ABSTRACT The study evaluated the average return on invested capital (ROIC) in function of the variations in the historical prices of beef cattle and the odds of return on that capital gain within the system of beef cattle fattening on a farm in the state of Minas Gerais, Brazil, from 2004 to 2007. To calculate the risk of ROIC, monthly data of beef cattle prices (BM&F) were used from July 1997 to December 2013, revised by the General Price Index of the Fundação Getúlio Vargas in December 2013. The corrected data were divided into five classes that correspond to the risk scenarios. In light of these classes, the observed frequencies and their respective probabilities were calculated. The cumulative and updated ROIC were -3.02 and 0.24%, respectively. The odds for obtaining returns above 8.4% (Brazilian Selic Rate) per year were median, corresponding to 32.0 and 34.94% for the calculation of operating profit (ROIC OP) and total profit (ROIC TP), respectively. The expected average annual return was 6.26 and 7.66% for ROIC OP and ROIC TP, respectively. The standard deviation and coefficient of variation showed a high risk of ROIC because the scale and extent of dispersion per unit of expected return were elevated in the accumulation period and the risk for 2013 was reduced according to the price of beef cattle. The expected risk of ROIC was considered high between 2004 and 2007 and average for 2013. The probability of return on capital invested in the intensification of fattening beef cattle is a function of the selling price of cattle and purchase of inputs, in which the high scenario ranching provides greater probability of getting a return above the bank interest rates.

ABSTRACT The objective of this experimental study was to evaluate the effects of different dietary energy sources on the carcass and meat traits of feedlot Nellore bulls. A total of 48 Nellore bulls at 32 months of age with 354.35±19.56 kg body weight were studied for 85 days. The bulls were allotted to four groups of 12 individuals: Whole corn grain - diet based on whole corn grain; Ground corn - diet based on ground corn grain; Citrus pulp - diet based on citrus pulp; and Steam-flaked corn - diet based on steam-flaked corn. Diets did not influence carcass quality or meat quality. Average values for fat depth, rib eye area, shear force, total cooking losses, and carcass yield were 4.97 mm, 74.71 cm2, 5.85 kgf, 26.82%, and 52.0%, respectively. Based on the quantitative and qualitative analysis of this study, there is no restriction for the adoption of any of the tested diets in feedlots with Nellore bulls and the evaluated energy sources may be used to replace ground corn grain.