Farm Business Analysis Report BEEF SUMMARY

Extension No. M M-356 ESQ No. 490 1977 Farm Business Analysis Report BEEF SUMMARY Department of Agricultural Economics and Rural Sociology Cooperative Extension Service The Ohio State University Columbus, Ohio

SUMMARIES AVAILABLE FOR 1977 TOTAL FARM SUMMARIES Dairy Dairy By Herd Size Swine Beef General Crop ENTERPRISE SUMMARIES INCLUDED Dairy Milk Farrow and Finish Finishing Only Beef Feeding Beef Breeding Corn Soybeans Wheat Oats Corn Silage Alfalfa Hay Clover-Mixed Hay Written by: Extension Economists Richard D. Duvick Timothy Short Frank M. Gorsuch In Cooperation With: Area Farm Management Agents Darrell Acker Karl Clemons Herbert Crown Jim Howell Dave Miller Don Moore Jim Polson Howard Showalter Bill Smith Paul Wright County Agents Farm Business Planning & Analysis Teachers Vocational Agriculture Teachers

1~77 Ohio Farm Business Analysis Report BEEF SUMMARY TABLE OF CONTENTS Introduction & Highlights. 1 Enterprise Summaries 2 Cost of Producing Beef 2-3 Overall Beef Feeding Farm Summary Beef Feeding Enterprise. Beef Breeding Enterprise Glossary of Selected Terms Compare Yourself to Ohio's Beef Producers INTRODUCTION 4-9.10-11 12-13.14-15 Top 16 The Ohio Farm Business Analysis Beef Summary is one of five summaries compiled annually. Beef producers may use this summary to identify strengths and/or weaknesses of their total farm program, or of their beef feeding or beef breeding enterprises. The summary format is similar to the individual detailed analysis received by farmers who submitted their production records for analysis. Over 495 farmers from all over Ohio participated in the farm business analysis in early 1978 through their Extension Agents or Vocational Agriculture instructors. The information in this summary was assembled from those farms with complete and accurate data for their beef feeding or beef breeding enterprises. HIGHLIGHTS Only seven owner operator and tenantlandlord beef feeding farms submitted complete and accurate enough records to be included in the overall beef feeding farm summary in 1977. These seven farms (sunnnarized on pages 4-9 of this report), had a -3,371 return to unpaid labor and management income, or -.74 per hour. This is a large reduction in comparison to the 1976 figures of 22,067 per far~ and 5.29 per hour. An average of 343 beef cattle were sold on these seven farms, which produced 156,386 pounds of beef per farm valued at 47.08 per hundredweight. labor and management income for the seven Ohio cattle feeding farms in the summary. Overhead costs accounted for 40.5% and variable costs absorbed 62% of gross farm income. There was a negative (-2.5%) return to the operator and family for their labor and management. Feed purchases of 29,144 and costs of producing home grown feed valued at 50,933 took a large portion of variable and overhead expenses. Since feed cost is over 65% of the total cost of producing beef, controlling feed costs should be one of the beef farm operators primary management objectives. Figure 1 DISTRIBUTION OF AVERAGE GROSS FARM INCOME OHIO BEEF FARMS 1977 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 Overhead Costs Variable Costs 81,855 62%... -2.5% GROSS FARM INCOME 131, 949 Figure 1 shows the distribution of. gross farm income between variable costs, c overhead costs, and return to unpaid

