <HAMTON <HA.10GP >HFJDRI1 <HFJTON <HLJTDS <HLJOGP HSP330 HNV390 HN>/1.20 HNVI.5CI HJAi.50 HJA51.0 HJA570 HNR510 HMR51.1 HHR630 HMR660 MMR690 HAP555 HAP610 HAP630 HAP6<.0 HAP669 HAP720 HAP750 HAP78i! HJNbltS HJN700 HJN72I1 HJN730 MJN750 HJN790 HJN810 >RJAORM <RJATON <RJADGP >RFBDRM <RFBT0N <RFBDGP >RMADRIi <RHAT0N <RAMTON <RAMOGP >RJNDRM <RJNTON <RJLTON <RJLOGP >RAGDRH <RAGTDN <RSPTON <RSP0GP >ROTOR1 <ROTTnN <RNVTON <RN>/OGP >RDCORM <RDCT0N >GJAORf <GJATON <GJA0GP >GFBORN <GFBTDN <GFBDGP >GMAORM <GMATON <GSPTnN <GSPOGP >GOTORM <GOTTON <GNVT0N <GNV0GP >GDCORH <GDCTDN <HJLrON <HJL0GP >HAGDR1 <HAGT0N SJN8I.0 SJN870 SJN90a $AG715 SAG735 SAG?".] SAG76') SAG81C SAGSZO SAG8<tJ SAGBSO SaG900 HAG715 HAG735 HAG7I.0 HAG76a HAGSIO HAG820 HAGBbO HAG85:! HAG90C HJNB<>0 HJN87u HJN901 3AG905 SAG925 SAG935 SAG955 SGlOi.5 ALFACNT KEAOCNT BARLCNT COLUINS ALFALFA SETRTN MEADOW NETRTN TARLEY NETRTN OOTSEEO NETRTN CGZAtM ".RZRST CGZJUN GRZRST <GJADGP <CMAOGP <CJNOGP <CAGOGP <COTOGP <COCOGP <SF8DGP <SAMOGP <SLJOGP <SSPOGP <SNVOGP SJAltSO SMRS70 SAP580 SAP670 SJN670 SJN760 <HSPDGP <HNVOGP <HJAOGP <HMADGP <HFJOGP HJAltSO HMR570 HAP580 HAP670 HJN670 HJN760 <RMADGP <RJNDGP <RAGDGP <ROTOGP <RDCOGP <GMAOGP <GOTOGP <GOCDGP <HAGOGP SAG770 SAG870 >CF80RH >CAHORH >CJLDRM >CSPDRM >CNVORti >SJADRI1 >SNAORM >SFJORH >SJLDRH >SOTORM >SDCORM SJA510 SMR600 SAP60O SAP690 SJN675 SJN780 >HOTORM >HDCORM >HFBDRM >HAMORH >HLJORM HJASIO HNR600 HAPGOO HAP690 HJN675 HJN780 >RAMORM >RJLDRM >RSPORM >RNVORM RPLHFR >GSPORH >GNVORM GESHFR >HJLORM SAG790 SAGS8C HAG770 HAG790 HAG870 HAG830 SJN820 SJN930 SAG985 SG101S CSNCNT -30.00 ALFACNT -20.00-20.00 MEAOCNT -20.00-50.00 BARLCNT -20.00-95.00 CSMCNT -20.00 1.060 CAHDRfl -153.00 CAMTDN -76.01. CAHDGP -6.360 1.0J0 CJNORM -120.50 CJNTON -66.28 CJNOGP -8.203 1 1 ' CGZJUL GRZRST,000 CJLORM -1<.5.55 CJLTDN -72.75 CJLOGP -7.280 CGZAUG GRZRST.OLIO COGORM -lltb.oo CAGTON -71.52 CAGOGP -1..<.70 CGZSEP GRZRST,000 CSPORM -1<.7.50 CSPTON -63.