... Guidelines for Estimating Lamb Production Costs Based on a 500-Ewe Flock
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1 Guidelines for Estimating Lamb Production Costs Based on a 500-Ewe Flock December, 2013 This guide is designed to provide you with planning information and a format for calculating costs of production of a ewe lamb enterprise in Manitoba. General (MAFRD) recommendations are assumed in using feed and veterinary inputs. These figures provide an economic evaluation of the livestock and estimated prices required to cover all costs. Costs include labour, investment and depreciation, but do not include management costs, nor do they necessarily represent the average cost of production in Manitoba. These budgets may be adjusted by putting in your own figures. As a producer you are encouraged to calculate your own costs of production. Good management is assumed in that a balanced ration is being fed, and livestock are on a flock health program. This tool is available as an Excel worksheet at or at your local MAFRD GO Office. The Farm Machinery Custom and Rental Rate Guide is also available to help determine machinery costs. Note: This budget is only a guide and is not intended as an in-depth study of the cost of production of this industry. Interpretation and use of this information is the responsibility of the user. If you need help with a budget, contact your local MAFRD GO Office.
2 Guidlelines: Lamb Production Costs 2 Lamb Production Cost Summary - December, 2013 Based on 500 Ewes - Marketing 902 Lambs $/Lamb A. Operating Costs $/Ewe Marketed $/lb Total Cost Your Cost 1. Feed Costs 1.01 Ewe Ration $73.54 $40.76 $0.45 $36, Ram Ration $2.12 $1.18 $0.01 $1, Lamb Ration $51.92 $28.78 $0.32 $25, Salt-Mineral Mix $14.67 $8.13 $0.09 $7,335 Total Feed Cost $ $78.85 $0.87 $71, Other Operating Costs 2.01 Straw $11.61 $6.44 $0.07 $5, Vet Medicine and Supplies $10.75 $5.96 $0.07 $5, Maintenance and Repairs $8.40 $4.66 $0.05 $4, Hydro, Water and Telephone $2.45 $1.36 $0.02 $1, Death Loss $5.37 $2.98 $0.03 $2, Insurance $2.21 $1.23 $0.01 $1, Flock Replacement $26.00 $14.41 $0.16 $13, Marketing & Transportation $39.24 $21.75 $0.24 $19, Shearing Costs $4.21 $2.33 $0.03 $2, Predator Control $4.13 $2.29 $0.03 $2, Professional Fees $0.73 $0.40 $0.00 $ Manure Removal $3.00 $1.66 $0.02 $1, Miscellaneous $1.00 $0.55 $0.01 $500 Subtotal Operating Costs $ $ $1.61 $130, Operating Interest $7.19 $3.99 $0.04 $3,595 Total Operating Costs $ $ $1.65 $134,266 B. Fixed Costs 3. Depreciation 3.01 Buildings $4.93 $2.73 $0.03 $2, Equipment & Improvements $9.80 $5.43 $0.06 $4, Investment 4.01 Buildings $1.43 $0.79 $0.01 $ Equipment & Improvements $1.73 $0.96 $0.01 $ Breeding Flock $6.71 $3.72 $0.04 $3, Pasture Costs $3.44 $1.91 $0.02 $1,720 Total Fixed Costs $28.04 $15.54 $0.17 $14,018 Total Operating and Fixed Costs $ $ $1.82 $148,284 C. Labour $35.00 $19.40 $0.22 $17,500 Total Cost of Production $ $ $2.04 $165,784 Profitability and Breakeven Analysis Estimated Farmgate $/Ewe $/Lamb Total Price ($ per cwt) $180 Market Weight (shrunk lbs.) 90 $146,124 Wool Value $3.85 $2.13 $1,924 Gross Revenue $ $ $148,048 Marginal Returns Over Operating Costs $27.56 $15.27 $13,782 Over Operating & Labour Costs ($7.44) ($4.13) ($3,718) Over Operating & Fixed Costs ($0.47) ($0.27) ($236) Over Total Costs (Net Profit) ($35.47) ($19.67) ($17,736) Operating Expense Ratio 90.7% 90.7% Breakeven Selling Price $/cwt Operating Costs $ Operating & Labour Costs $ Operating & Fixed Costs $ Operating, Fixed & Labour Costs $ Note: This budget is only a guide and is not intended to be an in-depth study of the cost of production of this industry. Interpretation and utilization of this information is the responsibility of the user. No liability for decisions based on this publication is assumed.
