Economic assessment of commercial-scale Edwardsiella ictaluri vaccine trials in U.S. catfish industry

Abstract

Enteric Septicemia of Catfish (ESC) is a ruinous bacterial disease affecting the U.S. catfish industry. Previous attempts to develop ESC vaccines have failed to achieve industry acceptance, largely attributed to difficulties in delivering the vaccine to immunocompetent fish. Recently, a live attenuated ESC vaccine has been developed, coupled with a mechanized platform designed to accurately deliver measured doses of vaccine with feed. This delivery scheme for vaccine-feed admixture has shown tremendous promise under controlled research settings. This study evaluated the economic effects of on-going commercial-vaccination trials on catfish fingerling operations in Mississippi. Commercial-vaccination trials for both channel and hybrid catfish demonstrated significant improvement in survival, growth, feed consumption, feed conversion and gross yield. At a realistic vaccination cost of $750/ha, the net economic benefits to channel and hybrid catfish fingerling-production phases were $3199 and $6145/ha, respectively. Whole-farm models showed additional profit ranging from $71,758 to $133,887/400-ha on farms that integrate fingerling production to their production strategies due to appropriation of more of the otherwise incumbent fingerling production acreage into foodfish production. Commercial adoption of the oral-vaccination platform would greatly enhance profitability while laying the foundation for development and delivery of polyvalent vaccines against other catfish diseases.     

An Econometric Estimation of Market Growth for the U.S. Processed Catfish Industry

Inadequate information pertaining to the growth potential of the US. processed catfish industry has been a major factor leading to cyclical periods of excess supply or demand resulting in misal-location of resources and price instability. Better information for industry planners (e.g., producers, processors, government regulatory agencies, and university researchers) on future sales potential would assist in decreasing the misuse of resources. An econometric model of wholesale demand for US. processed catfish was developed to provide estimates of future sales under various scenarios. In addition to the standard variables included in models of demand for food items—price, income, and population—the effects of product life cycle and industry-sponsored generic advertising are quantitatively incorporated. Seasonality of demand and rigidities in marketing and consumer behavior are additional considerations explicitly modeled via monthly dummy variables and a Ner-lovian partial adjustment mechanism, respectively.
Model results indicate the impact of alternative future price scenarios on wholesale processed caffish sales. At the mean real wholesale price of $1.60 (December 1988 dollars) for whole-dressed caffish and a real generic advertising expenditure of one million dollars postulated for 1995, projected aggregate sales are 219.2 million pounds, a 23% increase over 1989 sales. Projected 1995 wholesale sales are very sensitive to price with alternative price postulations of $1.40 and $1.80 resulting in projected sales of 252.3 and 193.6 million processed pounds, respectively. An estimated 7% average increase in wholesale sales of catfish was attributed to the industry-sponsored generic advertising campaign. Model projection estimates and impacts are posed as a quantitative source of information to be used with other information in resource allocation issues faced by industry decision makers.     

Economics of Intensively Aerated Catfish Ponds

The US catfish industry is evolving by adopting production‐intensifying practices that enhance productivity. Catfish producers have increased aeration rates over time, and some now use intensive rates of aeration (>9.33 kW/ha). Costs and production performance were monitored at commercial catfish farms using high levels of aeration (11.2–18.7 kW/ha) in Alabama, Arkansas, and Mississippi. A multivariate‐cluster analysis was used to identify four different management clusters of intensively aerated commercial catfish farms based on stocking density, size of fingerlings at stocking, and feed conversion ratios (FCR). Breakeven prices of hybrid catfish raised in intensively aerated pond systems were estimated to range from $1.86/kg to $2.17/kg, with the lowest costs associated with the second greatest level of production intensity. The two medium‐intensity clusters generated sufficiently high revenues for long‐term profitability. However, the least‐intensive and the most‐intensive clusters were economically feasible only when catfish and feed prices were closer to less probable market prices. Feed price, FCR, and yield contributed the most to downside risk. Intensive aeration in catfish ponds, up to the levels analyzed in this study, appears to be economically feasible under the medium‐intensity management strategies identified in this analysis.     

