March 2024 Brangus Journal

Brangus JOURNAL

GACC DATA BANK 102H3

PROVING TO SIRE CONSISTENCY AND THE HIGH DOLLAR KIND

CB MASTERPIECE 2051F

$50 PER UNIT

CONTINUES TO LEAVE HIS MARK AS A CURVE BENDER

IBBA

BOARD OF DIRECTORS

President Rob Singleton, Florida

1st Vice President Shiloh Hall, Oklahoma

2nd Vice President Grady Green, Arkansas

Secretary/Treasurer Jeremy Jackson, Arkansas

EAST REGION

:: Trey Cuevas :: treycuevas3@yahoo.com

Purvis, Mississippi

:: Grady Green :: grady@dragginmranch.com

El Dorado, Arkansas

IBBA BOARD OF DIRECTORS

IBBA STAFF

IBBA STAFF

:: Executive Vice President ::

Darrell Wilkes, Ph.D. :: dwilkes@gobrangus.com

:: Director of Field Services & Strategic Projects :: Kyle Caldwell :: kcaldwell@gobrangus.com

:: Director of Shows & Youth Activities :: Lori Edwards-Dunkerley :: ledwards@gobrangus.com

:: Director of Media & Marketing | Editor ::

Jessie England :: jengland@gobrangus.com

:: Director of Genomics & Research :: Macee Prause :: mprause@gobrangus.com

:: Director of Registry Services :: Callie DeLarm :: cdelarm@gobrangus.com

:: Member Services ::

Mandie Sadovsky :: msadovsky@gobrangus.com

:: Controller ::

Brian Sadovsky :: bsadovsky@gobrangus.com

:: Product Manager ::

Andrew Sicotte Jr. ::

:: Software Developer :: Raul Ramos ::

INTERNATIONAL BRANGUS

INT BRANGUS AUXILIARY BOARD

:: President ::

Brenda Brull, Atchison, Kansas

:: 1st Vice President ::

Tina Gardner, China Spring, Texas

:: 2nd Vice President ::

Ginger Pritchard, McLoud, Oklahoma

:: Secretary ::

Mary Beth Farris, Tuscola, Texas

:: Treasurer ::

Janet Greuel, Brooks, Georgia

:: Historian ::

Jodi Jackson, Waco, Texas

:: Social Media Coordinator ::

Jennifer Walker, Ben Lomond, Arkansas

INT BRANGUS FOUNDATION BOARD

:: President ::

Brandon Belt, Gatesville, Texas

:: Secretary/Treasurer ::

Darrell Wilkes, Ph.D.

Allen Goode, Mabank, Texas

Chris Heptinstall, Marianna, Florida

:: Jeremy Jackson :: jjackson101@gmail.com

President Jeremy Jackson, Gentry, Arkansas

Gentry, Arkansas

1st Vice President Rob Singleton, Florida

2nd Vice President Shiloh Hall, Oklahoma

Executive Vice President

Darrell Wilkes, Ph.D., dwilkes@gobrangus.com

Controller

Secretary/Treasurer Allen Goode, Texas

:: Rob Singleton :: rsingletoncattle@yahoo.com

Seville, Florida

East Region

Trey Cuevas, Purvis, Mississippi treycuevas3@yahoo.com

TEXAS REGION

Grady Green, El Dorado, Arkansas grady@dragginmranch.com

Seguin, Texas

BRANGUS PUBLICATIONS, INC. STAFF

AUXILIARY BOARD

:: Editor in Chief ::

President Brenda Brull, Atchison, Kansas

Tracy Holbert, College Station, Texas

Brian Sadovsky, bsadovsky@gobrangus.com

Director of Registry

Jessie England :: jengland@gobrangus.com

1st Vice President Tina Gardner, China Spring, Texas

:: Advertising Sales ::

2nd Vice President Ginger Pritchard, McLoud, Oklahoma

Traci Middleton, Puryear, Tennessee

Cindy Blazek, Leona, Texas

Jessie England, jengland@gobrangus.com

Registry and Records Assistant

:: Mary Douglass :: twoheartsbrangus@yahoo.com

Jeremy Jackson, Gentry, Arkansas jjackson101@gmail.com

:: Allen Goode :: allen@triocattle.com

Mabank, Texas

Rob Singleton, Seville, Florida singletons2002@yahoo.com

Bryan, Texas

Texas Region

Mary Douglass, Seguin, Texas twoheartsbrangus@yahoo.com

Callie DeLarm, cdelarm@gobrangus.com

Director of Genomics and Research

Macee Prause, mprause@gobrangus.com

Director of Shows & Youth Activities

Member Services

:: Andrew Scamardo :: scamardobrangus@gmail.com

Allen Goode, Mabank, Texas allen@triocattle.com

WEST REGION

Andrew Scamardo, Bryan, Texas scamardobrangus@gmail.com

:: Shiloh Hall :: shiloh518@yahoo.com Okmulgee, Oklahoma

Gary Adamek, Schulenburg, Texas gary@fayettecountryhomes.com

Kyle Caldwell :: kcaldwell@gobrangus.com

Secretary Mary Beth Farris, Tuscola, Texas

Treasurer Janet Greuel, Brooks, Georgia

Historian Jodi Jackson, Waco, Texas

Social Media Coordinator Jennifer Walker, Ben Lomond, Arkansas

IBBA COMMITTEE CHAIRMEN

INTERNATIONAL BRANGUS

David Wood, Magnolia, Mississippi

Nic Cornelison, Flat Rock, Alabama

:: Awards ::

Lori Edwards, ledwards@gobrangus.com

Mandie Sadovsky, msadovsky@gobrangus.com

Product Manager

:: Gary Adamek :: gary@fayettecountryhomes.com Schulenburg, Texas

FOUNDATION BOARD

Shiloh Hall, Okmulgee, Oklahoma

President Brandon Belt, Gatesville, Texas

Secretary/Treasurer Darrell Wilkes, Ph.D.