3 Guidelines: Lamb Production Costs 3 Risk & Sensitivity Analysis Per Ewe Per Lamb A. Operating Costs $ $ B. Fixed Costs $28.04 $15.54 C. Labour $35.00 $19.40 Total Costs $ $ Estimated Farmgate Lamb Price ($ per cwt) $180 Lamb Crop % 200 Lamb Market Weight (shrunk lbs) 90 Up Down Percent Lamb Price Variation 5% 15% Percent Lamb Crop Variation 20% 20% Percent Lamb Weight Variation 5% 0% Higher Price ($ per cwt) $ Lower Price ($ per cwt) $ Higher Lamb Crop % 220 = 992 Lambs Marketed Lower Lamb Crop % 180 = 811 Lambs Marketed Higher Lamb Weight 94.5 Lower Lamb Weight 90.0 Higher Margin Scenario - Price Up 5%, Lamb Crop Up 20% and Lamb Weight Up 5% Per Ewe Per Lamb Gross Revenue $ $ Marginal Returns Over Operating Costs $89.67 $45.20 Over Operating & Labour Costs $54.67 $27.55 Over Operating & Fixed Costs $61.63 $31.06 Over Total Costs (Net Profit) $26.63 $13.42 Operating Expense Ratio 75.0% Lower Margin Scenario - Price Down 15%, Lamb Crop Down 20% and Lamb Weight Down 0% Per Ewe Per Lamb Gross Revenue $ $ Marginal Returns Over Operating Costs ($41.34) ($25.48) Over Operating & Labour Costs ($76.34) ($47.06) Over Operating & Fixed Costs ($69.37) ($42.77) Over Total Costs (Net Profit) ($104.37) ($64.35) Operating Expense Ratio 118.2% Note: This budget is only a guide and is not intended as an in depth study of the cost of production of this industry. Interpretation and utilization of this information is the responsibility of the user.
4 Guidelines: Lamb Production Costs 4 Lamb Production Costs - Input 1. This budget outlines the cost of production for a sheep enterprise. 2. Buildings and equipment are valued at new cost. 3. All feed is valued at fair market value. 4. Replacements are purchased at fair market value. Flock Profile Total Number of Ewes (Avg 150 lbs) 500 Number of Rams (Avg 200 lbs) 13 Lamb Crop (born alive) % 200 Ewe and Ram Mortality Rate (%) 2 Ewe Cull Rate (%) 15 Lamb Mortality Rate - Pre-Weaning % 8 Lamb Mortality Rate - Post-Weaning % 2 Lambs Marketed 902 Lambs per Ewe to Market 1.80 Average Lamb Market Weight (lbs) 100 Shrink 10% Shrunk Weight (lbs) Average Lamb Market Price ($ per cwt) $180 Average Wool Production per animal (lbs) 5 Average Value of Wool ($/lb) $0.75 Feed Requirements and Costs Amount Cost Ewe Feeding Period Feed type lbs/day $/tonne October 1-November 1 (off pasture and flushed for breeding) Days 30 Alfalfa 5 $ Barley 0.5 $ November 1-March 1 (early to mid gestation) Days 115 Alfalfa 6 $ Barley 0 $ March 1-April 1 (late gestation) Days 30 Alfalfa 5 $ Barley 1 $ April 1-June 1 (lactation) Days 60 Alfalfa 5 $ Barley 1.5 $ Amount Cost Ram Feeding Period Feed type lbs/day $/tonne October 1- June 1 Days 240 Barley 0.75 $ Alfalfa 6 $106.00