:'.::f..:'i:rpr.ise. SilliMARIES Information on costs per hundredweight of beef produced for 24 beef feeding enterprises is on pages 10 and 11 of this summary. Similar information for the Beef Breeding Enterprises will be found on pages 12 and 13. The upper 50% group of both enterprises attained a small but positive return to their labor and management efforts with the upper 50% beef feeding enterprises making 3.67 per hour, and the upper 50% beef breeding getti~~ nnly.55 per hour. The upper 50% feeding enterprises sold 150 head of fat cattle and had a 1.49 return per dollar feed fed. This group had a.93 turnover rate allowing them to make good use of investment capital. A prof it margin of 8.2% along with a high turnover rate allowed this group a modest 7.6% return on investment. The lower 50% had a negative 27.7% profit margin and only.32 turnover rate. This resulted in a negative 8.9% return on investment for the feeders in the lower 50% group. The upper 50% beef breeding enterprises managed to keep their cash expenses and costs of home grown feeds below the value of production per hundredweight whereas the lower group failed to do so. Although many of the beef breeding enterprises appeared unprofitable, it should be noted that beef breeding operations sometimes charge pasture and facilities to the enterprise that would -zotherwise generate zero returns to the farm. So, the non-cash costs may seem high and as a result little profit is generated. However~ the alternative of not charging them to the ~ breeding enterprise may be worse. As long as the value of production exceeds cash costs and costs of home-produced feed, such as grain and hay, the producer is still ahead to maintain his herd in the shortrun. Ten of the 21 enterprises in the summary met this goal. COST OF PRODUCING BEEF Figure 2 on page 3 breaks down the cost per cwt. of fattening beef feeders. Purchased and home grown feeds make up two thirds or more of the total cost. This points out the importance of feed conversion and ration selection in keeping down the cost of producing beef. Reducing total feed costs is a good way to improve an operator's income. The table below shows how purchase and sales price can make a difference in value of production, or the margin a producer has to work within. Good records are part of good management. Without detailed cost information it is nearly impossible to determine the price one can pay for feeders while minimizing risk. a. b. NOTE The term "Value of Prodpction" as used in the enterprise summaries on pages 10-14 is not the same as price received. Value of Production includes the increase in value on purchased weight of feeder cattle, or increase (decrease) in value of brood cows plus value of the calf produced. This value increase is divided by the weight gain for the enterprise to yield a value of production per cwt. In the beef feeding enter ~rise (page 10) value of production per cwt. ranges from 29.30 to 46.15. Examples a and b, in the table below, show how value of production can be higher or lower than selling price for beef f~eders. Change in inventory of brood cows can alter the value of production for beef breeding enterprises in a similar manner. Effect of Purchase and Sale Prices on Value of Beef Production Feeder Calf Purchase Market Steer Sold Wt. Value Value Increase + Price Wt. Value Price Wt. Value Gain Increase Wt. Gain=Value of Productioa 28/cwt 500# 140 48/cwt 1000# 480 500/J 340 68/cwt 35/cvt 500# 175 34/cvt 1000# 340 5001 165 S33/cvt ~

-3- c Figure 2 DOLLAR COST OF PRODUCING BEEf 24 BEEF FEED I NG ENTER PR I SES Per Cwt OHIO, 1977 70 64.33 60 50 48.04 1.00 52.94.62 Unpaid Labor Hired Labor Other Cash Expenses Other Non- Cash Expenses 40 30 Purchased Feed 20 10 Home Grown Feed Upper Aver3ge Lower 50'/o

-4-1977 OHIO FARM BUSINESS ANALYSIS REPORT OVERALL BEEF FEEDING FARM SUMMARY 7 OWNER-OPERATOR & TENANT-LANDLORD BEEF FEEDING FARMS Average My Farm INCOME Cash Receipts Capital Gains and Losses Inventory Changes Feeder Livestock Gross Farm Income EXPENSES Cash Expenses Depreciation Interest Not Charged Unpaid Operator & Family Labor - Feeder Livestock Total Farm Expense MANAGEMENT rncmm & PROFIT Total As a Percent of Gross Income UNPAID OPERATOR & FAMILY LABOR Total As a Percent of Gross Income OVERHEAD COSTS Total As a Percent of Gross Income VARIABLE COSTS Total As a Percent of Gross Income NET CASH INCOME NET FAR!f INCOME INVESTMENT Total Return to Investment Percent Return on Investment Gross Income Per 1,000 Invested % % % % % 183,062 3,683 10,983-65 '779 131,949 171,779 13,680 15,640 14,916-65 '779 150,236-18,287-13.8 14,916 11.3 53,465 40.5 81,855 62.0 11,283 12,269 383,208 10,452 2.7 344 TOTAL UNPAID LABOR & MANAGEMENT INCOME Total Hour NUMBER OF FARMS NUMBER OF BEEF CATTLE SOLD LABOR EFFICIENCY FACTOR No. Hd. % -3,371 -.74 7 343 82.8