<.3 CSPOGP -1.1.80 CGZOCT GRZRST,000 COTORM -1<.6.00 COTTON -58.M COTOGP -0.71.0 CMHYJA 1EAOCNT,000 CJAORM -90.200 CJATON -1.8.000 CJAOGP -I..100 CMHYFB MEAOCNT,000 CFBORM -90.200 CFBTON -1.3.000 CFBOGP -I..100 CHHYHA MEAOCNT.coo CMAORM -90.200 CMATON -1.8.000 CMAOGP -1..100 CHHYNV MEAOCNT,000 CNVDRM -90.200 CNVTON - 8.000 CNVDGP -1..100 CMHYOC MEAOCNT,000 COCDRH -90.200 COCTON -1.8.00 0 COCOGP -it.100 CAHYJA ALFACNT,000 CJAORM -90.500 CJATON -50.700 CJAOGP -10.900 CAHYF" ALFACNT.000 CFBORM -90.500 CFBTON -50.700 CFBOGP -10.900 CAHYHA ALFACNT.000 CMAORM -90.500 CMATON -50.700 CMAOGP -10.900 CAHYNV ALFACNT,000 CNVORM -90.500 CNVTON -50.700 CNVOGP -10.900 CAHYOC ALFACNT,000 COCORM -90.500 COCTON -50.700 COCOGP -10.900 CBARJA BARLCNT,000 CJAORM -89.900 CJATON -78.800 CJAOGP -6.900 CBARFB BARLCNT.000 CFBORM -89.900 CFBTON -78.800 CFBOGP -6.900 CBARHA BARLCNT.000 CMAORM -89.900 CMATON -78.800 CMAOGP -6.900 CBARNV BARLCNT.000 CNVORM -89.900 CNVTON -78.800 CNVOGP -6.900 CBAROC BARLCNT,00 0 COCORM -89.900 COCTON -78.800 COCOGP -6.900 CCSMJA CSMCNT.000 CJAORM -92.900 CJATON -71.700 CJAOGP -33.300 CCSMfB CSMCNT.000 CFBORM -92.900 CFBTON -71.700 CFBOGP -33.300 CCSHMA CSMCNT.000 CMAORM -92.900 CMATON -71.?00 CMAOGP -33.300 CCSNNW CSMCNT,000 CNVORM -92.900 CNVTON -71.700 CNVOGP -33.300 CCSMOC CSMCNT.000 COCORM -92.900 COCTON -71.700 COCOGP 33.300 COHACT NETRTN - 26..05 CJAORM 510.000 CJATON 231.000 CJAOGP 12.900 COHACT CFBORM 506.,000 CFBTON 227.000 CFBOGP 12.700 CMAORM 925.000 CONACT CMATON Ulb,.000 CMADGP 31.000 CAMORM 1350.00 CAMTDN 587.000 COHACT CAMOGP 56,.100 CJNORM 861.000 CJNTON 399.00 0 CJNOGP 38.200 COHACT CJLORM 867,.000 CJLTDN 1.05.000 CJLDGP 38.800 CAGORM 875.000 COHACT CAGTON <t08,,000 CAGOGP 26.190 CSPORM 758.000 CSPTON 21.7.000 COHACT CSPOGP 7,.580 COTORM 753.000 COTTON 21.1.000 COTOGP 3.770 COHACT CNVORM 518.,000 CNVTON 239.000 CNVOGP 13.200 COCORM 513.000 COHACT COCTON 23<.,.000 COCOGP 13.000 SSP330-0.1.10 HSP330-0.268 COHACT GESHFR.11.0 RGZAtN GRZRST,000 RAMDRH -118.0 RAMTON -62.01. RAMOGP -6.360 RGZJUN GRZRST.000 RJNORM -120.5 RJNTON -66.26 RJNOGP -8.203 RGZJUL GRZRST,000 RJLORM -1<.5.5 RJLTON -72.75 RJLOGP -7.280 RGZAUG GRZRST.000 RAGDRM -1<.9.00 RAGTON -71.52 RAGOGP -"..1.70 RMHYJA MEAOCNT,000 RJAORM -90.200 RJATON -1.8.000 RJAOGP -I..100 RMHYFB MEAOCNT,000 RFBDRM -90.200 RFBTON -1.8.000 