Cow-Calf Production from Alfalfa-Grass or Smooth Bromegrass Pastures Rotationally Grazed at Three Stocking Rates

Pastures containing alfalfa-grass or smooth bromegrass were stocked with .6, .8, or 1.0 cow-calf units per acre to compare cow and calf production in rotational grazing systems managed for optimum forage quality. To remove excess forage early in the grazing season, yearling heifers or steers grazed with the cows in each pasture at a stocking rate of .6 ccu per acre for the first 28, 37, and 40 days of grazing in years one, two, and three. Live forage density and days of grazing per paddock were estimated by sward height. Cows, calves, and yearlings were weighed and cows condition scored every 28 days. All cows grazed for 140 days unless forage became limiting. The cows on the smooth bromegrass pasture stocked at 1.0 cow-calf units per acre were removed after 119 days in 1994, 129 days in 1995, and 125 days in 1996. Cows on one of the alfalfagrass pastures stocked at 1.0 ccu per acre were removed after 136 days of grazing in 1996 because of lack of forage. Alfalfa-grass pastures tended to have a more consistent supply of forage over the grazing season than the bromegrass pastures. Cows grazing the alfalfa-grass pastures had greater seasonal weight gains and body condition score increases and lower yearling weight gains than the smooth bromegrass pastures. Daily and total calf weight gains and total animal production also tended to be greater in alfalfa-cool season grass pastures. Increasing stocking rates resulted in significantly lower cow body condition increases and yearling weight gains, and also increased the amounts of calf and total growing animal produced.

Cow-Calf Production from Alfalfa-grass or Smooth Bromegrass Pastures Rotationally Grazed at Different Stocking Rates

Pastures containing alfalfa-smooth bromegrass or smooth bromegrass were stocked with .6, .8, or 1.0 cow-calf units per acre to compare cow and calf production in rotational grazing systems managed for optimum forage quality. To remove excess forage early in the grazing season, yearling heifers grazed with the cows in each pasture at a stocking rate of .6 heifers per acre for the first 28 days of grazing. Live forage density and days of grazing per paddock were estimated by sward height. Cows, calves, and heifers were weighed and cows condition scored every 28 days. All cows grazed for 140 days except those grazing the smooth bromegrass pasture stocked at 1.0 cow-calf units per acre; these were removed after 119 days in 1994 and 129 days in 1995 because of lack of forage. Alfalfa-grass pastures tended to have a more consistent supply of forage over the grazing season than the bromegrass pastures. Cows grazing the alfalfa-cool season grass pastures had greater seasonal weight gains and body condition score increases and lower heifer weight gains than the smooth bromegrass pastures. Daily and total calf weight gains and total animal production also tended to be greater in alfalfa-cool season grass pastures. Increasing stocking rates resulted in significantly lower condition increases and heifer weight gains, while increasing the amounts of calf and total growing animal produced.

Critical Control Points for Profitability in the Cow-Calf Enterprise

Financial, economic, and biological data collected from cow-calf producers who participated in the Illinois and Iowa Standardized Performance Analysis (SPA) programs were used in this study. Data used were collected for the 1996 through 1999 calendar years, with each herd within year representing one observation. This resulted in a final database of 225 observations (117 from Iowa and 108 from Illinois) from commercial herds with a range in size from 20 to 373 cows. Two analyses were conducted, one utilizing financial cost of production data, the other economic cost of production data. Each observation was analyzed as the difference from the mean for that given year. The independent variable utilized in both the financial and economic models as an indicator of profit was return to unpaid labor and management per cow (RLM). Used as dependent variables were the five factors that make up total annual cow cost: feed cost, operating cost, depreciation cost, capital charge, and hired labor, all on an annual cost per cow basis. In the economic analysis, family labor was also included. Production factors evaluated as dependent variables in both models were calf weight, calf price, cull weight, cull price, weaning percentage, and calving distribution. Herd size and investment were also analyzed. All financial factors analyzed were significantly correlated to RLM (P < .10) except cull weight, and cull price. All economic factors analyzed were significantly correlated to RLM (P < .10) except calf weight, cull weight and cull price. Results of the financial prediction equation indicate that there are eight measurements capable of explaining over 82 percent of the farm-to-farm variation in RLM. Feed cost is the overriding factor driving RLM in both the financial and economic stepwise regression analyses. In both analyses over 50 percent of the herd-to-herd variation in RLM could be explained by feed cost. Financial feed cost is correlated (P < .001) to operating cost, depreciation cost, and investment. Economic feed cost is correlated (P < .001) with investment and operating cost, as well as capital charge. Operating cost, depreciation, and capital charge were all negatively correlated (P < .10) to herd size, and positively correlated (P < .01) to feed cost in both analyses. Operating costs were positively correlated with capital charge and investment (P < .01) in both analyses. In the financial regression model, depreciation cost was the second critical factor explaining almost 9 percent of the herd-to-herd variation in RLM followed by operating cost (5 percent). Calf weight had a greater impact than calf price on RLM in both the financial and economic regression models. Calf weight was the fourth indicator of RLM in the financial model and was similar in magnitude to operating cost. Investment was not a significant variable in either regression model; however, it was highly correlated to a number of the significant cost variables including feed cost, depreciation cost, and operating cost (P < .001, financial; P < .10, economic). Cost factors were far more influential in driving RLM than production, reproduction, or producer controlled marketing factors. Of these cost factors, feed cost had by far the largest impact. As producers focus attention on factors that affect the profitability of the operation, feed cost is the most critical control point because it was responsible for over 50 percent of the herd-to-herd variation in profit.

