Looking back at late November of 2014, when the negotiated fed steer price reached an all-time high, $172.06/cwt, makes one wonder why—today, at fed steer prices at least $10/cwt higher, margins are still narrow. A 1,550-lb fed steer is worth $155 more today than one finished in late November 2014.
While cattle placed against current live cattle marketing might have a wider margin for profit, cattle placed in October of 2023 will have a narrower margin of profit. Why?