RFBOGP -..100 RHHYHA MEAOCNT.000 RMAORM -90.200 RMATON -48.000 RMAOGP -».100 RMHYSP MEAOCNT,000 RSPORM -90.200 RSPTON -1.8.000 RSPDGP -<..10O RMHYOT MEAOCNT.000 ROTOPM -90.200 ROTTON -1.8.000 ROTOGP -1..100 RHHYNV MEAOCNT,000 RNVD*N -90.200 RNVTON -1.8.000 RNVOGP -It.100 R1HYOC MEAOCNT.000 ROCORM -90.200 RDCTON -US.000 RDCDGP -It. 100 RAHYJA ALFACNT.000 RJAORf 1-90.500 RJATON -50.700 RJAOGP -10.900 RAHYFB ALFACNT.000 RFBDRM -90.500 RFBTON -50.700 RFBOGP -10.900 RAHYHA ALFACNT.000 RMAORM -90.500 RMATON -50.700 RMAOGP -10.900 RAHYSP ALFACNT,000 RSPORM -90.500 RSPTON -50.700 RSPDGP -10.900 RAHYOT ALFACNT.000 ROTDRM -90.500 ROTTON -50.700 ROTOGP -10.900 RAHYNtf ALFACNT,000 RNVDRH -90.500 RNVTON -50.700 RNVOGP -10.900 RAHYDC ALFACNT.000 ROCORM -90.500 RDCTON -50.700 RDCDGP -10.900 RBARJA BARLCNT,000 RJAORM -89.900 RJATON -78.800 RJAOGP -6.900 RBARFB BARLCNT.030 RFBDRM -89.900 RFBTON -78.800 RFBOGP -6.900 RBARMA BARLCNT.000 RMAORM -89.900 RMATON -78.800 RMAOGP -6.900 RBARSP BARLCNT.000 RSPORM -89.900 RSPTON -78.800 RSPDGP -6.900 RBAROT BARLCNT,000 ROTO?M -89.900 ROTTON -78.800 ROTOGP -6.900 RBARNV BARLCNT.000 RNVORM -89.900 RNVTON -78.800 RNVOGP -6.900 RBAROC larlcnt.00 0 ROCORM -89.900 ROCTON -78.800 RDCDGP -6.900 RCSMJA CSMCNT.000 RJAORM -92.900 RJATON -71.700 RJAOGP -33.300 RCSMFB CSMCNT oca RFBORN -92.900 RFSTDN -71.700 RFBOGP -33.300 r^ RCSMMA CSMCNT.000 RMAORM -92.900 RMATON -71.700 RMAOGP -33.300 (xj

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HSP3302 NETRTN -2.95 HSP33J2 HSPORM 305.00 HSPTON 176.03 HSPOGP LS.90 HOTORM 331..00 MSP331i3 HOTTON 193.00 HOTOGP 21.00 HSP330 1.00 HNVt.20-0. 997 HSP3333 NETRTN -2.98 HSP3303 HSPORM 310.00 HSPTON 211.00 HSPOGP ; B3.00 HOTORM 3*6.00 HSP3303 HOTTON 21.J.00 HOTOGP 25.80 HSP330 1.00 HNVi.50-0. 9 97 HNV3901 NETRTN -2.25 HNV3q(Jl HNVORM 333.00 HNVTON 163.0: HNVOGP 17.10 HOCORM 356..00 r NV3901 HOCTON 172.00 HOCOG" 18.30 HNV390 1.00 HJAi.50-0. 997 HNVsqoe NETRTN -2.30 HNV3902 HNVORM 339.00 HNVTON 193.JO HNVOGP ; 21.50 HOCORM 3691.00 H»)V3q02 HOCTON 21".. 00 HOCOGP 23.10 HNV390 1.00 HJAl.60-0. 