Evaluation of a Year-Round Grazing System: Summer Cow-Calf Progress Report

A comparison was made between two different summer grazing systems. One system was the summer component of a year-round grazing system, involving the rotational stocking of smooth bromegrass--orchardgrass--birdsfoot trefoil pastures and winter stockpiles pastures with cowcalf pairs co-grazing with stocker yearlings at .75 animal units per acre. That system was compared with a minimal land system involving the rotational stocking of smooth bromegrass--orchardgrass-- birdsfoot trefoil summer pastures with cow-calf pairs grazing at .64 animal units per acre and hay removal from 25% of the pasture. Stocker yearlings or hay removal were used as management tools to remove excess forage and optimize forage quality. Hay was removed once from three fourths of the winter stockpiled pastures and one fourth of the allocated summer pastures. Cow-calf pairs grazing in the year-round system utilized on fourth of the winter stockpile pastures due to lack of forage, whereas cow-calf pairs grazing with hay removal were supplemented with harvested hay for two weeks during the summer. Grazing system did not affect cow body weight, condition score, or daily calf weight gain. Growing animal production per acre was affected by grazing system, with the minimal land system having a higher production level.

Evaluation of a Year-Round Grazing System: Summer Cow-Calf Progress Report

A comparison was made between two different summer grazing systems at the McNay Research Farm. One system was the summer component of a year-round grazing system, involving the rotational stocking of smooth bromegrass-orchardgrass-birdsfoot trefoil pastures and winter stockpile pastures with cow-calf pairs co-grazing with stocker yearlings at .75 animal units per acre. That system was compared with a minimal land system involving the rotational stocking of smooth bromegrass-orchardgrass-birdsfoot trefoil summer pastures with cow-calf pairs grazing at .64 animal units per acre and hay removal from 25% of the pasture. Stocker yearlings or hay removal were used as management tools to remove excess forage and optimize forage quality. Hay was removed once from three fourths of the winter stockpiled pastures in 1996 (Yr. 1) and all the pasture in 1997 (Yr. 2). One hay removal occurred on one fourth of the allocated summer pastures in Year 1 and one half of the pastures in Year 2. In Year one, cow-calf pairs grazing in the year-round system utilized one fourth of the winter stockpile pastures due to a lack of forage on the summer pastures, whereas in Year 2 cowcalf pairs grazed winter stockpile pastures to remove forage as a second cutting of hay. Cow-calf pairs grazing with hay removal were supplemented with harvested hay for two weeks during the summer of Year 1 due to lack of grazable forage; in Year 2, no supplementation was needed. Grazing system did not affect cow body weight, condition score, or daily calf gain in either year. Growing animal production per acre was affected by grazing system, with the minimal land system having a higher production level in Year 1 and Year 2. The year-round system also produced more net winter forage than did the minimal land system in Year 1. Differences in forage yield and quality were only observed between winter stockpile forages of tall fescue-red clover and smooth bromegrass-red clover and summer pastures during the months of June, July, and August.