VOLUNTARY MANAGEMENT IN THAI SHRIMP FARMING

The implementation of the voluntary adoption of the Code of Conduct (CoC) to promote environmental responsibility and sustainable development of Thai shrimp industry is examined. Farmers' perceived benefits, risks and uncertainties associated with the adoption and their perceived extra fixed cost are found to be the critical conditions to the success of the program. Improvement of farmers' perceptions through increased information and knowledge, development of supportive policies and mechanisms (i.e., a “Group CoC” system, insurance program, a combination of environmental policy approaches) and strengthening farmers organizations, as well as establishing networks among and between the players throughout the market chain are suggested to enhance the adoption and implementation of the scheme.     

Cost of regulations on US catfish farms

Understanding the economic effects of regulations on US aquaculture farms provides insights into which compliance costs create the greatest compliance burden on farms. This can further guide strategies to improve the efficiency of regulatory frameworks and potentially reduce on-farm compliance costs while maintaining adequate oversight. This study estimated the regulatory compliance burden on US catfish farms as part of a national effort to quantify the cost of regulations on US aquaculture farms. Completed survey interviews of catfish farms in the major catfish-producing states covered 63% of the total US catfish production area. Total regulatory costs of the US catfish industry were estimated at $45 million annually. Lost farm revenues (measured as the value of lost production, the value of markets lost from regulations, and the value of business opportunities lost because of regulations) were estimated to be $35 million per annum. Catfish-producing states outside the Alabama/Arkansas/Mississippi region had the highest ($2856/ha) and Alabama the lowest ($1127/ha) regulatory costs per hectare among the surveyed states. The greatest regulatory cost burden on catfish farms ($18 million) was caused by environmental regulations related mostly to the management of federally protected piscivorous migratory birds, followed by labor regulations ($12 million), and taxes/insurance ($7 million). Regulatory costs ($/kg) were 2.6 times higher on smaller (<80 ha) farms relative to larger (>300 ha) farms. Attention is needed to identify alternative regulatory frameworks that provide the same degree of regulatory oversight but are more cost-efficient.     

The Economic Impact of the Catfish,Ictalurus punctatus,Industry on Chicot County,Arkansas

Abstract

This study analyzed the contribution of the catfish industry to the economy of Chicot County, Arkansas, using an input-output model. The objective was to quantify the economic contribution of the industry in terms of creating new dollars, jobs, and income to the local community. Mail surveys and personal interviews were used to collect data from catfish farmers, processors and other businesses related to the catfish industry. For farmers, the information solicited included production and marketing costs, sales and employment. Out of approximately 85 questionnaires administered to catfish farms, 44 usable questionnaires were obtained for a response rate of 52%. Businesses directly related to the catfish industry provided information on employment and sales and included: processors, seiners and haulers, pond builders, tractor and equipment dealers, and feed bin manufacturers. Other businesses with indirect ties to the catfish industry included: input supply companies, banks, fertilizer and chemical companies, auto shops, electricians, and bookkeeping firms. The survey data were used to modify the IMPLAN database for Chicot County to reflect the 2001 level of catfish production, processing and services available to support the industry. This database was then used to estimate the economic impact of the industry to the county's economy. In 2001, the 85 catfish farmers in the county operated about 7,859 ha (19,500 acres). The farm-gate value of catfish production exceeded $63 million. Employment on catfish farms was approximately 510. In addition, 59 other businesses depended on the catfish industry. Results indicated that total employment created in Chicot County by businesses directly or indirectly involved with the catfish industry was 2,665 jobs. This represented 48% of all employment in Chicot County. Total tax revenue (federal, state, and local taxes) generated from both direct and indirect catfish businesses was $22 million. Combined, the total economic impact of the catfish industry in Chicot County, including direct, indirect and induced effects, was over $384 million. The output multiplier calculated for live catfish production was 6.05. Thus, each $1 of earnings by catfish farms generated $6.05 total economic activity in the Chicot County economy. If current economic difficulties should result in contractions in catfish acreage in Chicot County by 10%, unemployment rates would increase by 2%. This study demonstrates the importance of the catfish industry to the economy of Chicot County.     

