Deterministic economic analysis of feedlot Red Angus young steers: slaughter weights and bonus/Analise economica deterministica do confinamento de novilhos Red Angus superjovens: pesos de abate e bonificacoes

The joint analysis of indicators of the investment project is very relevant in making decisions, resulting in more consistent information regarding risk assessment and its confrontation with the possibility of return. This research aimed to evaluate the economic feasibility of Red Angus young steers finished in feedlot, slaughtered at 340, 373, 396 or 430kg with use of various financial indicators, marketed with or without bonus. The purchase of feeder cattle and feeding were variable costs with a higher share in the total cost. In the analysis with bonus, the regression analysis to gross margin, net margin, net present value, benefit:cost index and additional return on investment showed quadratic behavior, with the point of maximum at 406kg (R$ 185.17), 406kg (R$ 161.76) , 393kg (R$ 128.29), 392kg (1.12), 392kg (11.98%), respectively. In the analysis without bonus, gross margin and net margin showed a quadratic response (346kg, with R$ 110.31 and R$ 86.90, respectively), while for the other indicators, there was a linear reduction as an increase in slaughter weight. Key words: investment analysis, risk analysis, beef cattle, ideal slaughter weight, termination system. A analise conjunta de indicadores do projeto de investimento e muito relevante na tomada de decisoes, resultando em informacoes mais consistentes da avaliacao do risco e seu confronto com a possibilidade de retorno. Este trabalho teve como objetivo avaliar a viabilidade economica da terminacao de novilhos Red Angus superjovens em confinamento, abatidos com 340, 373, 396 ou 430kg, com uso de diversos indicadores financeiros, comercializados com ou sem bonificacao. A compra dos bois magros e a dieta foram os custos variaveis com maior participacao no custo total. Na analise com bonificacao, a analise de regressao para margem bruta, margem liquida, valor presente liquido, indice beneficio:custo e retorno adicional sobre o investimento demonstrou comportamento quadratico, com ponto de maxima aos 406kg (R$ 185,17), 406kg (R$ 161,76), 393kg (R$ 128,29), 392kg (1,12), 392kg (11,98%), respectivamente. Na analise sem bonificacao, margem bruta e margem liquida apresentaram comportamento quadratico (346kg, sendo de R$ 110,31 e R$ 86,90, respectivamente), enquanto que, para os demais indicadores, houve reducao linear, conforme aumento no peso de abate. Palavras-chave: analise de investimentos, analise de risco, bovinos de corte, peso ideal de abate, sistema de terminacao.