Forage-Based Beef Production Research at the Armstrong Outlying Research Farm

Fifty-five yearling crossbred steers and 3C cow-calf pairs were used in a forage-based beef production system demonstration project at the Armstrong Outlying Research Farm. From May 11 to June 13, steers rotationally grazed a 41-acre grass pasture that was divided into eight paddocks. From June 13 to August 24, steers were placed in a drylot and fed berseem clover/oat soilage from a strip-intercropping system. Beginning June 5, 36 cow-calf pairs were allowed to rotationally graze the 41-acre pasture until September 18. Calf weight gains for the 110 days were 1.57 pounds per day, and total production from the pasture was 151 pounds per acre. No cow weight change or condition score change was measured. Total steer production was 29 and 580 pounds per acre or average daily gains were .67 and 2.23 pounds while grazing pasture and being fed in a drylot.

Evaluation of Hay-Type and Grazing Tolerant Alfalfa Hybrids in Season-Long or Complementary Rotational Stocking Systems for Beef Cows

Pastures containing hay-type and grazing tolerant alfalfa hybrids were grazed in a season-long or complementary rotational stocking system with Nfertilized smooth bromegrass. The pastures were stocked at a seasonal density of .8 cow-calf pairs per acre for 120 days in 1998 and 141 days in 1999. Pastures were intensively managed by daily stripstocking with the assumptions that 50% of live forage was available and daily live dry matter consumption of each cow-calf pair was 3.5% of the cow’s body weight. First-cutting forage was harvested as hay from 40% of the pasture acres to remove excess forage growth early in the grazing season. Grazing occurred on the remaining 60% of each pasture for the first 44 and 54 days and 100% of each pasture after days 45 and 55 in 1998 and 1999, respectively. Proportions of ‘Amerigraze’ and ‘Affinity’ alfalfa in the live forage dry matter decreased by 70% and 55% in pastures stocked season-long and by 60% and 42% in pastures used for complementary stocking (alfalfa type, p<.05; grazing management, p<.05) in 1998, but decreased by a mean of 72% and was unaffected by hybrid or stocking system in 1999. Cows grazing either alfalfa hybrid by either grazing system had greater weight gains during the breeding and overall grazing seasons and greater increases in body condition score pre-breeding and during the breeding season than the cows that grazed smooth bromegrass for the entire season in 1998. Also, cows grazing either alfalfa hybrid in the season-long system had greater breeding season increases in body condition score than cows grazing alfalfa in the complementary system with smooth bromegrass in 1998. Cows grazing in the season-long alfalfa system had greater prebreeding season weight (p<.10) increases and condition score (p<.05) increases than cows grazing alfalfa in the complementary system in 1999. Daily and seasonal body weight gains of calves were not affected (p>.10) by the presence of alfalfa in 1998 or by alfalfa type and grazing management in 1998 and 1999. Total animal production (cow and calf) in 1998 was greater (p<.10) from the season-long alfalfa pastures compared with the complementary stocked pastures. Total (p<.10) and live (p<.05) forage masses, estimated by monthly clippings, were greater in September of 1998 from the season-long alfalfa pastures than pastures using alfalfa for complementary stocking. Total (p<.10) and live (p<.05) forage masses were greater in August of 1999 from season-long alfalfa pastures than pastures using alfalfa for complementary stocking.

Evaluation of Hay-Type and Grazing Tolerant Alfalfa Hybrids in Season-Long or Complementary Rotational Stocking Systems for Beef Cows