:: Breed Improvement ::

Andrew Sicotte Jr., asicotte@goregstr.com

Allen Goode, Mabank, Texas

IJBBA BOARD OF

DIRECTORS

:: President :: Jaxon Allen, Oklahoma

:: Ex-Officio :: Briana Hicks, Texas

Chris Heptinstall, Marianna, Florida

Josh Walker, Ph.D., Ben Lomond, Arkansas

Senior Software Developer

Marcel Vieira, mvieira@goregstr.com

:: Commercial Marketing ::

Software Developer Raul Ramos, rramos@goregstr.com

Tracy Holbert, College Station, Texas

Traci Middleton, Puryear, Tennessee

:: Queen :: Savannah Hanson, Texas

Cindy Blazek, Leona, Texas

Cody Glenn,West Point, Mississippi

David Wood, Magnolia, Mississippi

:: Finance ::

BRANGUS PUBLICATIONS, INC. STAFF

:: Greg Romans :: romansbrangus@yahoo.com

Vale, Oregon

West Region

Shiloh Hall, Okmulgee, Oklahoma shiloh518@yahoo.com

Nic Cornelison, Flat Rock, Alabama

Jeremy Jackson, Gentry, Arkansas

Advertising Sales, Melanie Fuller mfuller@gobrangus.com, 979-255-3343 Brangus Journal Publications, Inc. Editor Jessie England | editor@gobrangus.com

:: Warren Young, DVM :: wbydvm@hotmail.com Blanchard, Oklahoma

Greg Romans, Vale, Oregon romansbrangus@yahoo.com

AT-LARGE

Vern Suhn, Eureka, Kansas vern@geneplusbrangus.com

:: International ::

INTERNATIONAL JUNIOR BRANGUS BOARD

2021-2022 IJBBA Board of Directors

President April Villarreal, Brookshire, Texas

Garrett Thomas, Waxahachie, Texas

Ex-Officio Jacob Jones, Stillwater, Oklahoma

:: Long Range Planning ::

IBBA COMMITTEE CHAIRMEN

Awards Shiloh Hall, Okmulgee, Oklahoma

:: Randy Schmidt, M.D. :: doctorrand@me.com Texarkana, Texas

At-Large

Randy Schmidt, M.D., Texarkana, Texas doctorrand@me.com

:: Josh Walker, Ph.D. :: josh@redbudfarms.net Ben Lomond,Arkansas

Josh Walker, Ph.D., Ben Lomond, Arkansas | josh@redbudfarms.net

Queen Payge Dupre, Florida

Joe Fuller, Willow City, Texas

Director Briana Hicks, Danbury, Texas

Director Jaxon Allen, Haworth, Oklahoma

Breed Improvement Randy Schmidt, M.D., Texarkana, Texas Commercial Marketing Cody Glenn, West Point, Mississippi Finance Allen Goode, Mabank, Texas International Garrett Thomas, Waxahachie, Texas Long Range Plan Joe Fuller, Willow City, Texas

:: Membership & Education ::

Director Samuel Belt, Gatesville, Texas

Director Tyler Towns, Bryan,

Belinda Lavender, Melrose, New Mexico

:: Promotions ::

Director

Grady Green, El Dorado, Arkansas

:: Show ::

Allen Goode, Mabank, Texas

Membership Marty Lavender, Melrose, New Mexico

:: IJBBA Advisory ::

Promotion Lisa Neal, Morganza, Lousiana

Brandon Belt, Gatesville, Texas

Show Gina Gill, Beckville, Texas IJBBA

:: Director :: Kade Whiddon, Texas

:: Director :: Emma Tittor, Texas

:: Director :: Isabelle Parkey, Texas

:: Director :: Aubrey Meador, Texas

:: Director :: Gracie Johnson, Texas

:: Director :: Carter Aucoin, Louisiana

Cover Details

Cover Photo Stock

Brangus

CATTLEFAX: Industry Outlook

Cyclically tighter cattle numbers translated into the highest cattle prices in 2022 in years, this and much more can be found in CattleFax's 2023 Industry Outlook. Read on to see what could be coming in the year ahead.

30 Cattlemen's Congress Open Show Results

Featured on pages 32-34 are the results for the 2024 Western National Open Brangus point show at Cattlemen's Congress in Oklahoma.

Cattlemen's Congress Junior Show Results

38

Featured on pages 40 are the results for the 2024 Western National Junior Brangus point show at Cattlemen's Congress in Oklahoma

Until We Cross Paths Again

By Rob Singleton, International Brangus Breeders Association (IBBA) president

As I reflect on the past twelve months while penning my final president's letter, a flood of cherished memories overwhelms me. Serving as the president of the IBBA has not only been an honor but a privilege and an absolute joy. I extend my heartfelt gratitude to the entire team that contributed to making 2023 yet another triumphant year for our esteemed association.

A sincere thank you goes out to the dedicated Board of Directors, the hardworking office staff, Dr. Wilkes, our exceptional committee chairs, and the devoted committee members. Together, they played pivotal roles in ensuring the success of the IBBA. I implore all our members to discover their niche within the association and generously offer their time and talents. The bonds formed with Brangus breeders and staff have transformed them into an extended family, and for this, I am truly grateful.

Celebrating a financial success for the second consecutive year, the IBBA stands strong, thanks to the unwavering dedication of the individuals mentioned earlier. Our association has not only solidified its position as the

global leader in all things Brangus but has also extended its services to other countries—an accomplishment of immense significance. I extend my deepest appreciation to everyone who played a role in making this happen. It's evident that we've only scratched the surface of the potential within our remarkable cattle and the incredible people driving the Brangus community. The beef cattle industry has taken notice, and it's imperative that we continue to provide them with compelling reasons to speak highly of us.

Passing the gavel to the incoming president, I do so with confidence in the outstanding condition of our association. Brangus has made remarkable strides in recent years, and we should take immense pride in our accomplishments. However, rather than resting on our laurels, let us utilize these achievements as fuel to propel us toward even greater heights.

