I think you all have summed it up pretty well. I do not believe we are close to the bottom yet in the fed cattle market or with feeder calves. The next couple years will be recovery years for cattle feeders, who lost a lot of equity in the recent downturn, so they will be reluctant to bid up feeder calves. I think more heifer calves are still being held back to breed, only adding to the over supply of cattle. Coupled with high numbers of cheaper hogs and chicken, it would take a large shift in beef demand to turn things around in the short term. China will be buying more of our beef, which helps, but we still are in the downward swing of the cattle cycle, and that takes several years to move the other way. I look at it as a positive thing to a point, as I can add more replacement heifers to my herd at a much lower cost than a few years ago. I envision $0.75-0.80 fat cattle and 500# calves around $1.10-1.25 for a little while anyway...
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