Pastures containing hay-type and grazing tolerant alfalfa hybrids were grazed in a season-long or complimentary rotational stocking system with Nfertilized smooth bromegrass. The pastures were stocked at a seasonal density of .8 cow-calf pairs per acre for 120 days. Pastures were intensively managed by daily strip-stocking with the assumptions that 50% of live forage was available and daily live dry matter consumption of each cow-calf pair was 3.5% of the cow’s body weight. First-cutting forage was harvested as hay from 40% of pasture acres to remove excess forage growth early in the grazing season. Forage was grazed from the remaining 60% of each pasture for the first 44 days of the experiment and then from the entire pasture thereafter. Live forage yields, estimated by monthly clippings, were greater in May and September on the season-long alfalfa pastures compared with the complementary pastures and on the alfalfa pastures compared with the N-fertilized smooth bromegrass pastures. The proportions of legumes in the live dry matter in pastures with grazing tolerant and hay-type alfalfas in the season-long grazing systems declined by 70% and 50%, respectively, in the 120 day trial. The proportions of legumes in the live dry matter in pastures with grazing tolerant and the hay-type alfalfas in the complementary grazing system declined 60% and 42%, respectively, in the 120 day trial. Cows grazing either alfalfa hybrid by either management system had greater weight gains during the breeding and grazing seasons and greater increases in body condition score prebreeding and during the breeding season than the cows that grazed N-fertilized smooth bromegrass for the entire season. Also, cows grazing either alfalfa in the season-long system had greater breeding season increases in body condition score than cows grazing alfalfa in the complementary system with N-fertilized smooth bromegrass. Daily gains and seasonal gains of calves from cows grazing the alfalfa pastures tended to be greater than those grazing N-fertilized smooth bromegrass. Within alfalfa treatments, calves of cows grazing alfalfa pastures in the season-long system tended to produce more pounds per acre than those of cows grazing alfalfa in the complementary systems.

Alternative Rotational Grazing Systems at the Beef Teaching Farm

Fifty-six acres of central Iowa corn land were seeded to bromegrass and divided with high-tensile wire into eight seven-acre plots. This bromegrass was fertilized with 70 pounds of nitrogen each spring and fall, 1987-1990. In 1991 – 1995, the nitrogen was increased to 80 pounds both spring and fall. The plots were stocked with 1.3 cow/calf pairs per acre in 1987-1991 and 1993–1995, but in 1992 the plots were stocked with 1.55 cow/calf pairs per acre. The pairs were rotated using two distinct schemes among four cells for about 150 days. The plots averaged 607 pounds of net calf weight per acre per year over nine years. Rainfall was quite variable during the grazing seasons and was reflected in calf performance as well as summer feed costs. This intensive rotational grazing system has greatly reduced both weed population and the need for mechanical clipping.

Effects of Pasture Conditions in Spring on Seasonal Forage Productivity

Fifteen beef cow-calf producers in southern Iowa were selected based on locality, management level, historical date of grazing initiation and desire to participate in the project. In 1997 and 1998, all producers kept records of production and economic data using the Integrated Resource Management-Standardized Performance Analysis (IRM-SPA) records program. At the initiation of grazing on each farm in 1997 and 1998, Julian date, degree-days, cumulative precipitation, and soil moisture, phosphorus, and potassium concentrations were determined. Also determined were pH, temperature, and load-bearing capacity; and forage mass, sward height, morphology and dry matter concentration. Over the grazing season, forage production, measured both by cumulative mass and sward height, forage in vitro digestible dry matter concentration, and crude protein concentration were determined monthly. In the fall of 1996 the primary species in pastures on farms used in this project were cool-season grasses, which composed 76% of the live forage whereas legumes and weeds composed 8.3 and 15.3%, respectively. The average number of paddocks was 4.1, reflecting a low intensity rotational stocking system on most farms. The average dates of grazing initiation were May 5 and April 29 in 1997 and 1998, respectively, with standard deviations of 14.8 and 14.1 days. Because the average soil moisture of 23% was dry and did not differ between years, it seems that most producers delayed the initiation of grazing to avoid muddy conditions by initiating grazing at a nearly equal soil moisture. However, Julian date, degree-days, soil temperature and morphology index at grazing initiation were negatively related to seasonal forage production, measured as mass or sward height, in 1998. And forage mass and height at grazing initiation were negatively related to seasonal forage production, measured as sward height, in 1997. Moreover, the concentrations of digestible dry matter at the initiation of and during the grazing season and the concentrations of crude protein during the grazing season were lower than desired for optimal animal performance. Because the mean seasonal digestible dry matter concentration was negatively related to initial forage mass in 1997 and mean seasonal crude proteins concentrations were negatively related to the Julian date, degree-days, and morphology indeces in both years, it seems that delaying the initiation of grazing until pasture soils are not muddy, is limiting the quality as well as the quantity of pasture forage. In 1997, forage production and digestibility were positively related to the soil phosphorus concentration. Soil potassium concentration was positively related to forage digestibility in 1997 and forage production and crude protein concentration in 1998. Increasing the number of paddocks increased forage production, measured as sward height, in 1997, and forage digestible dry matter concentration in 1998. Increasing yields or the concentrations of digestible dry matter or crude protein of pasture forage reduced the costs of purchased feed per cow.

