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We have investigated the rheological properties and the orientational distributions of particles of a non-dilute colloidal dispersion, which is composed of ferromagnetic spherocylinder particles, subject to a simple shear flow. The mean-field approximation is applied to take into account the interactions between spherocylinder particles. The basic equation of the orientational distribution function has been derived from the balance of the torques (including the term due to the mean field approximation) acting on the particle in an applied magnetic field; this is an integrodifferential equation. Then, the governing equation has been solved by means of the method of successive approximation and Galerkin's method. The results obtained here are summarized as follows. For the case of strong magnetic interactions between particles, the particle exhibits a sharp peak of the orientational distribution even for a weak applied magnetic field. In this case, the mean magnetic moment of the particle becomes large, which leads to strong interactions between the applied magnetic field and the particle. Thus, the particle tends to point to the magnetic filed direction under these situations. Also, in this case, a large increase in viscosity is obtained due to such a restriction concerning the particle orientation.