997 HNV3903 NETRTN -2.St HNV3903 HNVORM 31.7.00 HNVTON 21.0.00 HNVOGP 25.80 HOCORM 38"...00 1N\/3903 HOC TON 262.OC HOCOGP 23.70 HNV390 1.00 HJA510-0. 997 HNV'.202 NETRTN -2.38 HNVi.202 HNVORM 361.00 HNVTON 209.00 HNVOGP 22.50 HOCORM 3891.00 HNV'.202 HOCTON 22"..00 HOCOG D 2"..00 HNV'.23 1.01) HJA510-0. 997 HMV 1.203 NETRTN -2.1.2 ^V^OS HNVORM 366.00 HNVTON 21.9.0 0 HNVOGP 27.30 HOCORM ".C3.00 HNUl<203 HOCTON 27"..00 HOCOGP 29. 9 J HNVlt20 1.00 HJA51.0-0. 997 HNVLSOS NETRTN -2.50 HNVtSOS HNVORM 38".. 00 HNVTON 262.00 HNVOGP 28.53 HOCORM 20.00 HNVUSaS HOCTON 286.00 HOCOGP 31.1) HNVl.50 1.00 HJA570-0. 997 HJAI.5U1 NETRTN -2.82 HJA""?)]! HJAORM 375.00 HJATON 180.00 HJAOGP 19.10 HF90P.M 391..00 HJA1.501 HFOTON 189.00 HFBOGP 20. Ou HJA".50 l.jo HMR510-0. 997 HJA^50^ NETRTN -2.86 HJA'.5'J2 HJAORM 380.00 HJATON 220.OJ HJAOGP 23.80 HF90RM 1.07.00 rija'.5c2 HFBTON 235.00 HFBOGP 25.5) HJAl.50 1.00 HMR51.0-0. 997 -ljai.503 NETRTN -2.89 HJA14S03 HJAORM 38".. 00 HJATOX 262.00 HJAOGP 28.50 HFBORM 1.20.00 HJAkSOS HFBTON 286.00 HFBOGP 31.1? HJA".53 1.00 HMR570-0. 997 HJA".8C2 NETRTN -2.92 HJA'.802 HJAORM 393.05 HJATON 230.0: HJAOGP 25.20 HFBORM 1.2 5 ;.oo HJA^SOJ HFBTON 2'.5.0: HFBOGP 26.70 HJAl.80 1.00 HMR570-0. 997 HJAH03 NETRTN -2.95 HJA1.8C3 HJAORM ".03.00 HJATON 271..03 HJAOGP 29.,90 HFBORM 1.38. 00 HJAi.303 HFOTON 293.00 HFBOGP 32.1.0 HJAl.30 1.,00 HMR6C0-0.997 HJA5102 NETRTN -2.98 HJA51C2 HJAORM 1.16.00 HJATON 21.0.00 HJAOGP 26.,30 HFBORM 1.1.3.00 HJA5102 HFBTON 251..00 HFBOGP 27.60 HJA510 1.,00 HMR600-0.997 HJA5103 NETRTN -3.01 HJA5103 HJAORM 1.21.00 HJATON 286.00 HJAOGP 31.,20 HFBORM 1.55.00 HJA51G3 HFBTON 310.00 HFBOGP 33.60 HJA510 1.,00 HMR630-0.997 HJASiiCS NETRTN -3.07 HJA5".03 HJAORM ".37.00 HJATON 298.00 HJAOGP 32..60 HFBORM 1.72. 00 HJA5I.03 HFBTON 323.00 HFBOGP 35.00 HJA51.0 1.,00 HMR660-0.997 HJA5703 NETRTN -3.13 HJA5703 HJAORM 1.55.00 HJATON 310.00 HJAOGP 33..60 HFBORM ".89.00 HJA5703 HFBTON 332.00 HFBOGP 36.20 HJA570 1.,00 HMR690-0.997 HMR5101 NETRTN -2.36 HMAORM 621.. 00 HMATON 299.,00 HMAOGP 31.10 HMR5101 HMRSli) 1.00 HAP555-0.998 HMR5102 NETRTN -2.38 HMAORM 631.. 