Performance and losses in 2016

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1 Review of 2016 Closeout information from Feedlot Vision Performance and losses in 2016 Feedlot Seminar Tuesday, March 7 th Cedar Rapid, IA Wednesday, March 8 th West Point, NE Thursday, March 9 th Sioux Falls, SD

2 Sponsored by: Purina Animal Nutrition Elanco Animal Health Diamond V Zinpro Corporation

3 Performance & Losses in Feedlot Closeout Analysis from Feedlot Vision John Magnuson, Purina Animal Nutrition *2016 Information *Bottom line is that most of the cattle lost money. *830 Lots of cattle submitted this year *136,215 head *This broke down into 101,746 steers, 18,319 heifers, 10,693 Fed Holsteins, 3,749 head in mixed sex pens and 1,708 head of backgrounded cattle *2016 vs Highlights <700 lbs. steers *$38.21/cwt decrease in purchase price in 2016 vs *$209.46/hd less in total purchased price vs *18 lbs. heavier end weight and lbs. heavier purchased weight *Very similar feed cost in 2016 vs *-$183.14/hd. change in profitability (+$3.44/hd. in 15 vs. -$179.70/hd in 16) *2016 vs Highlights lbs. steers *$50.97/cwt decrease in purchase price in 2016 vs *$397.34/hd decrease in total purchase price vs *Only 7 lbs. heavier sale weight *Only -$2.02/cwt drop in feed cost in 2016 vs *-$53.52/hd. change in losses (-$58.05/hd. in 15 vs. -$111.57/hd in 16) *2016 vs Highlights 800+ lbs. steers *$40.73/cwt decrease in purchase price 2016 vs *$361.82/hd decrease in total purchase price vs *-8.4 lbs. in finished weight vs *Only a -$1.32/cwt drop in feed cost in 2016 vs *-$9.70/hd. change in losses (-$100.70/hd. in 15 vs. -$110.40/hd in 16) *2016 vs Highlights <650 lbs. heifers *$37.52/cwt decrease in purchase price 2016 vs *$204.94/hd. decrease in total purchase price vs *47 lbs. increase in end weight vs. 15

4 *$0.26/cwt increase in feed cost in 2016 vs *-$108.85/hd. change in losses (-$33.08/hd. in 15 vs. -$141.93/hd in 16) *2016 vs Highlights >650 lbs. heifers *$45.36/cwt decrease in purchase price 2016 vs *$375.92/hd decrease in total purchase price vs *-18.8 lbs./hd. drop in start weight and -6 lbs. in finished weight 16 vs. 15 *-$0.98/cwt drop in feed cost in 2016 vs *-$4.88/hd. change in losses (-$121.56/hd. in 15 vs. -$126.44/hd in 16) *2016 Holstein steers *All Holsteins were grouped together this year vs. splitting them out in <600 lbs. start weight and >600 lbs. start weight.

5 Year Steers <700 lbs. # of pens # of cattle 39,098 42,699 23,911 22,948 20,397 Purchase price/cwt $ $ $ $ $ Pay weight in Sale pay weight Average daily gain Days on feed Dry matter Feed:Gain Feed cost/cwt of gain $79.12 $92.45 $65.56 $52.44 $51.81 Vet & Medical cost/cwt of gain $2.78 $2.92 $3.37 $3.13 $2.51 Yardage cost/cwt of gain $9.36 $9.96 $9.70 $9.60 $9.29 Interest cost/cwt of gain $1.72 $2.18 $5.33 $6.71 $6.22 Non Feed Cost/cwt of gain $13.16 $14.14 $14.62 $13.45 $12.42 Total cost/cwt of gain $92.22 $ $80.18 $65.90 $64.23 Breakeven $/cwt $ $ $ $ $ Death loss 1.64% 1.97% 2.01% 2.13% 1.59% Net sale price/cwt $ $ $ $ $ Profit/loss per animal $31.11 ($52.94) $ $3.44 ($179.70)

6 Year Steers lbs # of pens # of cattle 36,850 36,166 28,659 18,028 21,768 Purchase price/cwt $ $ $ $ $ Pay weight in Sale pay weight Average daily gain Days on feed Dry matter Feed:Gain Feed cost/cwt of gain $83.92 $94.30 $64.76 $52.59 $50.57 Vet & Medical cost/cwt of gain $2.33 $2.39 $2.20 $2.10 $2.09 Yardage cost/cwt of gain $8.45 $8.93 $8.54 $8.70 $8.69 Interest cost/cwt of gain $1.33 $1.36 $4.90 $7.13 $5.71 Non Feed Cost/cwt of gain $11.12 $11.63 $11.33 $11.09 $11.31 Total cost/cwt of gain $95.04 $ $76.09 $63.68 $61.69 Breakeven $/cwt $ $ $ $ $ Death loss 1.02% 0.93% 1.07% 1.19% 1.03% Net sale price/cwt $ $ $ $ $ Profit/loss per animal ($28.58) ($19.90) $ ($58.05) ($111.57)