The Effect of Hybrid Catfish Fingerling Prices on the Relative Profitability of Hybrid Channel Catfish

Previous studies have indicated that the price premium charged for hybrid catfish fingerlings may be a significant factor in the adoption and profitability of hybrid catfish production. An enterprise budgeting simulation analysis was developed to compare costs, risk, and effect of hybrid fingerling costs. Feed, fingerling, and total costs ($/ha and $/kg) were highest for hybrid catfish production, intermediate for NWAC‐103, and lowest for normal channel catfish production. Net returns were highest for hybrid catfish production, but breakeven prices were also highest. Risk analysis showed that downside risk (risk of losing money) was higher for hybrid production for all farm sizes. Risk‐averse farmers would not select hybrid catfish at the mean fingerling values used in the analysis. However, at hybrid fingerling prices less than $0.0081/cm, hybrid catfish production was superior in profitability and breakeven cost of production. Thus, for hybrid catfish production to be preferred economically to normal channel catfish, the price premium for hybrid catfish fingerlings can be no more than 84% ($0.0037/cm) above that of normal channel catfish fingerlings and 57% ($0.0025/cm) above that of NWAC‐103 fingerling prices.     

COMPARATIVE ADVANTAGES OF THE U.S. FARM-RAISED CATFISH INDUSTRY: A CROSS-REGIONAL ANALYSIS

Policy analysis matrices are developed and used to derive domestic resource cost coefficients for different catfish farm production regions in the United States. The results show that U.S. catfish producers were losing their comparative advantage positions during the study period considered. An import tariff improves the industry's comparative advantage position, but may not increase its market profitability. Higher efficiency in feed usage, and higher market prices paid to producers through promotional efforts are essential to the U.S. catfish industry.     

Effects of Varying Levels of High‐Protein Distiller's Grains on Growth Performance of Channel Catfish,Ictalurus punctatus,and Post‐Extrusion Feed Pellet Characteristics

Channel catfish, Ictalurus punctatus, remains the USA's largest aquaculture industry. However, in recent years, high feed prices have negatively impacted profitability. Production of ethanol as a biofuel has increased dramatically. Companies have modified their processes to enhance ethanol yield and these modified processes also increase the crude protein content of the byproduct. The object of this study was to evaluate this high‐protein dried distiller's grains (HP‐DDG) for its suitability in catfish diets. A total of 25 full‐sibling channel catfish (7.1 ± 2.3 g) were randomly stocked into each of twelve 260‐L polyethylene tanks to achieve 25 fish per tank. The control diet was similar to a commercial formulation. Experimental diets contained 20, 40, or 40% HP‐DDG with added lysine (1% of total diet). There were three replicate tanks per diet. Fish were fed to apparent satiation twice daily for 9 wk. Average harvest weights for fish fed the 40% HP‐DDG diet without lysine supplementation (57.0 g) were significantly smaller than that for fish fed the control diet (77.7 g). Average harvest weights of fish fed 20% HP‐DDG (86.8 g) were significantly greater than that of fish fed either 40% HP‐DDG (57.0 g) or 40% HP‐DDG + lysine (73.7 g). There were no significant differences in feed conversion ratios or survivals among treatments, which overall averaged 1.1 and 99%, respectively. These data indicate that HP‐DDG appears to be a suitable ingredient in channel catfish diets up to at least 20% of the total formulation. Data also indicate that inclusion levels of at least 40% HP‐DDG are likely limiting in lysine.     

Farm-level costs of settling basins for treatment of effluents from levee-style catfish ponds

Compelled by pending regulatory rule changes, settling basins have been proposed as a treatment alternative for catfish pond effluents, but the associated costs to catfish farmers have not been estimated. Economic engineering techniques were used to design 160 scenarios as a basis for estimating total investment and total annual costs. For static-water, levee-style catfish pond facilities, sizing of settling basins is controlled by factors such as type of effluent to be treated, pond layout, size of the largest foodfish pond, number of drainage directions, scope of regulations governing effluents, and the availability of land. Regulations that require settling basins on catfish farms would increase total investment cost on catfish farms by $126–2990 ha⁻¹ and total annual per-ha costs by $19–367 ha⁻¹. More numerous drainage directions on farms resulted in the greatest increase in costs. While both investment and operating costs increased with larger sizes of foodfish ponds, costs per ha were relatively greater on smaller than on larger farms. For farms on which existing fish ponds would have to be converted to settling basins, over half of the cost was due to the production foregone and annual fixed costs of the pond. Requiring catfish farmers to construct settling basins would impose a disproportionately greater financial burden on smaller farms. The magnitude of the increased costs associated with settling basins was too high relative to market prices of catfish for this technology to be economically feasible.     