-5-1977 OHIO FARM BUSINESS ANALYSIS REPORT ' CASH RECEIPTS OVERALL BEEF FEEDING FARM SUMMARY Average My Farm General Crops Special Crops Cash Rent and Royalties Labor Off Farm Custom Work Other Livestock Produces Tax Refund Patronage Dividend Miscellaneous Receipts Government Payments Government Crop Payments Market Livestock Cattle Swine Lambs Veal Calves Total Cash Receipts CASH EXPENSES Hired Labor Feed Purchased Farm Supplies Machinery Repairs Bldg., Fence, Tile, Etc. Repairs Fuel, Oil and Grease Utilities (Farm Share) Drying & Storage Miscellaneous Expenses Seeds and Plants Fertilizer and Lime Machine Hire and Trucking Auto Expense (Farm Share) Interest on Notes and Mortgage Veterinary and Medicine Breeding Fees and Registration Feeder Livestock Purchase Taxes Cash Rent Insurance Total Cash Expenses 15,287 857 84 0 308 571 158 1,550 2,791 122 77 139,146 22,111 183,062 6,806 29,144 6,274 5,074 1,276 5,863 1, 724 640 1,733 3,042 15,045 2,656 286 13,099 3,393 179 65 '779 2,257 5,628 1,881 171,779

-6-1977 OHIO FARM BUSINESS ANALYSIS REPORT OVERALL BEEF FEEDING FARM SUMMARY ~ Average My Farm CAPITAL GAIN Raised Breeding Stock 3,487 Purchased Breeding Stock 196 Machinery and Equipment 0 Total Capital Gain or Loss 3,683 NET INVENTORY CHANGE Raised Breeding Livestock 3,992 Market Livestock 7,920 Grain, Hay, Supplement -765 Supplies and Fertilizer -164 Total Inventory Change 10,983 DEPRECIATION Buildings, Fence, Etc. 3,555 Machinery and Equipment 8,669 Purchased Breeding Stock 1,456 Total Depreciation 13,680 CAPITAL INVESTMENT ~ Purchased Breeding Stock 6,701 Raised Breeding Stock 21,913 Market Livestock 57,916 Grain and Hay 56,461 Supplies and Fertilizer 1,675 Machinery and Equipment 46,567 Buildings, Fence, Tile 37,342 Land (Current Ag. Value) 154,633 Total Capital Investment 383,208 RATIO ANALYSIS Profit Margin % 7.9 Turnover /.34 Return on Investment % 2.7 LABOR EFFICIENCY FACTOR % 82.8

-7-1977 OHIO FAR..~ BUSINESS ANALYSIS REPORT OVERALL BEEF FEEDING FARM SUMMARY Average My Farm LABOR EFFICIENCY Reported Labor Used on Farm Operators Labor Used No. of Operator Hours Value/Hr. 4,257.8 3.13 Unpaid Family Labor Used Wife Hours Value/Hr. Family Labor Over 14 Hours Value/Hr. Family Labor Under 14 Hours Value/Hr. Hired Labor Hours Value/Hr. 122.8 3.00 242.8 1. 75 42.8 1. 75 2,558.0 2.66 Number of Man Equivalent Hours Used Number of PMWU Used Number of Man-Year Equivalents Used Value of Operators Labor Used Value of Unpaid Family Labor Used Value of Hired Labor Used Value of Total Labor Value of Labor Per Man Hour Equivalent Value of Labor Per PMWU Value of Labor Per Man-Year No. No. No. 7,129 712.9 2.38 13,916 1,000 6,806 21, 722 3.05 30.47 9,127

