Tanner Winterhof

It looks pretty bleak going forward.

Now, if you're a rancher, cow-calf guy, it's great for quite a while yet, it looks like to me.

But if you're an investor feeder and you keep your farming separate from your cattle ownership, we're buying break-evens, calf feds right now, $130 to $140.

Yeah.

Yearlings are probably closer to that 130, 135.

So why would they buy them?

Well, we have some, we do all kinds of different things to keep me centered because I'm such an extremist at times.

So we have trade rules that we keep track of.

But honestly, the day I accepted for fact, for myself anyways, as an investor feeder, is we actually have a cattle position.

And then we go to the bank and ask for money to own cattle to hedge the position.

Okay.

Where most people go buy cattle and then they think I need to go get some risk management done.

We do opposite of that.

We just admit it.

It's like we have a cattle position and we have to own the cattle to hedge our futures.

The sooner you get that,

And I'll be honest, I have never met an investor feeder that didn't think that way.

Okay.

I'm not talking about all cattle feeders.

Yep.