Once again, I express my gratitude for the privilege of serving as your president. GO BRANGUS! Together, let's continue the journey of excellence and progress for our beloved association.

EARLY Saddle Up

by Darrell Wilkes, Ph.D., International Brangus Breeders Association (IBBA) executive vice president

It is known that about 70% of cows displaying estrus (heat) do so at night. Therefore, my dad reasoned, you need to be saddled up and in the pasture before it gets light in the morning. So, I spent my junior high and high school summers checking hot cows beginning at about 4:30 in the morning – hoping that some of the cows that came into heat during the night would still be obvious when the sun came up. Honestly, I didn’t mind it. On our family outfit, you were either on the farm crew or the cattle crew. If given the choice between setting irrigation dams, greasing a baler or wrangling hot cows, I’ll choose the cows every time.

Now I’ll sound like an old-timer whining about the “old days” but it is just a simple statement of fact that running an A.I. program back then was a LOT of work. It

wasn’t for the half-hearted. The manhours involved just in heat detection were – looking back – astonishing. Semen was packaged in little ampules that looked like miniature pop bottles. How the sperm cells in the middle of the ampule survived freezing/thawing equally to those in the outer part of the ampule is a mystery to me – they probably didn’t. The process for thawing semen and then drawing it into a breeding pipette was, at best, an awkward process. Synchronization systems were nothing more than university experiments. It’s a wonder we got any cows pregnant by A.I. at all. But the big question maybe should be: why even bother with A.I. since it is so darn much work? My dad’s answer to this question was pretty simple: “we cannot compete if we don’t stack pedigrees with the best sires we can find, and we darn sure cannot afford to buy those bulls”.

Breed associations were not computing EPDs back

then, so in order to scout the “best sires” we toured one ranch after another looking at progeny and studying whatever performance data they had.

Even with all the work involved, and even with less-than-scientific assessment of genetic merit, and even with semen fertility that was variable at best, running an A.I. program was worth it. In fact, we saw it as an indispensable tool if we were going to compete in the seedstock business.

Compare that situation to what we have today. EPDs allow you to compare bulls across an entire breed (not just a few herds), and for many traits. Semen is packaged in straws, which accommodates more uniform freezing and thawing and dramatically improves semen fertility. Synchronization systems have advanced to the point where you can literally synchronize your entire herd and breed the cows in one day (or several days for larger outfits). And just to put some icing on the cake, we live in a world where savvy commercial producers pay a premium for stock bulls with the right pedigrees and the right numbers – sired by proven bulls that have high accuracy EPDs. Not only has A.I. gotten much, much easier, it is cheaper than it’s ever been on an inflation-adjusted basis, conception rates are higher, and it has more value than ever. Ask anyone with a successful bull sale and they’ll tell you that their A.I.-sired bulls outsell their

natural service bulls by $500-$1,500 per head.

I looked at the 25 top sires for registration in 2023 – 24 of them are A.I. or E.T. One was produced by natural service.

I cannot count the number of meetings I have been in with the Breed Improvement Committee and even the Long Term Planning Committee where more A.I. is identified as a strategy for growing the Brangus breed. It boils down to a very simple proposition. If we had more top quality bulls offered by a growing number of Brangus breeders, we would see increased demand – which translates to more Brangus bulls in total and higher prices for Brangus bulls. More good bulls selling for higher prices. Who can be opposed to that? Of course anyone can point out that there is nothing magic about A.I. It is just another way to get a cow pregnant. The embedded assumption is that more A.I. would result in more calves sired by the very best bulls in the breed. And even though people have different definitions of what is best, there is little debate that most people could find an A.I. sire that’s better (given their definition of better) than the natural service bulls they have running in their pastures. This is not a criticism of your bull battery. It’s just a math thing. With 8,000 - 10,000 bulls being raised up to breeding age every year, a few dozen are so darn good that someone pays

a bundle of money for them and offers semen for sale. Over time, some of the top end bulls from each calf crop will prove out to be superstars – and semen is for sale.

If you look at only the major prefixes within our registry (R, RR, UB), we’re running about 40% A.I. and E.T. That’s not a number to be ashamed of, but it could be higher. Instinctively, it would seem that the larger herds would have a greater challenge running an A.I. program simply due to volume and logistics, but the larger herds in general seem to have a higher percentage of A.I. calves. I wonder if

this is because the larger outfits have a larger crew and may have qualified A.I. technicians on their ranch payroll and, therefore, A.I. is simply easier for them to do.

I want to assure smaller breeders that an A.I. program is not out of your reach, even if you are not personally trained to do it. There is very likely a trained A.I. professional in your neck of the woods who makes his or her living setting up synchronization programs and inseminating cows. So, whether you have 5, 35 or 105 cows, you can find an A.I. technician in your neighborhood to help you.

One thing I have observed from the time I was 13 years old checking for hot cows as the sun came up, to the 11 years I spent in the professional A.I. business, an A.I. program tends to encourage people to become better managers. A few examples are; 1) they have a well-defined and compressed calving season, 2) they vaccinate cows at least a month before the start of the breeding season because the immune response can affect near-term fertility, 3) they pay attention to body condition (i.e. nutrition) and ensure their cows are in the right rig to conceive, 4) they feed high quality mineral and they keep parasite loads under control because they know these things affect fertility, 5) they have cow- and people-friendly working facilities –not fancy, but functional, and 6) they learn calm-cow-stockmanship because stressed cows have lower conception rates.

We live in a time when genetics are more important than ever. One of the absolute best ways to increase the rate of genetic improvement is to utilize A.I. to access the very best bulls in the breed.

Back to my youth, checking for hot cows. My opening paragraph may have given the impression of a perfect, hard-working kid. Not true. I once had a difficult cow that I could not get into the breeding coral. So, I roped her and was “leading” her to the coral when my dad showed up. For the next week, I had to check hot cows bareback. Lesson learned.

