Hey Gooch, This is actually cottonseed meal and chopped corn soured in a bucket of water for a few days. And I do mean " soured "!!
Actually in this pic he was probably just rinsing the rest out. It's not that thin.
Probably one of the best things and easist to use is " 10 percent " sweetfeed horse and cattle feed.
Here are a few more tips that NIMROD gave on another website about how to bait for cats...

Sun Jun 17, 2007 9:06 am Post subject: Baiting Catfish Holes

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We love to catch Catfish when the Crappie fishing drops off. Here at Nimrod and other area lakes baiting holes is becoming popular. The easiest is to use ''sweet 10'' horse feed. Wheat covered with water and allowed to sour works great but stinks. Some use canned dog food even.
Pick a spot known to hold Cats such as stumps on an old river channel. Start by going out the day before and dumping a sack of sweet feed over them. Then fish the next day or so with your favorite bait and little or no weight on your line. These fish feed on the chum till it's running out their mouths so anything not just right is spit out. When they feel a heavy lead on your line they let go very often. I use Catalpa Worms on a 16.5' Black Widow Pole with just a line and 1/0 or smaller hook. When we set out 6 poles at times the bite is so fast you cannot keep them all set out.
We caught 3 limits by 8.30 Friday morning over one stump and last year one day it produced 57 cats for us alone. You bait these holes every few days and the cats will come by the droves. Once in a week we caught over 500 lbs!
When you go out to fish always take a sack of feed. It really gets the fish going and makes them bite to throw hand fulls of feed out around the boat . Chum every 1/2 hour or when the bite slows and the more days a hole is baited the better it gets.
Good luck and remember to take a kid fishing. This is a good way to start a kid and build interest in fishing.