5 Guidelines: Lamb Production Costs 5 Amount Cost Lamb lbs/day $/tonne Pre-weaning Days 50 Creep 0.5 $ Hay 0.5 $ Weaning Days 30 Creep/grower 1 $ Hay 1 $ Finishing Days 100 Finisher 2 $ Hay 1.5 $ Amount Price Salt-Mineral Mix Fed (lbs) $/lb Ewes ( lb/hd/day) 22 $0.65 Rams (365 days@ 0.06lb/hd/day) 22 $0.65 Lambs (included in pre-mixed rations) 0 $0.00 Other Operating Costs Straw Bedding tonnes/ ewe 0.20 tonnes/lamb 0.10 tonnes/ ram 0.25 cost/tonne $30.00 Veterinary Medicine & Supplies Medication Lamb clostridial (two $.26/shot) $0.53 internal parasiticide (1x) $0.53 injectable vitamins $0.10 RFID tag $3.00 miscellaneous $0.50 Ewe clostridial $.26/shot) $0.26 Caseous Lymphadenitis (annually@$.26/shot) $0.26 internal parasiticide (2x) $1.06 injected vitamins $0.20 miscellaneous $0.50 Ram clostridial $.26/shot) $0.26 Caseous Lymphadenitis (annually@$.26/shot) $0.26 internal parasiticide (2x) $1.06 injected vitamins $0.20 miscellaneous $0.50
6 Guidelines: Lamb Production Costs 6 Professional Services Total Yearly Hours 2 Charge per Hour $ Total Kilometers (round trip) 80 Charge per km $0.80 Number of yearly visits 1 Fuel, Maintenance & Repairs Tractor $1,000 Truck $1,200 Buildings,Fences etc. $2,000 Utilities Hydro $425 Water $0 Telephone $800 Marketing & Transportation Custom Trucking per lamb $12.50 Marketing Charges Commission $ 6.00 Check off $ 1.80 Insurance - Manitoba $ 1.00 Feed on arrival/day $ 0.50 per lamb $9.30 Replacement Costs $/cwt Ewe replacement rate 15.0% Ewe replacement cost $ Ewe cull value 150 lbs $65 $97.50 Ram replacement rate 25.0% Ram replacement cost $ Ram cull value 200 lbs $90 $ Predator Control Stock dog $ Guard dog $ Years 7 Annual maintenance costs (feed, vet, etc.) $2, Manure Removal Annual cost for Removal $1, Insurance Cost per $100 Capital Invested in a). Livestock $0.45 b). Building & Equipment $0.40 Add'l Coverage for liability ($/year) $49.00
7 Guidelines: Lamb Production Costs 7 Shearing Costs Ewe shearing cost ($/head) $4.00 Ram shearing cost ($/head) $8.00 Miscellaneous Total yearly office expenses $ Interest Investment Rate (%) 2.50% Operating Loan (%) 5.50% CAPITAL INVESTMENT Useful Salvage Buildings Value Life Value Pole Barn (36' x 144') with Lambing/Shearing room (24' x 36') $39, % Wintering Lots $5, % Well $8, % Total Building Cost $53,230 Equipment & Improvements Water System (2 waterers & installation) $3, % Miscellaneous Machinery & Equipment: $5, % Tractor & Loader -allocated to sheep $36, % Truck - allocated to sheep $15, % Total Equipment & Improvements $59,000 Total Buildings & Equipment Investment $112,230 Breeding Flock Value of Ewes $125,000 Value of Rams $9,100 Total Breeding Flock Investment $134,100 Land Investment Acres required 80 Value per acre (Marginal pasture land) $450 Total Land Investment $36,000 Useful Salvage Land Taxes (per acre) $2.00 Life Value Fence 7 strand electric (miles) % Fence cost (per mile) $5,280 Total Fence Cost $10,560 Total Land & Fence Investment $46,560 Total Capital Investment $292,890 Labour Hours per ewe 1.75 Rate per hour $20.00