UPDATE from the Field

by Kyle Caldwell, Director of Field Services and Strategic Projects

With this being my second spring and fourth round of sales to attend, I’m becoming accustomed to the infectious air of excitement leading up to these big events. Great cattle in better calf markets are always fun to look at and I will have my fair share of it coming up in the next few months. The last few weeks I attended the largest beef cattle convention in the world, ran all over Louisiana visiting commercial operations and previewing sale cattle and made a quick trip over to San Antonio for some time in the IBBA office and to attend the San Antonio All Breeds Sale.

I started February at the NCBA Convention in Orlando, Florida. We tried a different approach with the IBBA booth this year and shared the booth with some Brangus outfits that

were already planning to be at NCBA: Cavender Brangus, Town Creek Farm, CDP Brangus, and Southeast Brangus Breeders Association. The extra buzz around the booth drew more attention to the individual ranches and the IBBA booth. We had the opportunity to meet with several current and prospective members and tell the story of how Brangus is the Swiss army knife of the beef industry.

After returning home to Louisiana I got back in the truck and drove south and met with a commercial cattleman outside of St. Francisville. His herd consisted primarily of a couple hundred head of commercial Angus-based cows and in our original conversation he mentioned how he had just purchased a handful of registered Angus heifers that he would like to breed to A.I. to Brangus bulls to produce Ultrablacks. So, I loaded up some sire directories, drove out to his place

and rode through cows with him talking about his operation’s overarching goals. During this time, he mentioned how hard bulls were to manage (tearing up fences, getting injured in fights, etc.) and that he had been heavily considering transitioning his entire commercial cowherd to A.I. while keeping a small handful of bulls around for cleanup. We then talked about how Brangus would fit into this breeding system, putting a bit more power and stretch into his steers while adding fertility and longevity in his replacement heifers. A few days later I drove over to San Antonio for some time at the IBBA office and to attend the 33rd Annual San Antonio Livestock Expo All Breeds Bull Sale. It may be an all-breeds consignment sale now, but if the current trajectory of Brangus bull performance at this sale continues, it may just turn in to an all-BRANGUS sale. Joe Fuller of Cross F Cattle took home Reserve Grand Champion honors and had the high grading Brangus bull while Jodi Jackson’s pen of replacement females took home the award for Champion Pen of Females. What’s more, out of fifty-two total bulls, 15 Brangus averaged $7,667, more than any other breed that day. Kyle and Crystal Devoll of Pinnacle Cattle Company consigned a pair of bulls that sold for $12,000 each, the second highest selling animals of the day only behind the

leadoff Grand Champion bull (a Hereford) that brought $15,000. Michael Sturgess said it on the block, this was the stoutest and deepest set of Brangus ever been consigned to the San Antonio All Breeds Sale and the sale results reflected as much. Congratulations to all the Brangus consignors on an excellent showing.

I ended the week back in Louisiana enjoying some Cajun hospitality at the Wiley Ranch Spring Bull and Female Sale. The ACE and Wiley crew always put on a great sale with even better cattle and the nearly $8,800 average on the female sale proving as much. If you have never made it out to this sale, I highly recommend making the trip.

At the time of drafting this article, I am gearing up to head out to New Mexico for the 33rd Annual Roswell Brangus Sale followed by the Houston Livestock Show. Coming up in March, you can find me at the Cavender Spring Bull Sale March 9th, the Mound Creek Bull and Female Sales March 15th and 16th, Texas Alliance on the 19th, TSCRA Convention and the CDP Brangus Sale on the 22nd and 23rd, and finally the GenePlus spring bull sale at Chimney Rock Cattle Company on the 26th. Safe travels to all; let’s have a great spring sale season.

GO BRANGUS

FOLLOW THE FACEBOOK PAGE 75 Years Brangus Celebration

Have you followed our Facebook page 75 Years Brangus Celebration? 2024 is our 75th anniversary and we’re reminiscing with lots of photos and historical information on this social media format.

Stay up to date, go down memory road, and relive the past 75 years of Brangus history by following the Facebook page created for this milestone. This page is devoted to featuring events, people and cattle that have played a role, large or small in the breed’s history from 1949-2024.

Please like the page and follow along. We invite you to post photos on your personal/ranch pages and tag the 75 Years Brangus Celebration page, as well as share this page. Also, if you have photos from any of the last 75 years please send to hollidacompany@gmail or jodibjackson1990@gmail.com. Please include any information you might know about the photo such as year, event and who is pictured.

Remember the 75 Years Brangus Celebration is set for August 9-11 in Fort Worth, Texas.

Come Visit Us at http://bit.ly/470NwxL

2024 I NDUSTRY OUTLOOK

Executive Summary: Expansion Still on the Horizon

The smallest beef cow inventory in the last 50 years, coupled with historically strong demand, has led to the highest average fed cattle and calf prices in 2023. As reduced cattle numbers and beef production continue over the next three years, leverage and profitability will continue to favor cattle producers.

Despite record prices, expansion is likely to continue to be pushed back. Lingering drought, high input costs, limited labor availability, high interest rates, and market uncertainty all serve as headwinds against growing the cowherd. As smaller supplies push beef prices higher, consumer demand is expected to soften slightly moving forward in light of historically large supplies of lower priced pork and poultry. However, consumer preference for the quality, safety, and consistency of U.S. beef will continue to support relatively strong demand and prices at both the wholesale and retail levels.

Expansion in the current cattle cycle will be slower and more prolonged than the previous cycle. The supply decline will become even more pronounced once heifer retention starts in earnest, resulting in expected lows for fed slaughter in 2026. Increased cattle prices and reduced feeding costs will continue to improve margins for cow-calf producers for the next several years, a much-needed improvement to drive expansion as weather patterns allow.

Extended Range Weather Outlook

Since this past summer, we have discussed El Niño’s influence on the global weather pattern. During this phase, we have seen a focus of moisture placed in the South and Southeast. Now, however, we are seeing this El Niño event fade away.