Comparative Economics of US Catfish Production Strategies: Evidence from a Cross‐sectional Survey

Understanding the effects of specific management strategies on yields and economic outcomes on commercial catfish farms could provide useful guidance to catfish farmers on the most profitable sets of production practices. Data from the U.S. Department of Agriculture–National Animal Health Monitoring System (USDA–NAHMS) 2009 survey of production practices on catfish farms in Alabama, Arkansas, Louisiana, and Mississippi were used to identify five clusters of catfish farms that use various stocking densities, channel versus hybrid catfish, different aeration levels, and utilize automated oxygen sensors. The lowest production costs ($1.96/kg) were found in cluster 1 and were followed in order of increasing costs per kilogram of clusters 2 and 4 ($2.16/kg) and cluster 5 ($2.73/kg); the highest cost corresponded to cluster 3 ($2.84/kg). The lowest risk levels corresponded to the clusters with the lowest production costs per kilogram of fish and the highest risk levels to the highest production costs. This analysis demonstrated that different types of management models can achieve similar levels of production costs ($/kg), and it appears that there is not one single economically optimum way to raise catfish. The key to least‐cost production is to balance the use of inputs, their associated costs, and the yield produced to achieve economic efficiency within the farm's overall business and management model.     

CONSUMER PREFERENCES FOR ATTRIBUTES OF CATFISH NUGGETS: PRICE,BREADING COLOR,COOKING METHOD,AND COUNTRY OF ORIGIN

Marketed as the “nugget” in the seafood trade, the belly flap of the catfish (Ictalurus punctatus) is a residual portion with minimal value due to its elevated fat content and unsightly black peritoneal membrane. To ameliorate these shortcomings, a variety of marinated and breaded nugget formulations were developed and screened in the laboratory. Four of these were evaluated further for organoleptic traits using consumer sensory panels. Next, an in-store conjoint survey was conducted in 13 supermarkets in eight cities in the southern United States to elicit consumers' preferences for price ($3.28/kg, $10.12/kg, $16.51/kg), color of breading (light, medium, dark), cooking method (fried, baked), and country of origin (United States, China). Cluster analysis suggested three consumer segments: a price-sensitive segment, a U.S.-origin segment, and a dark-breading segment. Membership in the segments was related to age, ethnicity, and education. Unusually strong preferences for higher prices and country of origin were investigated in detail.     

CONSUMER ACCEPTANCE OF LOCALLY GROWN FOOD: THE CASE OF INDIANA AQUACULTURE PRODUCTS

Many Indiana small- and medium-sized farm and ranch operators are looking at aquaculture to diversify their operations, but the underlying thought for most of these potential aquaculturists is the feasibility of raising fish, and whether consumers will be interested in Indiana aquaculture products. The study used an ordered probit model to examine Indiana consumers' interests in Indiana farm-raised aquaculture products. The model did not predict any non-interest but predicted 18% probability of consumers that are somewhat interested, 58% for consumers that are interested and 24% for consumers that are strongly interested. Factors that positively affected interest in Indiana aquaculture products were previous purchase of farm-raised aquaculture products, frequent at-home seafood consumption—once per week, and being at least 36 years of age. While consumers in the household income $20,000–$59,999 group showed interest, households with higher incomes were less interested. Prices that consumers are willing to pay for Indiana seafood products are within the range of market seafood prices in Indiana. However, consumers will not be interested in Indiana aquaculture products as premiums for the products increase.     

Principal economic effects of cormorant predation on catfish farms

Substantial economic losses of farmed catfish to fish‐eating birds such as the double‐crested cormorant, Phalacrocorax auritus, continue to be reported on U.S. catfish farms. An economic analysis was conducted of the on‐farm effects of both the increased expenditures to scare fish‐eating birds from catfish farms and of the value of the catfish that were consumed by cormorants. A survey was conducted of U.S. catfish farmers in the Delta region of Mississippi and Arkansas, to obtain farm‐level data on expenditures to scare birds. Estimations of the lost revenue from catfish consumed by cormorants were developed from a concurrent study on cormorant distribution, abundance, and diet in the region. The economic effects of bird predation in terms of both fish consumption and management costs were evaluated across three farm sizes and nine catfish production practices. Catfish farmers spent on average $704/ha ± $394/ha to scare birds, making bird‐scaring costs one of the top five costs of raising catfish. The greatest cost components of scaring birds were manpower (39% of all bird‐scaring costs) and the variable and fixed costs of trucks used to scare birds (34% of all bird‐scaring costs). Losses were greater on hybrid than channel catfish fingerling ponds. Industry‐wide, the value of catfish losses averaged $47.2 million (range of $25.8–$65.4 million). Total direct economic effects (including both the increased costs to scare birds and the revenue lost from fish consumed by cormorants despite bird‐scaring attempts) averaged $64.7 million (ranging from $33.5 to $92.6 million). Profitability improved by 4% to 23% across the farm size/production strategies analyzed upon removal of the economic effects from bird predation, with greater effects occurring on smaller‐scale farms. One‐third of the farm size and production scenarios analyzed changed from being unprofitable to showing a profit in the absence of such negative economic effects associated with bird depredation. Overall, the combined effects of increased farm expenditures to scare birds from farms and the value of the catfish lost to predation by cormorants caused substantial negative economic effects on catfish farms.     