-8-1977 OHIO FARM BUSINESS ANALYSIS REPORT OVERALL BEEF FEEDING FARM SilliMARY Average My Farm CROPS SUMMARY Crop Production Corn Acres Yield Soybeans Acres Yield Oats Acres Yield Wheat Acres Yield Alfalfa Acres Yield Clover Acres Yield Corn Silage Acres Yield Haylage Acres Yield Other Crops Acres General Crop Acres Total Harvested Crop Acres Rotation Pasture Acres Total Tillable Acres Value of General Crops Value of All Crops General Crop Prod. Value/Acre All Crop Prod. Value/Harvested Acre Percent of General Crops in Corn and Soybeans Percent Total Tillable Acres in Corn and Soybeans Bu. Bu. Bu. Bu. Ton Ton Ton Ton % % 158 98.2 29 39.1 1 18.7 16 40.6 20 3.9 28 3.2 64 16.6 6 7.3 22 344 345 7 352 67,986 68,921 198 200 73.0 71. 3 Fertilizer and Lime Cost Per Tillable kre Mach. Invstmt. Per Tillable Acre Total Power and Machinery Cost Machinery Cost Per Tillable Acre 43 132 25,732 73

-9-1977 OHIO FAR.J.~ BUSINESS ANALYSIS REPORT OVERALL BEEF FEEDING FARM SUMMARY LIVESTOCK SUMMARY Average ~ Farm Total Value of Feed Fed to all Livestock Enterprises Value of Net Livestock Increase Returns Per Feed Fed to all Livestock Enterprises 80,077 114,037 1.42 FARM EFFICIENCY INFORMATION* Number of Man-Years of Labor Gross Income Per Man Number of Full-time Operators Labor and Management Income Per Full-time Operator Beef Produced Per Farm Beef Produced Per Man Value of Beef Production Per Cwt. Cost of Beef Production Per Cwt. Beef Cattle Sold Beef Cattle Sold Per Man Tillable Acres Per Farm Tillable Acres Per Man No. No. Lbs. Lbs. Hd. Hd. 2.38 55,441 1.42-2,374 156,386 65,708 47.08 52.03 343 144 352 148 * Factors per man include all labor used on the farm and are stated per man-year equivalents, or 3,000 hours.

-1~- 1977 OHIO FARM BUSINESS ANALYSIS REPORT BEEF FEEDING-ENTERPRISE SUMMARY PER CWT OF BEEF PRODUCED FINANCIAL SUMMARY Upper 50% Per Cwt Average Per Cwt Lower 50% Per Cwt My Farm TOTAL VALUE OF PRODUCTION** 48.09 46.44 42.62 Cash Expenses Hired Labor Feed Purchased Farm Supplies Machine Repairs Build Fence Etc. Fuel Oil & Grease Utilities Misc. Expense Machine Hired Hrk. Auto Expense Interest on Notes Vet Medicine Taxes Rent Insurance Total Cash Expenses* 1.17 11.27 1.31.47.73.50.22.39 1.18 04 3.55 1.34.23.12 21 22.73 1.00 10. 71 1.01.42.62.51.29.44. 86.05 3.23 1.22.28.27.28 21.19.62 9.42.31.31. 35.55.45.59.10.08 2.48.95.40.61.43 17.65 Non-Cash Expenses Depreciation Bldg. Fence Tile Machinery & Equip. Total Depreciation Unpaid Opr. and Fam. Labor Interest Not Charged Home Grown Feeds Total Non-Cash Expenses 1.43 2.48. 32 21.08 25.31.59. 84 2.18 2.95 2.46 24.16 31. 75 1.07 1.11 2.18 1. 73 3.41 4.05 7.42 31.30 46.68 ---- TOTAL EXPENSES OF PRODUCTION 48.04 52.94 64.33 Management Income and Profit.05-6.50-21. 71 Value of Production Minus Cash Expenses 25.36 25.25 24.97 Return to Unpaid Operator and Family Labor, Management and Profit Per Cwt Per Hour 2.53 3.67-3.55-4.27-17.66-14.05 *Feeder livestock purchases have been deducted from these figures to reflect on farm ~ production. **Value of Production is not the same as price received. See note on page 2.

