Animals can turn psychotic when they’re hungry. You don’t want to see a feedlot with tens of thousands of half-ton animals when they’re like that!
A better option would be to dilute the feed with more roughage, so the cattle still feel full. The digestive systems of cattle are pretty forgiving in that regard*. You could mix fine-ground sawdust in and it wouldn’t hurt them, as long as it wasn’t from a toxic species of tree like a yew.
They can also eat the chaff left from processing grain, the stalks from corn, I’ve even heard of them being fed shredded newspaper, although I wouldn’t recommend that last one.
(*Unlike, say, horses, whose digestive systems are a delicate balance on the best of days.)
Good advice. But you’re right - leave out the newspapers. Colored ink is a no no...