7 Year Steers 800+ lbs. # of pens # of cattle 53,233 75,426 62,327 56,399 59,581 Purchase price/cwt $ $ $ $ $ Pay weight in Sale pay weight Average daily gain Days on feed Dry matter Feed:Gain Feed cost/cwt of gain $86.80 $96.05 $66.74 $54.31 $52.99 Drug cost/cwt of gain $2.38 $2.51 $2.09 $2.13 $2.42 Yardage cost/cwt of gain $8.28 $8.48 $8.37 $8.59 $8.64 Interest cost/cwt of gain $0.85 $0.93 $5.00 $6.37 $5.81 Non Feed Cost/cwt of gain $10.98 $11.20 $11.02 $11.14 $11.51 Total cost/cwt of gain $97.63 $ $77.76 $65.45 $64.25 Breakeven $/cwt $ $ $ $ $ Death loss 0.54% 0.67% 0.58% 0.61% 0.71% Net sale price/cwt $ $ $ $ $ Profit/loss per animal $2.44 $7.12 $ ($100.70) ($110.40)

8 Year Heifers <650 lbs. # of pens # of cattle 11,666 14, ,608 Purchase price/cwt $ $ $ $ $ Pay weight in Sale pay weight Average daily gain Days on feed Dry matter Feed:Gain Feed cost/cwt of gain $83.36 $ $72.84 $58.83 $59.09 Vet & Medical cost/cwt of gain $3.57 $2.92 $3.45 $2.31 $2.59 Yardage cost/cwt of gain $10.48 $10.84 $11.27 $11.65 $11.78 Interest cost/cwt of gain $1.63 $1.85 $5.86 $7.65 $6.50 Non Feed Cost/cwt of gain $15.32 $14.95 $15.76 $14.67 $15.21 Total cost/cwt of gain $97.83 $ $88.60 $73.47 $74.29 Breakeven $/cwt $ $ $ $ $ Death loss 1.96% 1.60% 2.59% 2.04% 2.83% Net sale price/cwt $ $ $ $ $ Profit/loss per animal $42.26 ($73.60) $ ($33.08) ($141.93)

9 Year Heifers >650 lbs. # of pens # of cattle 28,297 30,580 17,814 13,352 12,711 Purchase price/cwt $ $ $ $ $ Pay weight in Sale pay weight Average daily gain Days on feed Dry matter Feed:Gain Feed cost/cwt of gain $91.44 $ $72.02 $60.66 $59.68 Drug cost/cwt of gain $3.70 $3.24 $2.34 $2.04 $2.59 Yardage cost/cwt of gain $9.76 $10.18 $10.05 $10.38 $10.45 Interest cost/cwt of gain $1.20 $1.35 $5.30 $7.83 $6.87 Non Feed Cost/cwt of gain $14.26 $13.96 $13.51 $13.18 $13.74 Total cost/cwt of gain $ $ $85.53 $73.84 $73.35 Breakeven $/cwt $ $ $ $ $ Death loss 1.04% 0.77% 0.85% 1.01% 1.28% Net sale price/cwt $ $ $ $ $ Profit/loss per animal ($13.16) ($12.54) $ ($121.56) ($126.44)

10 all 2016 Holsteins weights 2016 # of pens 54 # of cattle 10,693 Purchase price/cwt $ Pay weight in Sale pay weight Average daily gain 2.64 Days on feed 310 Dry matter Feed:Gain Feed cost/cwt of gain $62.40 Drug cost/cwt of gain $1.93 Yardage cost/cwt of gain $12.32 Interest cost/cwt of gain $8.39 Non Feed Cost/cwt of gain $16.16 Total cost/cwt of gain $78.56 Breakeven $/cwt $ Death loss 2.87% Net sale price/cwt $ Profit/loss per animal ($158.96)

11 2016 mixed sex All weights 2016 # of pens 30 # of cattle 3,749 Purchase price/cwt $ Pay weight in Sale pay weight Average daily gain 2.72 Days on feed 265 Dry matter Feed:Gain 7.92 Feed cost/cwt of gain $60.73 Drug cost/cwt of gain $4.09 Yardage cost/cwt of gain $11.17 Interest cost/cwt of gain $8.23 Non Feed Cost/cwt of gain $15.57 Total cost/cwt of gain $76.30 Breakeven $/cwt $ Death loss 3.62% Net sale price/cwt $ Profit/loss per animal ($157.09)

