Some people are looking at breakevens that are lower than feeder contract prices. The summer contracts are beginning to soften, but there have been opportunities to hedge them for a reasonable margin.

We've gotten to a level where the price is beginning to impinge on economic growth. People are starting to worry about a slowdown.

I'm concerned about misapplication of certain feed by-products. We have a lot of options available. Many have tremendous feeding value, but most also come with special considerations…By their nature, feed co-products are variable. You can run into a wreck in a hurry if you don't do a nutrient analysis.

It's easy to make a lightweight calf gain 3.5 lbs./day. If you've averaged 1.8 lbs. historically and were always trying to get 2.0 lbs., it's hard to change your mindset to restricting gain rather than maximizing it.

Labor is such a key issue that self-feeding is an attractive option. Occasionally, however, we'll get into a situation where we fill the feeders and discover the feed doesn't work physically; it's gotten bridged inside the feeder and cattle have gone without it for four or five days.

I'm concerned about misapplication of certain feed by-products. We have a lot of options available. Many have tremendous feeding value, but most also come with special considerations…By their nature, feed co-products are variable. You can run into a wreck in a hurry if you don't do a nutrient analysis.