During the next several weeks, we will continue to see strong and wet storm systems move across the central and southern states. Increased odds for snow and cold as far south as Texas will mean possible impact on calving and wheat. Take this moisture now and make the most of it; look for a good start to this grazing season overall but be mindful that drought conditions will increase for the Southern Plains during summer and fall as we see our pattern change quickly.

La Niña shows signs of a rapid return in the ocean and atmosphere conditions. This matches history, suggesting that since 1998, La Niña has been more frequent, and each event lasts two to three years. We will likely see La Niña conditions this summer through the next several seasons.

As La Niña’s influence grows, we will see increased heat and drought-related issues for the Central to Southern Plains. The moisture pattern will favor the northern tier of states and the Ohio to Tennessee Valleys.

It is too early to discuss how strong and long-lasting this next La Niña event will be, but data and history suggest a significant event is ahead of us yet again.

during the Cattle Industry Convention & NCBA Trade show. Everyone is welcome to visit the booth this week to talk with analysts about the markets or discuss weather patterns with our weather analyst Matt Makens.

Economy, Energy & Feed Grains

U.S. Economy

• Inflation rates fell by nearly half in 2023, after reaching a 40year high in 2022, to end the year at 3.4 percent CPI growth.

• To combat inflation, the U.S. Federal Reserve raised interest rates 4 times through 2023 to end the year with the Prime rate at 8.5 percent. Multiple rate cuts are planned for 2024.

• U.S. unemployment rates were relatively flat in 2023, ending the year at 3.7 percent, though are expected to increase slightly in 2024.

• Dropping interest rates, reduced gas prices, and income growth all signal a reduced probability of recession though overall growth in the U.S. economy is expected slow in 2024.

Oil and Energy

• Average crude oil prices in 2023 were 18 percent lower than 2022, maintaining a narrow trading range. Average prices in 2024 are forecast to be near steady with 2023, though escalating global supply risk threatens to add volatility along the top end of the forecast range.

• Global petroleum production is forecasted slightly higher in 2024 with increases targeted more for the second half. Global consumption is expected to increase 1 percent in 2024 with growth plateauing across top economies.

• OPEC+ is expected to continue their conservative production schedule, particularly in the first half of 2024, placing emphasis on profit per barrel. The U.S. will remain the world’s top oil producer.

• WTI crude oil is expected to average $80/barrel with a forecasted range between the upper $60’s to nearly $100/ barrel through this year.

Corn

• The USDA Annual Crop Production Report estimated 2023 corn planted acres at 94.6 million wwith 91.4 percent of acres harvested. Corn yield was up about 2.2 percent at 177.3 bushels per acre, placing production 12 percent higher at 15.3 billion bushels.

• Exports are expected to increase in 2024 following the sharp rise in production and softer prices with Mexico serving as the largest importer of U.S. corn. Improved demand from increased ethanol production is expected in the coming years while feed and residual tend to be more correlated to production.

• Current corn stocks-to-use at just under 15 percent should keep the market below $5.75/bu. with a yearly average price of $5.25/bu. expected.

• An expected decline in production from reduction in acres and yield below trend line in the new crop year should be offset by larger beginning stocks. Stocks to use have the potential to be above 16 percent. This would imply a lower price range of $4.00 to $5.00/bu. through the second half of 2024.

Hay

• National December 1 on-farm hay stocks were up 6.9 percent from year-ago at 76.7 million tons.

• Hay production in 2023 was up 6.3 percent from 2022 at 118.8 million tons.

• Another good hay crop needs to be seen in 2024 to help rebuild stocks from the lows in 2022 and return prices to a more historically normal range.

• While there are regional differences, the U.S. average all-hay price was near $220/ton in 2023. The first half of 2024 will likely see prices supported at more elevated levels before dropping around $30/ton following harvest.

Supply & Demand

Supply

• The beef cow herd began 2023 below the prior cycle low in 2014. With another 2 percent decline, 2024 is expected to begin with inventories around 28.2 million head.

• Though drought conditions did improve in many regions, over a third of the cow herd was affected by drought in 2023, causing limited heifer retention and more liquidation in some regions. This will limit growth to the cow herd near term.

• Cow and bull slaughter is forecast to be 6.5 million head in 2024, down about 800,000 head.

• Feeder cattle and calf supplies outside of feedyards will be about 1-million head smaller than 2023 at 24.1 million head.

• Cattle on feed inventories began 2024 up about 2 percent at 11.9 million head. Though inventories may remain somewhat elevated for a few months, they are expected to decline significantly though the second half of the year.

• Commercial fed slaughter in 2024 is forecast to decline by 750,000 to 24.8 million head.

• After about a 1.3-billion-pound decline in 2023, beef production is expected to be down another billion pounds in 2024 to total about 25.9 billion pounds.

• The decline in production in 2024 will lead to a 1.7-pound decline in net beef supply to 56 pounds per person.

Domestic Beef Demand

• Beef prices moved higher throughout 2023. While modest softening may occur early in the year, USDA all-fresh retail beef prices are expected to average a record $7.90/lb. in 2024.

• Margin realignment has occurred faster than anticipated, narrowing margins at the retail and wholesale level. Further gains in leverage will be limited, putting pressure on demand to sustain higher price levels.

• Though inflation has moderated, consumer debt and interest rates, cheaper alternative proteins, and economic uncertainty may limit spending and impact purchasing decisions.

• Foodservice demand has remained resilient up to this point but declines in same store sales and customer traffic to end 2023 indicate risk in 2024.

• Wholesale demand will likely pullback in 2024 with tighter beef supplies, but the cutout should move still move a little higher to average $300/cwt.

• Premiums for higher quality beef should remain as consumers have shown a willingness to pay for Choice grade or better beef.

Global Protein Demand

• Demand for animal proteins has continued to grow around the world and tighter global protein supplies should broadly support prices in 2024.

• U.S. beef exports saw large declines in 2023, down about 13 percent and another 5 percent decline is expected in 2024 driven by smaller U.S. production and higher prices.

• U.S. imports grew 7 percent in 2023 and are expected to be even larger in 2024 as reduced U.S. cow slaughter promotes larger lean beef imports.