-11- ' 1977 OHIO FARM BUSINESS ANALYSIS REPORT BEEF FEEDING-ENTERPRISE SUMMARY UEEer 50% Average Lower 50% My Farm NUMBER OF FARMS 12 24 12 GENERAL INFORMATION Fat Cattle Sold Hd. 150 112 74 Fat Cattle Sold Per Man Equivalent Hd. 575 536 471 Beef Produced Lbs. 73,504 52,592 31,679 Beef Produced Per Man Equivalent Lbs. 281,625 251,636 201, 777 Returns Per Feed Fed 1.49 1.33 1.05 PER CWT BEEF PRODUCED Per Cwt Per Cwt Per Cwt ' Total Investment s 51.63 75.85 132.06 Return on Investment 3. 92 -.81-11. 81 Percent Return on Investment 7; 7.6-1.1-8.9 Total Feed Costs 32.35 34.87 40.72 Feed Required Value of SuP{>lement 5.26 5.70 6. 71 Value of Grain 18.56 17.32 14.47 Value of Roughages s 8.53 11.85 19.54 Productive Man Works s No..107.119.149 Value of Labor Used 3.65 3.95 4.67 RATIO ANALYSIS c, Profit Margin /, 8.2-1. 7-27.7 Turnover /.93.61. 32 Return on Investment % 7.6-1.1-8.9

-12-1977 OHIO FARM BUSINESS ANALYSIS REPORT BEEF BREEDING-ENTERPRISE SUMMARY PER CWT OF BEEF PRODUCED FINANCIAL SUMMARY Upper 50% Per Cwt Average Per Cwt Lower 50~~ Per Cwt Mv Farm TOTAL VALUE OF PRODUCTION* s 48.91 47.52 45.99 Cash Expenses Hired Labor Feed Purchased Farm Supplies Machine Repairs Build Fence Etc. Fuel Oil & Grease Utilities Misc. Expense Machine Hired Trk. Auto Expense Interest on Notes Vet Medicine Breeding Fees Taxes Rent Insurance Total Cash Expenses s 1.05 2.25 1.05.18.33.42.15.24.13.18.87 1. 38.49. 85.27. 38 10.22 1.50 2.48.93.43.47.78.24.70.09.16 1.58 1.03.25 1.08.52.63 12.87 1.99 2.73.81.70.63 1.17.34 1.21.OS.13 2.37.64 0 1.34.80.91 15.82 Non-Cash Expenses Depreciation Bldg. Fence Tile Machinery & Equip. Purchased Brdg. Stk. Total Depreciation U1paid Opr. and Fam. Labor I1terest Not Charged Home Grown Feeds Total Non-Cash Expenses.46.56 2.36 3.38 10.25 7.89 25.41 46.93 1.27 1.98 2.57 5. Bi. 11.80 12.09 35.42 65.13 2.17 3.55 2.80 8.52 13.50 16.70 46.45 85.17 TOTAL EXPENSES OF PRODUCTION 57.15 78.00 100.99 Management Income and Profit -8.24-30.48-55.00 Value of Production minus Cash Expenses 38.69 34.65 30.12 Return to Unpaid Operator and Family Labor, Management and Profit Per Cwt Per Hour 2.01.55-18.68-4.82-41. 50-10.17 *Value of Production is not the same as price received. See note on page 2.

