Economic Study.. of Selected ivestock Ranches Douglas ounty, regon---1961 SPEIA REPRT 14 TBER 1962 Agricultural Experiment Station regon State University.. orvallis
EMI STUDY F SEETED IVESTK RAHES DUGAS UTY, REG - 1961 by D.. Mumford, M. H. Becker, and W. D. Mosher During the spring of 1962, a detailed farm business and organization study was made of 23 livestock ranches in Douglas ounty. It included all receipts and expenses as well as information on crop and livestock programs for the calendar year 1961. The purpose of this study was to obtain current economic data on livestock ranches in the county and to make a limited analysis of these data to help livestock producers with some of their management problems. Because of the small number and the fact that these ranches were not selected from a random sample, they do not necessarily represent all livestock production in the county. The data do point out, however, some of the problems and opportunities that exist for some producers. TABE 1. Financial Returns -- Douglas ounty, 1961 et ranch income* abor income* Return to capital* Type of Ranch* Sheep ranches $-5,638. ow _ High ow High ow High $ 5,913 $-1,753 $ 9-1.% 1.% Mixed livestock -9,516 1,259-16,18 98-24.9% 3.% Beef ranches 2,73 7,486-4,693 598-1.8% 1.7% * See explanation of terms. i Professor of Agricultural Economics, regon State University; Farm Management Specialist, regon State University; and ounty Extension Agent, Douglas ounty, regon, respectively. Ranch business schedules were obtained through personal interviews by James Youde, Roger Ritchey, and Gary Schneider, senior students at regon State University. Analysis and computations were made by Gary Schneider, major student in Agricultural Economics....
Financial results for the year 1961, on the 23 Douglas ounty livestock ranches in this study, showed a wide variation but most were low. Individual perator's abor Incomes varied from a low of -$16,18 to a high of $98 for this particular year. Table 1 presents a picture of the 1961 financial returns summarized by type of ranch. The more important factors responsible for the relatively low earnings shown in this study are (1) low volume of business, (2) selling price of lambs, and (3) the percent lamb crop. These factors also partially explain the variation in financial returns between individual ranches. Small volume of business helps to explain the low returns on some of the ranches in this study. In other words, many ranches did not have a sufficient number of units to sell, even with good prices, to return an adequate income. The selling price of lambs in 1961 was disappointingly low from the standpoint of sheep ranchers not only in Douglas ounty, but in the entire United States. The 1961 average lamb price in regon ($14.7 per cwt.) was the lowest in 16 years. In 1962, regon lamb prices on several occasions have been $3 to $5 per hundredweight higher than in 1961. The question naturally arises, "Would higher prices for lambs have resulted in satisfactory earnings on the sheep ranches in 1961?" Arbitrarily raising lamb prices four cents a pound would only raise labor incomes to a positive figure on two of the sheep ranches. The other 9 would still be negative. The volume of business in mostcases was too small to return an adequate labor income even though lamb prices had been considerably higher. The percent lamb crop was unusually low in Douglas ounty in 1961 because of exceptionally severe weather conditions in the early spring. Even with normal death losses, the number of lambs weaned would still appear low. Financial and analysis summaries for each of the ranches studied in Douglas ounty in 1961 are presented in Tables 2 through 13.