• Pork exports grew by about 7 percent in 2023 as lower U.S. prices, increased production and weak domestic demand allowed the U.S. to expand the export market. Declining global pork production in 2024 should allow continued growth for U.S. exports.

• Poultry saw steady exports in 2023 but with increased production and global demand, exports should grow in 2024 with forecasts up 2 percent.

Price Outlook & Watch List

Price Outlook 2024

• All-Fresh Retail: $7.90/lb, up $0.30 - The retail segment will continue to try to balance higher prices and reduced supply with softer but still historically strong demand. With less beef production, demand rationing with price will occur. The key is not to overstep price considering cheaper competing proteins.

• Composite Cutout: $300/cwt, up $4 - The boxed beef cutout is anticipated to average about $300/cwt. Packing segment margins are expected to be thin as the supply of both fed and non-fed slaughter cattle diminishes throughout the year.

• Fed Steer: $184/cwt, up $9 - Prices are forecast to average about $184/cwt in 2024. The late 2023 placements will equate to more fed cattle available in early 2024 and larger price advances expected in the second half. Cattle feeder profitability will decline in 2024 as competition for a tighter feeder cattle and calf supply results in record-high breakevens.

• 800-lb. Steer: $240/cwt, up $20 - The feeder cattle supply is starting the year at historically low levels, yet on-feed numbers remain ample near-term. Expect a volatile market and the lowest prices during the first quarter with support near $215 to $220 and possible advancement towards $260 or better in the second half.

• 550-lb. Steer: $290/cwt, up $28 - After averaging nearly $70/ cwt higher in 2023, the impulsive price move in this cycle is likely behind us for calves, but tighter supply, cheaper feed, and better grazing conditions will support higher prices. Highest prices of the year are expected in the spring but the decline into the fall calf-run should be modest.

• Utility Cows: $115/cwt, up $16 - Strong lean beef trimmings demand and a lower cow culling rate should support cow prices. After averaging about $100/cwt in 2023, values should be $15 higher in 2024, with a range from the upper $90’s to $135.

• Bred Cows: $2,600/hd, up $600 - Higher calf prices encourage expansion, but the female market continues to be highly contingent on weather conditions. Prices will be higher in 2024, but regional variance and wide ranges will likely be seen based on age, quality, and regional drought conditions.

Beef Industry Watch List

• Competing Proteins – Both pork and poultry are projected to grow production again in 2024, even in the face of slow domestic demand, poor margins, and disease risk. Pork production is forecast to be up 1 percent, but growth in exports will likely keep the U.S. supply steady. Broiler production is expected to be up 1 percent in 2024, a new record high, while turkey production is forecast to grow 3 percent.

• Interest rates – After the last 15 years of stable, relatively low interest costs, higher feeder values and increased rates have significantly increased financing costs for producers. Cost of interest was estimated to be nearly $200/head for a fed steer in 2023, more than double the average of the last decade. While it appears that rates are done increasing and are widely expected see cuts in 2024, interest costs are likely to remain meaningful for the foreseeable future.

Western National Open Show

January 11, 2024 | Oklahoma City, Oklahoma|

Judge: Judd Cullers, Texas

Sa mS SiGnal 541J3

Brenna Hilson, St. George, Georgia

Female diviSionS

Junior Heifer Calf Champion: ORIGINS MISS

PATRICIA 302L2, Origins Ranch, Houston, TX

Reserve Junior Heifer Calf Champion: CHAMP

MS PRIME 420L, Champions Valley LLC, Schulenburg, TX

Senior Heifer Calf Champion: MP MISS

CHARLIZE 21K, Emily Jackson, Gentry, AR

Reserve Senior Heifer Calf Champion: MP MISS BROOKLYN 804K27, MP Brangus, Waco, TX

Summer Champion Heifer: RAFTER L VEGA JO 157K4, Lucherk Cattle, McCoy, TX

Reserve Summer Champion Heifer: SJCC KALEIDOSCOPE 1252K7, Roxton Stone, Stanton, TX

Yearling Champion Heifer: KK MISS

STARSTRUCK 924K5, GKB Cattle, Desdemona, TX

Reserve Yearling Champion Heifer: GKB

TANKS LADY KATHY 149K, GKB Cattle, Desdemona, TX

Champion Senior Heifer: MP MS MIDNIGHT STAR 804J38, MP Brangus, Waco, TX

Reserve Champion Senior Heifer: ACC REESES 649J8, Allen Cattle Company, Crockett, TX

TaJo mS velviTa 204K6

Tajo Ranch, Waller, Texas

KO’s Cattle Service, Waxahachie, Texas

TaJo mS Kena 307J4

Tajo Ranch, Waller, Texas

KO’s Cattle Service, Waxahachie, Texas

red Female diviSionS

Red Junior Heifer Calf Champion: TAJO LOLA 204L, Tajo Ranch, Waller, TX, KO’s Cattle Service, Waxahachie, TX

Red Reserve Junior Heifer Calf Champion: M&M LEIGHTON 702L1, Carlee Eloise Taylor, Lakeland, FL

Red Senior Heifer Calf Champion: TAJO MS

VELVITA 204K6, Tajo Ranch, Waller, TX, KO’s Cattle Service, Waxahachie, TX

Red Reserve Senior Heifer Calf Champion: MS

SENDERO KYLIE 59K2, Sendero Red Brangus, Laredo, TX, TRIO Cattle & Genetics, Mabank, TX