8 Guidelines: Lamb Production Costs 8 Assumptions 1. This budget outlines the cost of production for a sheep enterprise. 2. Buildings and equipment are valued at new cost. 3. All feed is valued at fair market value. 4. Replacements are purchased at fair market value. Lamb Production Costs Worksheet Flock Profile Number of Ewes 500 Number of Rams 13 Lamb Crop (born alive) % 190 Ewe Mortality Rate (%) 2 Lamb Mortality Rate - Pre-Weaning % 8 Lamb Mortality Rate - Post-Weaning % 2 Lambs Marketed 902 Average Lamb Market Weight (lb) 90 Average Wool Production per animal (lb) 5 Average Value of Wool ($/lb) $0.75 Feed Requirements and Costs Amount Cost Ewe Feeding Period Feed type lbs/day $/tonne October 1-November 1(off pasture and flushed for breeding) Days 30 Alfalfa/grass hay 5 $ Barley 0.5 $ November 1-March 1(early to mid gestation) Days 115 Alfalfa/grass hay 6 $ Barley 0 $ March 1-April 1(late gestation) Days 30 Alfalfa hay 5 $ Barley 1 $ April 1-June 1(lactation) Days 60 Alfalfa hay 5 $ Barley 1.5 $ Amount Cost Ram Feeding Period Feed type lbs/day $/tonne October 1- June 1 Days 240 Barley 0.75 $ Forage 6 $ Lamb Pre-weaning Days 50 Creep 0.5 $230 Hay 0.5 $110 Weaning Days 30 Creep/grower 1 $180 Hay 1 $110 Finishing Days 100 Finisher 2 $150 Hay 1.5 $106
9 Guidelines: Lamb Production Costs 9 Amount Price Salt-Mineral Mix Fed (lbs) $/lb Ewes 22 $0.65 Rams 22 $0.65 Lambs (included in ration) 0 $0.00 A. OPERATING COSTS Your Cost 1. Feed Costs 1.01 Ewe Flushing Ration Grain 30 days per year x 0.5 lbs barley/day x $ /tonne barley = $1.02 /ewe Forage 30 days/year x 5 lbs alfalfa/day x $ /tonne alfalfa brome hay = $7.48 /ewe 1.02 Ewe Early to Mid Gestation Ration Barley Forage 115 days/year x 0 lbs barley/day x $ /tonne barley = $0.00 /ewe 115 days/year x 6 lbs alfalfa/grass hay/day x $ /tonne of alfalfa hay = $34.43 /ewe 1.03 Ewe Late Gestation Ration Barley 30 days/year x 1 lbs barley/day x $ /tonne barley = $2.04 /ewe Forage 30 days/year x 5 lbs alfalfa hay/day x $ /tonne of alfalfa hay = $7.48 /ewe 1.04 Ewe Lactation Ration Barley 60 days/year x 1.5 lbs barley/day x $ /tonne barley
10 Guidelines: Lamb Production Costs 10 = $6.12 /ewe Forage 60 days/year x 5 lbs alfalfa hay/day x $ /tonne of alfalfa hay = $14.97 /ewe Total = $73.54 /ewe 1.05 Ram Ration Grain Forage 240 days/year x 0.75 lbs barley/ram/day x $ /tonne barley = $12.25 /ram x 13 rams = $0.32 /ewe 240 days/year x 6 lbs alfalfa brome/ram/day x $ /tonne alfalfa brome = $69.24 /ram x 13 rams = $1.80 /ewe Total = $2.12 /ewe 1.06 Lamb Ration Pre Weaning Ration 50 days/year 0.5 lbs creep feed/lamb/day x 920 lambs weaned x $ / tonne commercial feed cost = $4.80 /ewe Pre Weaning Forage 50 days/year 0.5 lbs alfalfa hay/day x 920 lambs weaned x $ /tonne of alfalfa hay = $2.30 /ewe Weaning Ration 30 days/year 1 lbs creep feed/lamb/day x 920 lambs weaned x $ / tonne commercial feed cost