-13-1977 OHIO FARM BUSINESS ANALYSIS REPORT BEEF BREEDING-ENTERPRISE SUMMARY UEEer 25% Average Lower 25% My Farm NUMBER OF FARMS 10 21 11 GENERAL INFORMATION ' Cows Bred to Calve Hd. 48.6 49.0 49.5 Percent of Calf Crop % 79.0 84.3 89.2 Calf Crop Size Hd. 38.4 41.3 44.2 Bred Cows Per Man Equivalent Hd. 154 155 157 Beef Produced Lbs. 23,337 21,209 19,275 Beef Produced Per Bred Cow Lbs. 480 433 389 Beef Produced Per Man Equivalent Lbs. 73,851 67,117 61,190 Returns Per Feed Fed Lbs. 1. 77 1.25 94 Value of Beef Production Per Calf 297 244 201 Cost of Beef Production Per Calf 347 401 Labor & Management Income 440 Per Calf -50-96 -181 PER CWT BEEF PRODUCED Per Cwt Per Cwt Per Cwt Total Investment 116.78 182.20 254.19 Return on Investment.52-16.81-35.93 Percent Return on Investment % -0.4-9.2-14.1 Total Feed Costs 27.66 37.90 49.18 Feed Required Value of Supplement. 75 1.56 2.45 Value of Grain 1.05 1.39 1. 75 Value of Roughages 25.86 39.95 44.98 Productive Man Work s No..407.447.489 Value of Labor Used 11. 30 13.30 15.49 RATIO ANALYSIS Profit Margin % 1.1-35.4-78.1 Turnover /.42.26.18 Return on Investment % -0.4-9.2-14.1 '..,

GLOSSARY OF SELECTED TERMS* GROSS FARM INCOME - is the sum of all cash receipts plus increases in inventory and capital gains less decreases in inventory, capital losses, and feeder livestock purchases. Feeder livestock purchases are deducted to reflect on farm production. INTEREST NOT CHARGED - represents an estimated charge for equity capital. It is determined by taking seven and one half percent of total investment and subtracting the amount of interest paid during the year. This calculation makes a similar charge for the total investcent of each farm business. UNPAID OPERATOR & FAMILY LABOR - is the wage charge for the operator and unpaid family labor using the time worked and rates per hour estimated by the farm operator. TOTAL FARM EXPENSE - is the sum of all cash and non-cash expense for the farm less the cost of purchased feeder livestock. Non-cash expense includes depreciation, interest not charged and unpaid operator and family labor charge. MANAGEMENT INCOME & PROFIT - equals Gross Income minus Total Farm Expense. This represents the return to management income and profit after all cash and non-cash expenses are deducted. UNPAID LABOR & MANAGEMENT INCOME - equals Management Income and Profit plus Unpaid Operator and Family Labor. This represents the return to the operator and his family for their unpaid labor, management and profit. NE!' FARM INCOME - equals Unpaid Labor and Management Income plus Interest Not Charged. This represents the return to the operator for equity capital, unpaid labor, management and profit. REl'URN TO INVESTMENT - equals Management Income and Profit plus paid and unpaid interest. Paid and unpaid interest equals seven and one half percent of Total Investment. This represents the return to all capital, owned and borrowed plus management and profit. This return times 100 divided by Total Investment gives Percent Return on Investment. OVERHEAD COSTS - is the sum of depreciation, building repairs, interest paid, property taxes, cash rent, insurance and interest not charged. These represent costs that are essentially fixed and must be recovered regardless of the level of production. VARIABLE COSTS - is the sum of all cash expenses other than those included in Overhead Costs. These costs vary with the level of production. liu.ber OF MAN-YEAR EQUIVALENTS - represents the number of full-time man equivalents used on the farm for the entire year. Family labor is adjusted to a man-equivalent basis. One man-year equivalent is 3,000 hours. *A complete listing of calculations is contained in occasional paper 1300, "An Aid to Understanding the Individual Print-out."