Red Summer Champion Heifer: VILLAS MS

CATALINA 71K11, Villa Ranch, Brookshire, TX

Red Reserve Summer Champion Heifer: MS

BROKEN A KAYENNE 307K, Madison Perry, Madisonville, TX

Red Yearling Champion Heifer: SJCC

KRISTAAL 72K3, Jade Stone, Stanton, TX

Grand Champion Female mp mS midniGhT STar 804J38 MP Brangus, Waco, Texas

reServe Champion red Female SJCC KriSTaal 72K3

Jade Stone, Stanton, Texas

reServe Champion red Cow-CalF pair m&m 702/J

4D Red Brangus, Spring, Texas

reServe Champion Female raFTer l veGa Jo 157K4

Lucherk Cattle, McCoy, Texas

Grand Champion Cow-CalF pair

Grand Champion red Female

Grand Champion red Cow-CalF pair

BB CroSS Canadian 150K3

Burns Brangus, Wharton, Texas

TrioS KruGer 175K4

TRIO Cattle & Genetics, Mabank, Texas Scamardo Brangus, Caldwell, Texas

Red Reserve Yearling Champion Heifer: TRIOS

SB KARINA 175K2, TRIO Cattle & Genetics, Mabank, TX, Ganaderia El Duque, Campeche, Mexico

Red Senior Champion Heifer: 59/J DREAM TIME'S T-N-T, Shipp Cattle, Aubrey, TX

Bull diviSionS

Junior Bull Calf Champion: DIAMOND K

OLD SOUL 157L, Wellmann Cattle Company, Brenham, TX

Reserve Junior Bull Calf Champion: GKB

RANGER 804L8, GKB Brangus, Desdemona, TX

Senior Bull Calf Champion: ORIGINS

CAPITAL GAINS 302K4, Origins Ranch, Houston, TX

reServe Champion Bull

diamond K old Soul 157l Wellmann Cattle Company, Brenham, TX

reServe Champion red Bull

TaJo lupe 204K9

Tajo Ranch, Waller, Texas

KO’s Cattle Service, Waxahachie, Texas

Reserve Senior Bull Calf Champion: ORIGINS

BUSINESS PLAN 302K6, Origins Ranch, Houston, TX

Summer Champion Bull: ORIGINS KNOCK

OUT 302K2, MP Brangus, Waco, TX, Origins Ranch, Houston, TX, GKB Cattle, Desdemona, TX

Reserve Summer Champion Bull: KL

NAVIGATOR 915K1, K&L Brangus, Floresville, TX

Yearling Champion Bull: BB CROSS

CANADIAN 150K3, Burns Brangus, Wharton, TX

Senior Champion Bull: ACC HIGH FIVE 674J15, Allen Cattle Company, Crockett, TX

Reserve Senior Champion Bull: ACC ASTRO 674J11, GKB Brangus, Desdemona, TX

red Bull diviSionS

Red Junior Bull Calf Champion: TRIO VILLA

SENDERO LINCOLN 38L, TRIO Cattle and Genetics, Mabank, TX, Sendero Red Brangus, Laredo, TX, Villa Ranch, Brookshire, TX

Red Reserve Junior Bull Calf Champion: TAJO

LUDACRIS 307L2, Tajo Ranch, Waller, TX, KO’s Cattle Service, Waxahachie, TX

Red Senior Bull Calf Champion: TAJO LUPE 204K9, Tajo Ranch, Waller, TX, KO’s Cattle Service, Waxahachie, TX

Red Reserve Senior Bull Calf Champion: KC 5M

ANARCHY 214K10, Kayce Lopez, Teague, TX

Red Summer Champion Bull: IC JIMBO 61K, Irons Creek Ranch, Pattison, TX

Red Reserve Summer Champion Bull: BROKEN

A MAVERICK 841K2, Broken A Ranch, Madisonville, TX

Red Yearling Champion Bull: TRIOS KRUGER 175K4, TRIO Cattle & Genetics, Mabank, TX, Scamardo Brangus, Caldwell, TX

Red Reserve Yearling Champion Bull: BROKEN

A GAME CHANGER 841K3, Broken A Ranch, Madisonville, TX

Red Senior Champion Bull: VILLA'S VALENTINO 59J14, Villa Ranch, Brookshire, TX

Group diviSionS

Champion Produce of Dam: ACC MISS

HERCULES 674X2, Allen Cattle Company, Crockett, TX

Champion Breeders Herd: GKB Cattle, Desdemona, TX

Red Champion Produce of Dam: RED VELVET 204D, KO’s Cattle Service, Waxahachie, TX

Red Champion Breeders Herd: Tajo Ranch, Waller, Texas, KO’s Cattle Service, Waxahachie, TX

Ultra Champion Produce of Dam: BWCC MS ROCK SOLID 111B2, Allen Cattle Company, Crockett, TX

Ultra Champion Junior Get of Sire: MC

RANGER 824H9, GKB Brangus, Desdemona, TX

Ultra Champion Senior Get of Sire: WC

UB FORTRESS 322F, Wyman Creek Cattle Company, Summersville, MO

Ultra Champion Breeders Herd: Wyman Creek Cattle Company, Summersville, MO

Grand Champion Bull

Grand Champion red Bull

RESERVE SUPREME AMERICAN BULL

Western National Open Show

January 11, 2024 | Oklahoma City, Oklahoma|

Judge: Judd Cullers, Texas

SUPREME AMERICAN OPEN FEMALE

Mill

Mill

ulTra Female diviSionS:

Ultra Junior Heifer Calf Champion: MNR MS

SHAKIRA 617K2, Madilyn Nichols, Kathleen, FL

Ultra Reserve Junior Heifer Calf Champion: WC

MISS KARISMA 022K, Wyman Creek Cattle Company, Summersville, MO

Ultra Senior Heifer Calf Champion: MC BADA

BOOM 628K8, Mill Creek Land and Cattle, Puryear, TN

Ultra Reserve Senior Heifer Calf Champion: MC BADA BING 628K7, Mill Creek Land and Cattle, Puryear, TN

Ultra Yearling Champion Heifer: ACC BONITA 25K4, Kade Whiddon, Needville, TX

Ultra Reserve Yearling Champion Heifer: WC

MISS KARISMA 022K, Wyman Creek Cattle Company, Summersville, MO

Wyman

ulTra Bull diviSionS:

Ultra Junior Bull Calf Champion: WC UB

KIPLING 649K2, Wyman Creek Cattle Company, Summersville, MO

Ultra Reserve Junior Bull Calf Champion: SB HIGH COTTON 111L21, Allen Cattle Company, Crockett, TX

