AbstractThe following is an extract from a lengthy article which appeared inMonthly Bulletin of Agricultural Economics and Statistics, Vol. 25, No. 12, December 1976, The views expressed, those of the author, deal with the fact that in the 1960s feed prices were fairly stable, and it was relatively easy to assess costs and likely returns. Such an appraisal is now very difficult because of violent fluctuations in the prices of concentrate feeds and livestock products. Yet, the livestock/feed price ratio remains one of the decisive factors determining the profitability of animal husbandry.In the extract we have not changed the numbers of the footnotes. — Editor.