An Economic Comparison of Rotational Grazing Systems to Eight Crop Alternatives and the CRP Option for Highly Erodible Land in Southwest Iowa

Economic comparisons of income on highly erodible land (HEL) in Adams County were made utilizing five years of grazing data collected from a 13- paddock intensive-rotational grazing system and a four-paddock rotational-grazing system and four years of data collected from an 18-paddock intensive-rotational grazing system, all at the Adams County CRP Research and Demonstration Farm near Corning. Net income from the average grazing weight-gain of Angus-sired calves nursing crossbred cows was compared to the net income from grazing yearling steers, to the net income of eight NRCS-recommended crop rotations, and to the Conservation Reserve Program (CRP) option. Results of these comparisons show the 13-paddock intensive rotational grazing system with cow-calf pairs to be the most profitable alternative, with a net return of $19.86 per acre per year. The second most profitable alternative is the CRP option, with a net return of $13.09 per acre, and the third most profitable option is the fourpaddock rotation with cows and calves with a net return of $12.53 per acre. An 18-paddock system returned a net income of $2.47 per acre per year with cows and calves in 1993, but lost an average of $107.69 per acre each year in 1994 and 1995 with yearling steers. Each year, the steers were purchased high and sold low, contributing to the large loss per acre. The following recommended crop rotations all show net losses on these 9-14 % slope, Adair-Shelby Complex soils (ApD3): continuous corn; corn-soybean rotation; corn-soybean rotation with a farm program deficiency payment; corn-corn-corn-oats-meadow-meadow rotation with grass headlands; continuous corn to “T” with grass headlands and buffer strips; continuous corn to “T” with grass headlands, buffer strips, and a deficiency payment; corn-corn-oats-meadow rotation to “T”; and corn-soybeans-oats-meadow-meadow-meadow-meadow rotation to “T”. Per-acre yield assumptions of 90 bushels for corn, 30 bushels for soybeans, 45 bushels for oats, and four tons for alfalfa were used, with per-bushel prices of $2.40 on corn, $5.50 on soybeans, and $1.50 on oats. Alfalfa hay was priced at $40.00 per ton and grass hay at $33.33 per ton. The calf weight-gain in the cow/ calf systems was valued at $.90 per pound. All crop expenses except land costs were calculated from ISU publication Fm 1712, “Estimated Costs of Crop Production in Iowa - 1995.” Land costs were determined by using an opportunity cost and actual property tax figures for the land at the grazing site. In preparation for the end of the CRP beginning in 1996, further economic comparisons will be made after additional grazing seasons and data collection. This project is an interagency cooperative effort sponsored by the Southern Iowa Forage and Livestock Committee which has special permission from the USDA Farm Service Agency (FSA) to use CRP land for research and demonstration.

Pasture Conditions at the Initiation of Grazing to Optimize Forage Productivity: A Progress Report

To determine environmental, soil, and sward effects at the initiation of cattle grazing in the spring on seasonal (forage accumulated during the grazing season) and cumulative (seasonal + initial forage mass) forage accumulation (FA), 15 commercial cow-calf producers from southern Iowa were selected by historical initial grazing date. At grazing initiation, twelve .25-m2 samples were hand-clipped from each pasture and sward heights (SH) measured with a falling plane meter (4.8 kg/m2) to determine initial forage mass. At each location, soil temperature and load bearing capacity (LBC) were measured and a soil sample was collected to measure pH and moisture, P, and K concentrations. Cumulative degree-days (base=3.85°C) and precipitation at grazing initiation were calculated from NOAA records. At the beginning of each month, at least three grazing exclosures were placed on each grazed pasture to determine monthly FA. SH in each exclosure was recorded, and a .25-m2 forage sample was hand-clipped proximate to each exclosure. At the end of each month, SH was recorded and .25-m2 hand-clipped forage samples from inside exclosures were obtained. In linear regressions, cumulative and seasonal SH increased with greater soil P (r2=.5049 and .5417), soil K (r2=.4675 and .4397), and initial forage mass (r2=.1984 and .2801). Seasonal SH increased with earlier initial grazing dates (r2=.1996) and less accumulated degree-days (r2=.2364). Cumulative and seasonal FA increased with earlier initial grazing dates (r2=.2106 and .3744), lower soil temperatures (r2=.2617 and.2874), and greater soil P (r2=.3489 and .2598). Cumulative FA increased with greater soil K (r2=.4675). In quadratic regressions, cumulative and seasonal SH were correlated to soil P (r2=.6310 and .5310) and soil K (r2=.5095 and.4401). Cumulative and seasonal FA were correlated to degree days (r2=.3630 and.4013) and initial grazing date (r2=.3425 and .4088). Cumulative FA was correlated to soil P (r2=.3539), and seasonal FA was correlated to soil moisture (r2=.3688).