11 Guidelines: Lamb Production Costs 11 = $4.51 /ewe Weaning Forage 30 days/year 1 lbs alfalfa hay/day x 920 lambs weaned x $ /tonne of alfalfa hay = $2.75 /ewe Finishing Ration 100 days/year 2 lbs creep feed/lamb/day x 902 lambs weaned x $ / tonne commercial feed cost = $24.55 /ewe Finishing Forage 100 days/year 1.5 lbs alfalfa hay/day x 902 lambs weaned x $ /tonne of alfalfa hay = $13.01 /ewe Total = $51.92 /ewe 1.07 Salt-Mineral Mix Ewes 22 lbs salt-mineral/ewe/year x $0.65 /lb = $14.30 /ewe Lambs 0 lbs salt-mineral/lamb/year (incl. in ration) x $0.00 /lb x 902 lambs marketed = $0.00 /ewe Rams 22 lbs salt-mineral/ram/year x $0.65 /lb x 13 rams = $0.37 /ewe Total = $14.67 /ewe 2. Other Operating Costs: 2.01 Straw Ewes 0.20 tonnes/ewe/year x $30.00 /tonne
12 Guidelines: Lamb Production Costs 12 Lambs Rams = $6.00 /ewe 0.10 tonnes/lamb/year x $30.00 /tonne x 902 lambs = $5.41 /ewe 0.25 tonnes/ram/year x $30.00 /tonne x 13 rams = $0.20 /ewe Total = $11.61 /ewe 2.02 Veterinary Medicine & Supplies Lamb Medication $0.53 /lamb clostridial vaccine + $0.53 /lamb internal parasiticide + $0.10 /lamb injected vitamins + $3.00 /RFID tag + $0.50 /lamb miscellaneous medicine = $4.66 /lamb x 902 lambs = $8.41 /ewe Ewe Medication Ram Medication $0.26 clostridial. vaccine + $0.26 caseous lymphadenitis + $1.06 internal parasiticide + $0.20 injected vitamins + $0.50 miscellaneous medicine = $2.28 /ewe $0.26 clostridial. vaccine + $0.26 caseous lymphadenitis + $1.06 internal parasiticide + $0.20 injected vitamins + $0.50 miscellaneous medicine = $2.28 /ram x 13 rams = $29.64 total medication = $0.06 /ewe Total = $10.75 /ewe 2.03 Maintenance & Repairs $1,000 tractor + $1,200 truck + $2,000 building, fence, etc.
13 Guidelines: Lamb Production Costs 13 = $4,200 total = $8.40 /ewe 2.04 Hydro, Water and Telephone $425 hydro + $0 water + $800 telephone = $1,225 = $2.45 /ewe 2.05 Death Loss Ewe $ /ewe x 2 death loss % = $5.00 /ewe Ram $ /ram x 2 death loss % 38 ewes/ram = $0.37 /ewe Total = $5.37 /ewe 2.06 Insurance Building and Equipment Breeding Flock Additional Coverage $112,230 bldg. & equipment investment x $0.40 /$100 capital = $0.90 /ewe $134,100 herd investment x $0.45 /$100 capital = $1.21 /ewe $49.00 additional coverage for liability = $0.10 /ewe Total = $2.21 /ewe 2.07 Flock Replacement Ewe Replacement 500 ewes x 0.15 replacement rate = 75 number replaced/year $250 /replacement ewe - $98 /cull ewe x 75 number replaced/year
14 Guidelines: Lamb Production Costs 14 = $22.88 /ewe Ram Replacement 13 rams x 0.25 replacement rate = 3 rams replaced/year $700 replacement ram value - $180 cull ram value x 3 rams replaced/year = $3.12 /ewe Total = $26.00 /ewe 2.08 Marketing & Transportation Trucking $12.50 trucking per lamb x 1.80 lambs marketed/ewe = $22.50 /ewe Commission, fees, etc. $9.30 cost per lamb x 1.80 lambs marketed/ewe = /ewe Total = $39.24 /ewe 2.09 Shearing Costs $8.00 $/ram ewes/ram + $4.00 $/ewe = $4.21 /ewe 2.10 Predator Control $200 stock dog + $250 guard dog 7 years + $2,000 annual maintenance = $4.13 /ewe 2.11 Professional Fees Herd Veterinarian $2 Total Yearly hours x $150 charge per hour = $300 Vet Fees = $0.60 /ewe Mileage 80 Total Kilometers (round trip) x $0.80 Charge per km x 1 Number of yearly visits = $64 Mileage charges = $0.13 /ewe
