Mark,

Unless corn goes to $10/bu, I can hardly imagine the US is going to cut the cowherd by 50% in 10 years if they are selling feeders for $1.80/lb. The last month has pumped some major enthusiasm into the cattle market, and if trend continues, I can't imagine not having a solid and hot market for bred stock this winter. We are profitable now as cow/calf guys.  Feeders, well they just always bid the profit out of their business buying calves, that is a no win business unless you loaded up your lots last fall with no hedges on feed or feds and now are selling out for upper 90's