Rotation Grazing Demonstrations With Beef Cows on HEL - Adams County Conservation Reserve Program (CRP) Project

Two grazing systems were demonstrated on Conservation Reserve Program (CRP) land in southwestern Iowa near Corning in the summers of 1991, 1992, 1993, 1994, and 1995. This report summarizes the 1995 data and compares them to results from the four previous years. The systems, a 13-paddock intensive-rotational grazing system and a 4-paddock more traditional rotation, both established in 1991, are aimed at showing economically sustainable grass alternatives for steeply sloping (9-14% slope), highly erodible land (HEL) once the 10-year CRP ends. In a 147-day grazing season in 1995, nursing crossbred calves with no creep gained 2.36 pounds and 2.38 pounds per day on the 13- and 4-paddock systems, respectively. The rotations were stocked at 1.65 acres per cow-calf pair on the 13-paddock system and 1.72 acres per pair on the 4-paddock system. This produced 210.2 pounds of calf gain per acre on the 13-paddock system and 203.2 pounds of calf gain per acre on the 4- paddock system.. Similar calves gained 2.37 pounds and 2.50 pounds per day for 155 days, yielding a total gain per acre of 222.7 pounds on the 13-paddock system and 224.9 pounds on the 4-paddock system in 1994. Results for 1992 remain the highest from both systems in the five years of grazing, with calf gain per head per day at 2.45 for 155 days netting 241.9 pounds per acre on the 13- paddock system and calf gain per head per day at 2.38 for 154 days on the 4-paddock system yielding 263.6 pounds per acre. Cows maintained both their weight and condition scores in both systems again in 1995. A third system, the 18-paddock intensive-rotational grazing system, was stocked with stocker steers in 1995, and the results are reported in a second article in the 1996 ISU Beef Research Report entitled “Intensive- Rotational Grazing Steers on Highly Erodible Land at the Adams County CRP Project.” Concerning grazing management, paddocks were grazed four, five, or six times in the 13-paddock intensive- rotational grazing system during the 147-day grazing season of 1995. This number of times grazed per paddock was nearly equal to times grazed per paddock in 1994. However, several paddocks were subdivided temporarily to equalize paddock size and increase grazing uniformity. This increased the total number of cattle moves in the 13-paddock system from 78 in 1994 to 109 in 1995. The average length of stay on each paddock or subdivision of a paddock per grazing time was 1 to 2.2 days. This was less than in any of the other four grazing years in this project. The principle of not grazing more than half the standing forage during any one grazing period was closely followed in 1995. All paddocks in the 13-paddock system were also rested approximately the recommended 30 days between each grazing cycle in 1995.

Estimating the Value of Source Verification in Iowa Feeder Cattle Markets

Source verification and pooling of feeder cattle into larger lots resulted in higher selling prices compared with more typical sales at a southern Iowa auction market. After accounting for higher prices due to larger lot sizes, cattle that received a specified management program and were source verified as to origin received additional price premiums. The data do not distinguish between the value of the specific management program and the value of the source verification process. However, cow-calf producers participating in the program took home more money.

Profiting from the Cattle Cycle: Alternative Cow Herd Investment Strategies

Beef cow herd owners can benefit from incorporating price signals into their heifer retention decisions. Whereas a perfect forecast of calf prices over the productive life of the heifer added to the herd would be ideal, such information is not available. However, simple decision rules that incorporate current or recent prices and the knowledge that the cattle cycle likely will repeat itself can help producers improve their investment decisions. A dollar cost averaging strategy that retains the same dollar value of heifers each year and a rolling average value strategy that retains a 10-year average value of heifers out performed strategies that sought to maintain a constant herd size or a constant cash flow.