PRODUCTIVE EFFICIENCY OF CATFISH FARMS IN CHICOT COUNTY,ARKANSAS

Technical, allocative, and cost efficiency measures of a sample of small-and medium-sized catfish farms in Chicot County, Arkansas were estimated using a weight-restricted data envelopment analysis technique. A measure of cost efficiency is used to determine operator characteristics, farm practices, and institutional support services that are likely to lead to higher levels of efficiency. Experience of the operators and extension contacts were important factors positively influencing farm level efficiency. Extension services in Chicot County generated about $5.2 million in cost savings among catfish farms or about $2,737 per contact. Importantly, higher cost efficiency of catfish farm efficiency in Chicot County, Arkansas, can be achieved by adjusting inputs used in production to optimal levels rather than by adjusting the scale of operation.     

Wildlife-Caused Losses for Producers of Channel Catfish Ictalurus punctatus in 1996

The National Agricultural Statistics Service surveyed by telephone and mail in January and February 1997 all known producers of channel catfish letalurus punctatus to acquire current information about wildlife-caused losses in calendar year 1996. Many producers tried to prevent wildlife-caused losses of their catfish by shooting (57%), vehicle patrol (55%), or frightening (36%), at an estimated cost of >$5 million. Yet, 69% of catfish producers cited some wildlife-caused losses. Birds were most frequently cited as a cause of losses, and double-crested cormorants Phalacrocorax auritus was the species cited most frequently (53%). The next most frequently cited birds were herons Ardea spp. (48%), egrets Egretta spp . (16%), and pelicans Pelecanus spp. (8%). Muskrats Ondatra zibethicus were cited by 10% of producers, primarily for damaging dikes and roads. The main problems caused by wildlife were feeding on catfish (67%), injuring catfish (40%) or disturbing feeding patterns of the catfish (23%). The total estimated cost of losses was $12 million. Overall, wildlife damage and damage prevention may have cost catfish producers > $17 million, about 4% of the total $425 million of catfish sales in 1996. Of the 44% of all catfish producers who were familiar with Wildlife Services (WS), 51% had ever contacted WS for assistance, 55% used methods suggested by WS to reduce their losses, and 40% received direct assistance from WS in 1996. Mississippi producers, who most frequently received direct assistance from WS, had proportionately lower wildlife-caused losses.     

Influence of Simulated Double‐crested Cormorant,Phalacrocorax auritus,Predation on Multiple‐batch Production of Channel Catfish,Ictalurus punctatus

The double‐crested cormorant, Phalacrocorax auritus, is considered the primary depredating bird species on commercially produced channel catfish, Ictalurus punctatus, in the southeastern USA. We simulated different levels of cormorant predation on losses at harvest and economic effects on channel catfish production in a multiple‐batch cropping system. We observed significant (P < 0.05) declines in catfish production at increasing levels of cormorant predation in this study. This decline was mitigated by increased individual growth of catfish at higher predation rates (i.e., lower catfish densities). This mitigating effect produced a non‐linear relationship with total kg of catfish harvested per pond resulting in a non‐linear incremental increase in breakeven price related to predation. Costs of production ($/kg) increased with increasing predation levels up to very high levels of predation with a cumulative maximum increase in breakeven price of $0.143/kg. These results indicate that losses at harvest due to cormorant predation occur immediately but are mitigated in part by compensatory growth of individual catfish. Losses due to cormorant predation in multi‐batch systems can be considerable, but there is not a 1:1 relationship between losses and kg of catfish harvested due to compensatory factors.     

