Tanner Winterhof

And you gotta be able to vary your inventory.

And most people get so caught up in what my profit per head is.

And right now we've got technology coming out of our ears of telling us what our profit per head is and all this technology.

But honestly, it's return on equity.

is more important than profit per head.

And that's where your inventory variation variance comes.

Because it's not as much fun to own cattle right now, 240 break even.

We just, I'm talking as an industry that had calf feds for a year that would own them calves for a year.

Hell, there's some of these break evens just went out not too long ago, probably 172, maybe as low as 172.

And they're replacing with some of these 240 break evens.

That's a whole different gambling level.

trading that same group of cattle multiple times between physically putting them in your lot and physically they leave your lot is that how you capture short-term gains i look yeah i look at it 18 months in advance so we'll start taking positions 18 months before we ever buy the cattle we're looking at reverse crushes like and when i say reverse crush i won't get in the details too far but rather instead of the typical crush we'll go sell the feeder cattle

So say this coming April, we'll sell the April feeder cattle, buy the October fats, and then sell the corn.

Sell the July corn.

Do the opposite of.

Yep.

Because you can lock up a $200 loser, let's say.

I'm betting that that gets better, not worse.

Right.

Absolutely.