15 Guidelines: Lamb Production Costs 15 Total = $0.73 /ewe 2.12 Manure Removal $1, total annual cost = $3.00 /ewe 2.13 Miscellaneous $ total office expenses = $1.00 /ewe 2.14 Operating Interest $ subtotal operating costs 2 average x 5.5% operating interest rate = $7.19 /ewe B. FIXED COSTS CAPITAL INVESTMENT Buildings Pole Barn (36' x 144') with Lambing/Shearing room (24' x 36') $39,530 Wintering Lots $5,700 Well $8,000 Total Building Cost $53,230 Equipment & Improvements Water System (3 waterers & installation) $3,000 Miscellaneous Machinery & Equipment: $5,000 Tractor & Loader -allocated to sheep $36,000 Truck - allocated to sheep $15,000 Total Equipment & Improvements $59,000 Total Buildings & Equipment Investment $112,230 Breeding Flock Value of Ewes $125,000 Value of Rams $9,100 Total Breeding Flock Investment $134,100 Land Investment Acres required 80 Value per acre 450 Total Land Investment $36,000 Land Taxes (per acre) $2.00 Fence 7 strand electric (miles) 2 Fence cost (per mile) $5,280 Total Fence Cost $10,560 Total Land & Fence Investment $46,560 Total Capital Investment $292, Depreciation:
16 Guidelines: Lamb Production Costs Buildings: Original Value -Salvage Value Useful life $53,230 original value - $3,953 salvage value 20 years useful life = $4.93 /ewe 3.02 Equipment & Improvements $59,000 original value - $10,000 salvage value 10 years useful life = $9.80 /ewe 4. Interest on Investment Original Value +Salvage Value x Investment Rate Buildings: $53,230 original value + $3,953 salvage value 2 average x 2.5% investment rate = $1.43 /ewe 4.02 Equipment & Improvements $59,000 original value + $10,000 salvage value 2 average x 2.5% investment rate = $1.73 /ewe 4.03 Breeding Stock $134,100 herd investment x 2.5% investment rate = $6.71 /ewe 5. Pasture Costs Land Investment $36,000 land value x 2.5% investment rate = $1.80 /ewe Taxes $160 total taxes = $0.32 /ewe Fence depreciation $10,560 fence value - 0 salvage value
17 Guidelines: Lamb Production Costs useful life = $1.06 /ewe Fence investment $10,560 fence value + 0 salvage value 2 average x 2.5% investment rate = $0.26 /ewe Total = $3.44 /ewe C. Labour Wool Value 1.75 hours/ewe x $20.00 /hour = $35.00 /ewe 513 total breeding animals x 5 average lbs wool production x $0.75 $/lb = $3.85 /ewe Profitability and Breakeven Analysis: Gross Revenue per lamb = lamb weight (100lbs) x 10% shrink x $180/cwt Operating Expense Ratio = ($ operating cost / $ gross revenue) x 100 Breakeven Price $/cwt = Cost - $2.13 wool value shrunk lamb market weight (0.9 cwt) November, 2013 Created and maintained by MAFRD Farm Business Management or: For more information, contact your local Mamoon Rashid Business Development Specialist MAFRD GO Office or: Greg Fedak Business Development Specialist Roy Arnott Business Development Specialist
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