FACTORS THAT INFLUENCE FREQUENCY OF PURCHASE OF CATFISH BY U.S. HOUSEHOLDS IN SELECTED CITIES

Increased understanding of the factors that influence the frequency of purchase of catfish (Ictalurus punctatus) by U.S. households would provide guidance for catfish marketing programs. A household survey was conducted to analyze consumer preferences and consumption trends of U.S. farm-raised catfish in Birmingham, Memphis, Chicago, Jackson (MS), New Orleans, Baton Rouge, Little Rock, Oklahoma City, Dallas, Houston, and San Antonio. An ordered probit model was developed to examine the variables influencing frequency of catfish purchase. Household respondents in all cities except Jackson, New Orleans, Oklahoma City, and San Antonio were found to be more frequent buyers of catfish products. Respondents who preferred fresh catfish had a greater likelihood of frequent catfish purchase while buyers of frozen catfish were less likely to purchase catfish frequently. Method of preparation and serving had no influence on catfish purchase frequency. Buyers purchasing from supermarket outlets had a higher probability of being more frequent buyers of catfish products than those who purchase from other market outlets. Product origin labels and vacuum-sealed packaging influenced the frequency of catfish purchase. Caucasians and African Americans were found to be more frequent buyers of catfish products while Hispanics were found to be significantly less frequent buyers of catfish products. Married couples had a greater likelihood of purchasing catfish more frequently than unmarried couples. Age of the respondents as well as number of household members had no significant effect on frequency of catfish purchase. The results from this study support the importance of country of origin labeling, supplying high-quality fresh products, and alternative packaging to enhance sales of U.S. farm-raised catfish in supermarkets.     

Costs and Risk of Catfish Split‐pond Systems

Split ponds are recently developed pond‐based aquaculture systems that allow intensification of catfish aquaculture. Successful industry‐wide adoption of newly developing technologies like split‐pond systems will depend upon their productivity and cost efficiencies. Costs and production performance of the following three split‐pond design scenarios were monitored in Arkansas and Mississippi: (1) research design developed at the Thad Cochran National Warmwater Aquaculture Center, Stoneville, Mississippi; (2) waterwheel design tested on commercial catfish ponds; and (3) screw‐pump design tested on commercial catfish ponds. An economic engineering approach using standard enterprise budget analysis was used to develop estimates of breakeven prices (BEPs) ($/kg) for producing foodsize hybrid catfish (♂Ictalurus furcatus × ♀Ictalurus punctatus) for each scenario. Estimates of BEPs of hybrid catfish raised in split ponds ranged from $1.72 to $2.05/kg. The cost of catfish production in split ponds was sensitive to yield, fish prices, and feed prices. Annual net cash flows from both commercial split‐pond systems were high and sufficient to make the investment profitable in the long run. Feed price, feed conversion ratio, and yield contributed the most to downside risk of split ponds.     

Costs of Winter Feeding of Channel‐blue (♀ Ictalurus punctatus × ♂ Ictalurus furcatus) Hybrid Catfish

Previous research has shown that winter feeding is beneficial in preventing weight loss and maintaining catfish health. Although several studies suggest the importance of winter feeding of channel catfish, Ictalurus punctatus, less is known about optimal winter feeding strategies for channel‐blue hybrid catfish (♀ Ictalurus punctatus × ♂ Ictalurus furcatus). Three winter feeding treatments (unfed, fed daily, and fed based on temperature‐threshold feeding) were each assigned randomly to four replicate 0.10‐ha earthen ponds. All ponds were stocked with large channel‐blue hybrid catfish (0.96 ± 0.40 kg) at the rate of 3409 kg/ha and fed using a slow‐sink 28% protein pelleted feed. The two feeding treatments showed significantly greater mean weight at harvest, gross yield, and growth rates than the unfed fish after the 113‐d winter trial. Partial budget analysis indicated that additional costs incurred from the additional feed, fuel, and labor costs over the winter in fed treatments offset the additional revenue from daily winter feeding. However, in the temperature‐threshold feeding treatment, additional costs were similar to additional revenues when 10‐yr average prices were used. Results were sensitive to feed prices and spring catfish prices with positive net benefits from winter feeding at fish prices above $1.58/kg and feed prices below $0.286/kg.