-1s- ' VALUE OF ALL CROPS - represents all crop production valued at market price (not necessarily sold) plus government crop payments. Value of pasture is not included. VALUE OF NEI' LIVESTOCK INCREASE - is the net value of livestock and livestock products produced during the year. '!'his includes breeding fees, livestock products and livestock sold less value of livestock purchased during the year plus or minus changes in livestock inventory. RETURN PER FEED FED TO ALL LIVESTOCK ENTERPRISES - equals the Value of Net Livestock Increase divided by the Total Value of Feed Fed to All Livestock. The retunls per dollar of feed fed should pay for the feed, labor, overhead on buildings and equipment required by livestock, other production costs, and provide a profit. ~.ACHINERY COST PER TILLABLE ACRE - is the sum of fuel, oil, grease, "epairs and machine hire expenditures plus charges for depreciation and ::-. ;estment, less custom work receipts divided by total tillable acres. ~otal tillable acres equal total harvested crop acres plus acres cf rotation pasture. PROFIT MARGIN - equals Management Income and Profit plus paid and unpaid interest divided by gross income times 100. This percent shows the dollars of profit ar.d interest received as a percent o~ dollar of gross income. each TURNOVER - equals Gross Income divided by Total Investment. This is the same as the Gross Income Per 1,000 Invested figure, but is given as a decimal figure rather than a return per 1,000. It gives the dollars of gross income received during the year for each dollar of investment. RETURN ON INVESTMENT - equals Management Income and Profit plus paid and unpaid interest divided by Total Investment. This is the same as Percent Return on Investment. It gives the dollars of profit and interest received during the year as a percent of each dollar of investment. LABOR EFFICIENCY FACTOR - the total standard PMWIJ's for all enterprises are added together and the total is divided by the Number of Man Equivalent Hours Used (as reported on page 1 of the input form 7363). This figure is multiplied by 100 to give a percent. If more units per hour vere ca.red for than the standard, this factor vill be larger th8ll 100. SJ\Ml'LF: POPlll.ATTON The seven owner-operator & tenant-landlord beef feeding farms, 24 beef feeding enterprises, and 21 beef breeding enterprise r1. cords summarized in this report are part of the 498 farm records of all types submitted by Ohio farmers to the Ohio State University for analysis in 1977 and l':trly l<j78. Not all of th1 hl'l'f fl't"llin~ :111J ht l f breeding records submitted were complete and accurate enough to be used in the summaries..luly llj/8

-16- COMPARE YOURSELF TO OHIO'S TOP BEEF PRODUCERS Enter performance records from your farm to compare with the following statistics of beef producers from the 1977 Ohio Farm Business Analysis. BEEF FEEDING - TOTAL FARM DATA 1. Beef Produced Per Farm 2. Beef Produced Per Man* 3. Beef Cattle Sold Per Man* 4. Tillable Acres Per Man* 5. Return Per Feed Fed 6. Value of Beef Production Per Cwt. 7. Cost of Beef Production Per Cwt. 8. Profit Per of Gross Income** 9. Gross Income Per Invested 10. Profit Per Invested** Lbs. Lbs. Hd. My Farm Average 156,386 65,708 144 148 1.42 47.08 52.30.08 34.03 Projection for next year ' BEEF FEEDING - ENTERPRISE ONLY Upper 50% Average 11. Beef Produced Per Man* 12. Fat Cattle Sold Per Man* 13. Return Per Feed Fed 14. Value of Beef Produced Per Cwt. 15. Cost of Beef Production Per Cwt. 16. Profit Per of Gross Income** 17. Gross Income Per Invested 18. Profit Per Invested** Lbs. Hd. 281,625 575 1.49 48.09 48.04.08.93.08 251,636 536 1.33 46.44 52.94 -.02.61 -.01 BEEF BREEDING - ENTERPRISE ONLY 19. Bred Cows Per Man* 20. Beef Produced Per Man* 21. Calf Crop 22. Return Per Feed Fed 23. Value of Beef Production Per Cwt. Per Calf 24. Cost of Beef Production Per Cwt. Per Calf 25. Profit Per Gross Income** 26. Gross Income Per Invested 27. Profit Per Invested** Hd. Lbs. % 154 73,851 38.4 1. 77 48. 91 297 57.15 347 -.01.42 0 155 67,117 44.2 1.25 47.52 244 78.00 401 -.35.26 -.09 * One man is equal to 3,000 hours of labor per year. ** Profit is what is left for management and capital depreciation, and charges for labor and homegrown of production. invested feed are after cash subtracted expenses, from value ' -~