00 HMATON 365..00 HMAOGP 1.0.00 HMRSIOZ HMR510 1.00 HAP580-0.993 HMR5103 NETRTN -2.".1 HMAORM 61...00 HMATON 1.3 8.,00 HMAOGP 1.7.70 HMR5103 HMR510 1.00 HAP600-0.998 HMR51.02 NETRTN -2.".3 HMAORM 661.00 HMATON 380.,00 HMAOGP 1,1.60 HMR51.02 HMR51.0 1.00 HAP610-0.998 HMR51.03 NETRTN -2.1.5 HMAORM 669.00 HMATON 1.56,,00 HMADGP 1.9.70 -fmrsi.03 HMR51.0 1.00 HAP630-0.998 HMR5702 NETRTN -2.1.8 HMAORM 686.00 HMATON 396,,00 HMAOGP 1.2.90 HMR5702 HMR570 1.00 HAP61.0-0.998 HMR5703 NETRTN -2.50 HMAORM 695.00 HMATON 1.73,,00 HMAOGP 51.30 HMR5703 HMR570 1.00 HAP660-0.998 HMR6002 NETRTN -2.52 HMADRM 712.00 HMATON uio.,00 HMAOGP "."..60 HMR6002 HMR600 1.00 HAP670-0.998 HMR6003 NETRTN -2.51. HMAORM 719.03 HHATDN 1.90.,00 HMAOGP 53.20 HMR6G03 HMR600 1.00 HAP690-0.998 HMR6303 NETRTN -2.59 HMAORM 71.1..00 HMATON 507.,00 HMAOGP 55. ".0 HMR6303 HMR630 1.00 HAP720-0.998 HMR6603 NETRTN -2.63 HMAORM 771.00 HHATDN 521.,.00 HMAOGP 57.10 HMR6603 HMR660 1.00 HAP75IJ -0.993 HMR6903 NETRTN -2.68 HMAORM 789.00 HHATDN 51.1,.00 HMAOGP 59.00 HMR6903 HMR690 1.00 HAP78C -0.998 HAP5552 NETRTN -5.72 HAP5552 HAMORM 673.00 HAMTON 387.00 HAMDGP 1.2.,20 HFJORM 237.00 HAP5552 HFJTON 136.CO HFJOGP l*. 60 HAPS55 1,.00 HJN61.5-0.997 HAP5553 NETRTN -5.76 HAP5553 HAMORM 682.00 HAMTON 1.61.. 03 HAMOGP 50.,1)0 HFJORM 21.".. 00 HAP5553 HFJTON 166.00 HFJOGP 18.20 HAP555 1..00 HJN675-0.997 HAP5802 NETRTN -5.83 HAP5802 HAMORM 691.. 00 HAMTON 1.00.00 HAMDGP 1.3,.70 HFJORM 21.".. 00 HAP5802 HFJTON 11.1.00 HFJDGP 15.30 HAP580 1..00 HJN670-0.997 HAP5803 NETRTN -5.86 HAP5803 HAMORM 703.00 HAMTON 1.79.00 HAMOGP 53,,70 HFJORM 252.00 HAP5803 HFJTON 171.00 HFJDGP 18.70 HAP580 1.,30 HJN700-0.997 HAP6003 NETRTN -5.9". HAP6003 HAMORM 720.00 HAMTON 1.90.00 HAMDGP 53..30 HFJORM 258.00 HAP6003 HFJTON 175.00 HFJDGP 19.10 HAP600 1.00 HJN720-0.997 HAP6102 NETRTN -5.95 HAP6102 HAMORM 719.00 HAMTON 1.15.00 HAMDGP ".5.20 HFJORM 253.00 HAP61u2 HFJTON 139.00 HFJOGP 15.8: HAP610 1.00 HJN700-0.997 HAP61'?3 NETRTN -5.98 HAP6103 HAM.IRM 723. OC HAMTON ".96.00 HAMOGP 53.90 HFJORM 259.00 HAP6t53 HFJTON 176.CO HFJOGP 19.2) HAP610 1,.00 HJN730 -C.997 IAP63C3 NETRTN -6.06 HAP63n3 HAMORM 71.6.00 HAMTON 507.00 HAMDGP 55,.10 HFJORM 265.00 O HAP6303 HFJTON 18J.00 HFJOGP 19.70 HAP630 1.00 HJN750-0.997 O