As the decade draws to a close, the lot feeding industry is reflecting on a year which saw the number of cattle on feed sustained at over 1.1 million head.
It's a far cry from the 711,199 that were on feed in the March quarter of 2010.
This growth, driven by strong global demand for high-quality Australian beef, is representative of an industry which has seen a significant increase in capital investment and expansion.
Australian Lot Feeders' Association president Bryce Camm said lot feeding's position within the Australian beef supply chain was now more widely recognised as a strategic alternative that adds value to beef products.
"A measure of success for the feedlot industry is the substantial increase in capital investment, which demonstrates the confidence investors continue to have in Australia's producers, our production methods and the global demand for beef which we support," Mr Camm said.
"Generally speaking, the value of cattle has continued to appreciate resulting in a positive cost/gain ratio, and this is improving the ongoing sustainability of the feedlot sector.
"As feedlot asset values have increased, so too has the ability to access finance for cattle. This has fundamentally underpinned the consistency and continuity of cattle on feed over recent years."
Mr Camm said the past decade had seen a marked increase in capacity and turnoff of cattle.
"Increased demand over the years for year-round high-quality and consistent product has allowed individual lot feeding businesses the opportunity to focus on branded beef products, increasing the demand for Australian grain-fed beef across the global supply chain," he said.
"This move into branding has been a gradual but significant shift from the industry's initial position as more of a commodity-based producer."
Despite facing challenges of poor staff retention rates and the implications of climate variability in accessing reliable sources of feed and water, the feedlot industry has run "an incredibly successful research and development program", according to Mr Camm.
The success of this program, which is conducted by Meat & Livestock Australia, has allowed the accelerated adoption of research to support adaption to changing market and consumer requirements.
MLA feedlot project manager Dr Joe McMeniman said the program had invested in a number of key research and development areas over the past decade, including animal health, welfare, sustainability, productivity and industry capability projects.
"At the start of the decade, MLA initiated research to establish the value proposition of shade to Australia lot feeders," Dr McMeniman said.
"A MLA study conducted by Dr John Gaughan from the University of Queensland, clearly demonstrated the benefits of shade versus no shade.
"Investment in shade R&D by MLA and ALFA has increased adoption of shade by commercial lot feeders, and it is now commonplace throughout Queensland feedlots.
"Tremendous animal welfare, health and productivity benefits have resulted through its adoption."
The trial saw unimplanted Angus steers on a 120-day feeding period on a dry-rolled wheat based finisher diet, provided with shade of 3.3 square metres per steer, using 80 per cent solar block shade cloth aligned in a north-south orientation.
Cattle with access to shade had 3pc greater dry matter intake - 36kg extra - and a 1.9pc increase in hot carcase weight, which was 6kg extra at the processing plant.
"We can translate those changes in feed intake and carcase weight from Dr Gaughan's study to the current market conditions for the implanted short-fed export market result in over a $20 per head increase in profit. This price does not account for any heat induced mortality or morbidity," Dr McMeniman said.
The past five years has also seen MLA lead the world in feedlot automation research.
"A suite of automation products have been commercialised through Brisbane-based Robotics company Manbotix including Bunk Scanner, Auto-delivery, and BunkBot technology," Dr McMeniman said.
"These breakthroughs have paved the way to investigating driverless trucks for the feedlot industry, and automating bunk management, things that were not possible prior due to a lack of service providers that could 'crack' such tricky problems."
Dr McMeniman said significant research in the next decade would involve determining cost effective strategies to offset carbon emissions of the feedlot industry, and additional research on vaccine and other preventative strategies that would continue to benefit Australian lot feeders.
As one of the largest lot feeding businesses in Australia, Mort & Co knows all too well the changes the feedlot industry has weathered over the years, particularly in the past decade.
Managing three feedlots across the eastern states of Australia and turning over approximately 200,000 head of cattle per year, Mort & Co managing director Charlie Mort said the past decade had seen his business move from a model of investors and grazier-owned cattle, to the company owning their own cattle inventory.
"The general feedlot industry has become a strategic part of the beef supply chain where 10 plus years ago a large proportion of feedlot space was only used for opportunity and drought feeding," Mr Mort said.
"With the significant increase of feedlot values has come better access to finance, and owning cattle has allowed for feedlots to plan inductions more efficiently and ensure they run at a higher occupancy.
"Mort & Co has embraced rapid improvements in data collection and data analysis during this time, and we've increased our focus on having the right staff working in our business.
"An increased percentage of cattle going through our feedlots are now sourced direct from the paddock, and we've increased the numbers of mid-fed Angus and long-fed Wagyu."