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EXPAATI F TERMS For purpose of comparison and analysis, the 23 ranches included in this study were divided into three main types as follows: Sheep Ranches -- Those ranches where sheep constitute more than 8% of the animal units. Mixed ivestock Ranches -- Those ranches having more than one kind of livestock, but no one kind constitutes more than 8% of the animal units. Beef Ranches -- Those ranches where beef cattle constitute more than 8% of the animal units. Receipts - include sales of livestock, livestock products and crops, value of livestock eaten and miscellaneous receipts (wool incentive payments, gas tax refunds, patronage dividends, etc.) rop Expense - includes irrigation water, crop sprays and dusts, crop supplies, etc. Taxes - include personal property and real estate taxes only. Interest - includes both interest on operating loans and interest on mortgage loans. verhead and Miscellaneous - includes insurance, licenses, legal and accounting fees, travel, office supplies, social security and industrial accident insurance, and other miscellaneous items. ivestock and ro s Inventor han e - is the difference in total value of the crops and l vestock on t e eginning and ending inventories. Unpaid Family abor - is the estimated value of the labor sent by the family (excluding the operator) in the entire ranch operation that is unpaid. Paid family labor is included in the hired labor. et Ranch Income - is the return to the operator for his labor, management, and his own invested capital. It is obtained by subtracting total expenses (cash expenses, crop and livestock inventory decrease, depreciation, and unpaid family labor) from total receipts (cash, receipts, value of livestock eaten, and crop and livestock inventory increase). Interest on Average Investment - is an allowance for the use of the capital invested in the ranch business. The investment includes the value of all land; buildings (excluding the operator's dwelling), machinery, livestock, crops, feed and supplies. A charge of five percent (5%) was used for investment in land, buildings and improvements, and six percent (6%) for investment in livestock, crops and machinery. Values placed on land, livestock and crops represent the individual operator's best judgment of market value. Machinery and most buildings were valued at purchase price less depreciation. ld buildings not listed on depreciation schedules were valued at replacement cost less depreciation. ivestock values were inventoried at farm value.
abor Income - is the return to the operator for his labor and management skills after an allowance for interest on capital is deducted from net ranch income. It is computed by subtracting the interest on average investment from net ranch income, plus real estate mortgage interest payments. Value of perator's abor - is the operator's estimate of the value of his own labor used in his ranching operation. Return to apital - is the return to total invested capital after an allowance is made for the value of the operator's labor and management. It is computed by subtracting the estimated value of the operator's labor and management from net ranch income, plus real estate mortgage interest paid. It is usually expressed as a percentage of the average ranch investment. Average umber of Ewes - is the average number of mature ewes and yearling ewes in the flock at the beginning and end of the year. Average umber of ows - is the average number of cows in the herd at the beginning and end of the year. Average umber of Animal Units - is the average number of animal units on the ranch at the beginning and end of the year. In this study animal units were computed as follows: cows, bulls, horses = 1 A.U.; heifers, steers over 1 year old =.75 A.U.; calves =.5 A.U.; ewes, bucks =.2 A.U.; lambs =.15 A.U.; goats =.2 A.U.; pigs - 4 to 1 lbs. =.25 A.U.; pigs - 1 to 2 lbs. =.4 A.U.; mature sows =.5 A.U. Total Man Equivalents - is the total labor force used on the ranch expressed as the equivalent of one man working full time. It is calculated by adding all the man-months of labor and dividing by 12. Acres of ropland - the number of acres that is actually farmed. It does not include permanent pasture, brushland, timberland and farmstead and roads. Total Ranch apital - is the rancher's estimate of the average beginning and ending investment in land, buildings, livestock, crops, machinery and supplies. Total Investment Per A.U. - is the total ranch investment divided by the average number of A.U.'s. Investment Per Man Equivalent - is the total ranch investment divided by the total man equivalents. Total abor osts - include an estimate of the value of the operator's labor, unpaid family labor, and the actual cost of hired labor. ivestock Expense - includes the cost of sheep shearing, veterinary, medicine, breeding fees, and pasture rent. Hay Fed - includes both purchased and home grown hay. Average Value of Ewe - is the average value of all ewes in the beginning and ending inventories.
Average Value of ow - is the average value of all cows in the beginning and ending inventories. Percent amb rop - is the number of lambs weaned divided by the number of ewes exposed. Percent alf rop - is the number of calves weaned divided by the number of cows exposed. Percent Death oss of Mature Stock - is the number died divided by the number in the beginning inventory. Percent Death oss of ambs and alves - is the number that died divided by the number born. Average Price of Wool - is the average price per pound of the ewes' wool sold, and does not include lambs' wool, or wool incentive payments. et ivestock Increase - is total sales of livestock and livestock products, plus value of livestock eaten, plus or minus livestock inventory change, and minus livestock purchased.