Figuring out new ways to save is an important venture for any person, but especially for farmers who have large investments in cattle.
Both Jeff Parmley of Oklahoma State University and Eldon Cole of University of Missouri are livestock specialists who both agree that the high cost of feed is one of the biggest expenses for cattlemen. Feed costs are roughly 60-70 percent of the cost of livestock production, and they have increased 40-60 percent in the past 2 years.
Test Your Hay
Parmley explained that “the number one thing is to have your hay forage tested to see what protein and nutrients your hay has.” He stated that it could be the case that farmers will not have to supplement the hay as much, thus saving the farmer money on supplemental nutrients.
Grow Quality Forage
Cole explained it this way: many people, when faced with the question of whether to go out or stay at home to eat dinner, will sometimes choose the latter for convenience. “Some cattlemen will spend a good amount of money on feed, because it’s convenient, rather than producing hay themselves,” Cole said.
Stockpile Your Forage
Parmley stated that by stockpiling your forage, “it can help you run longer into the winter before having to start feeding hay.” He explained that the “longer you run cattle on grass the less time you have to feed the cattle hay.”
Shop Around
“You need to shop around to see if you can get the best bang for your buck,” said Cole. He explained that farmers don’t necessarily need to be on the hunt for a good bargain, but instead should look at the competitive pricing.
Choose Breeding Stock Wisely
Cole explained that there are a lot of choices when buying breeding stock. “You can economize,” he said, “by being careful and weighing the pros and cons of your investment.” He explained that “it’s not too wise to try to cut corner’s on breeding stock.”
Invest in the Right Farm Equipment
Cole explained, “many farmers may not need haying equipment.” He tells farmers to look at the size of their operation and the output of their production and choose equipment wisely, based on their realistic needs.
By making sound decisions based on the individual needs of your cattle, and by being educated about prices of products and equipment, farmers are able not only to save money but also increase their profitability.