12 2016 All cattle Background # of pens 16 # of cattle 1,708 Purchase price/cwt $ Pay weight in Sale pay weight Average daily gain 2.82 Days on feed 135 Dry matter Feed:Gain Feed cost/cwt of gain $48.00 Drug cost/cwt of gain $4.36 Yardage cost/cwt of gain $11.65 Interest cost/cwt of gain $4.14 Non Feed Cost/cwt of gain $17.84 Total cost/cwt of gain $65.83 Breakeven $/cwt $ Death loss 2.07% Net sale price/cwt $ Profit/loss per animal ($26.22)

13 2016 <650 lbs. >650 lbs. Heifers Top 1/3 Ave. Top 1/3 Ave. # of pens # of cattle 1,270 5,608 3,541 12,711 Purchase price/cwt $ $ $ $ Pay weight in Sale pay weight Average daily gain Days on feed Dry matter Feed:Gain Feed cost/cwt of gain $52.04 $59.09 $53.66 $59.68 Drug cost/cwt of gain $3.23 $2.59 $3.70 $2.59 Yardage cost/cwt of gain $11.51 $11.78 $9.49 $10.45 Interest cost/cwt of gain $6.24 $6.50 $6.79 $6.87 Non Feed Cost/cwt of gain $15.58 $15.21 $13.76 $13.74 Total cost/cwt of gain $67.62 $74.29 $67.18 $73.35 Breakeven $/cwt $ $ $ $ Death loss 1.84% 2.83% 0.94% 1.28% Net sale price/cwt $ $ $ $ Profit/loss per animal ($63.03) ($141.93) ($77.41) ($126.44)

14 2016 <700 lbs lbs Steers Top 1/3 Ave. Top 1/3 Ave. # of pens # of cattle 7,623 20,397 7,986 21,768 Purchase price/cwt $ $ $ $ Pay weight in Sale pay weight Average daily gain Days on feed Dry matter Feed:Gain Feed cost/cwt of gain $47.51 $51.81 $46.37 $50.57 Vet & Medical cost/cwt of gain $3.13 $2.51 $2.23 $2.09 Yardage cost/cwt of gain $8.57 $9.29 $8.20 $8.69 Interest cost/cwt of gain $5.18 $6.22 $5.53 $5.71 Non Feed Cost/cwt of gain $12.32 $12.42 $11.36 $11.31 Total cost/cwt of gain $59.83 $64.23 $57.17 $61.69 Breakeven $/cwt $ $ $ $ Death loss 1.53% 1.59% 0.87% 1.03% Net sale price/cwt $ $ $ $ Profit/loss per animal ($107.25) ($179.70) ($47.23) ($111.57)

15 2016 >800 lbs. Steers Top 1/3 Ave. # of pens # of cattle 21,432 59,581 Purchase price/cwt $ $ Pay weight in Sale pay weight Average daily gain Days on feed Dry matter Feed:Gain Feed cost/cwt of gain $48.50 $52.99 Vet & Medical cost/cwt of gain $2.95 $2.42 Yardage cost/cwt of gain $8.19 $8.64 Interest cost/cwt of gain $5.21 $5.81 Non Feed Cost/cwt of gain $12.05 $11.51 Total cost/cwt of gain $59.89 $64.25 Breakeven $/cwt $ $ Death loss 0.45% 0.71% Net sale price/cwt $ $ Profit/loss per animal ($47.00) ($110.40)

16 FEEDLOT VISION TRACKING AND CLOSEOUT SOFTWARE FROM PURINA ANIMAL NUTRITION Why use Feedlot Vision to track your cattle? -It allows for needed adjustments to be made while the cattle are still on feed -Breakevens and cost of gain are monitored as you enter data. -You can compare your feeding operation to industry benchmarks accurately. -Accurate & up to date information = better feeding and marketing decisions. By entering this data: *Purchase weight *Purchase price *Feed pounds *Feed costs *Non-feed costs *Sale weight *Sale price You will generate this data: *Average daily gain *Dry matter intake *Dry matter feed efficiency *Feed cost of gain *Total cost of gain *Breakevens *Detailed closeouts Feedlot Vision generates numerous reports such as: *Monitoring reports *Billing for customers *Dry Matter Intake and Feed Usage reports *Feedyard Summary Report all the pens from one Feedyard on a single page *Detailed and summary closeouts For questions & more information on Feedlot Vision please John Magnuson at jcmagnuson@landolakes.com FEEDLOT VISION SEE YOUR WAY TO BETTER PROFITABILITY