Ultra Summer Champion Bull: SCCC

KADILLAC 804K, Roxton Stone, Stanton, TX

Ultra Reserve Summer Champion Bull: WC UB

KIOWA 608K2, Wyman Creek Cattle Company, Summersville, MO

Ultra Yearling Champion Bull: CT DEEP

POCKETS 108K2, Carlee Eloise Taylor, Lakeland, FL

Ultra Reserve Yearling Champion Bull: MCC

FRED 622K, Savannah Hanson, Dayton, TX

Ultra Senior Champion Bull: DIAMOND JV

STone, STanTon, TexaS

diamond Jv JoKer 23J

4d red BranGuS, SprinG, TexaS

JOKER 23J, 4D Red Brangus, Spring, TX

Ultra Reserve Senior Champion Bull: CHAMP

MR LIMITLESS 150J7, Champions Valley LLC, Schulenburg, TX

Grand Champion ulTra Female mC Bada Boom 628K8

Creek Land and Cattle, Puryear, TN

reServe Champion ulTra Female mC Bada BinG 628K7

Creek Land and Cattle, Puryear, TN

Grand Champion ulTra Cow-CalF pair mnr mS. liZZo 535h madilyn niCholS, KaThleen, Florida

reServe Champion ulTra Cow-CalF pair wC miSS GraCe 188G

Creek Cattle Co, Summersville, MO

Grand Champion ulTra Bull SCCC KadillaC 804K roxTon

reServe Champion ulTra Bull

FIRST CALVES ARE VERY EXCITING, EXCEEDING EXPECTATIONS

VOREL FIRST CLASS 40J2

FOOT STRUCTURE, LOOK AND FUNCTIONALITY

SF DATA BANK 535L5

SF DATA BANK 535L6

CRC EMPOWER 063K

Western National JUNIOR Show

January 10, 2024 | Oklahoma City, Oklahoma| Judge: Dr. Ryan Rathmann, Texas

THIRD OVERALL SUPREME AMERICAN JUNIOR FEMALE

Female diviSionS

Heifer Calf Champion: RAFTER L FOX 157L7, Maddox Hartmann, Falls City, TX

Reserve Heifer Calf Champion: RCC ELECTRA 88L, Cleavie Allen, Crockett, TX

Junior Heifer Champion: RAFTER L VEGA JO 157K4, Maddox Hartmann, Falls City, TX

Reserve Junior Heifer Champion: ACC KATALINA 358K2, Chloe Wise, North Vulch, TX

Senior Heifer Champion: 2H HIT THE LIGHTS 294K2, Roxton Stone, Stanton, TX

Reserve Senior Heifer Champion: ACC REESES 649J8, Cleavie Allen, Crockett, TX

red Female diviSionS

Red Heifer Calf Champion: TAJO LOLA 204L, Truitt Marks, Waxahachie, TX

Red Reserve Heifer Calf Champion: M&M LEIGHTON 702L1, Carlee Eloise Taylor, Lakeland, FL

Red Junior Heifer Champion: MS SENDERO KYLIE 59K2, Ethan Rexroth, Anderson, SC

Red Reserve Junior Heifer Champion: M-M LADY CORTEZ 008/EK, Taos Durheim, Spring, TX

Red Senior Heifer Champion: SJCC KRISTAAL 72K3, Jade Stone, Stanton, TX

Red Reserve Senior Heifer Champion: 59/J

DREAM TIME'S T-N-T, Kenna Smith, Aubrey, TX

ulTra Female diviSionS

Ultra Heifer Calf Champion: GRT MS

6847G-MONEY 804L2, Carlee Eloise Taylor, Lakeland, FL

Ultra Reserve Heifer Calf Champion: JJ MS

FIRST CLASS 3227L, Emily Jackson, Gentry, AR

Ultra Senior Heifer Champion: ACC BONITA 25K4, Kade Whiddon, Needville, TX

Grand Champion Female 2h hiT The liGhTS 294K2 roxTon STone, STanTon, TexaS

Grand Champion red Female TaJo lola 204l TruiTT marKS, waxahaChie, TexaS

reServe Champion Female raFTer l Fox 157l7 maddox harTmann, FallS CiTy, TexaS

reServe Champion red Female m&m leiGhTon 702l1 Carlee eloiSe Taylor, laKeland, Florida

Grand Champion ulTra Female GrT mS 6847G-money 804l2 Carlee eloiSe Taylor, laKeland, Florida

reServe Champion ulTra Female JJ mS FirST ClaSS 3227l emily JaCKSon, GenTry, arKanSaS

MANAGING RISK

Managing risk in a commodity business is a year-round consideration, even in expansion stages of the cattle cycle. Over the last three years prices for all classes of cattle have moved higher to reach record values in 2023. Despite the expectation that this trend will continue the next couple of years, having a plan to reduce the negative impacts of a seasonal market, or the influence of external economic forces, can make the difference between a profitable year or not. The following discussion intends to describe some of the options available to cow-calf producers.

The first consideration necessary when discussing risk management strategies is to have a firm understanding of the breakeven on a set of calves. Knowing what price levels are necessary to cover costs, or lock in a profit, will allow producers to be more precise when implementing a risk management strategy. This value should be tracked from year to year to allow producers to be flexible in their approaches. The second consideration relates to understanding the seasonality of the markets. In a seasonal year, calf prices peak in the early spring before moving to their annual lows in the fall when large numbers of weaned calves come to town. Eight out of ten years, spring-

CATTLEFAX TRENDS

calving producers can have greater net returns by selling calves prior to the fall-run, or by retaining ownership until the spring price rally. Knowledge of current market trends must also be considered to identify years that do not fit the seasonal pattern. 2023 is a perfect example of this as the fall break was limited due to small inventories coupled with market expectations looking forward. 2024 is likely to be similar to 2023 in that it should exhibit a more modest decline in the fall than usual, though a lot will depend upon fed cattle prices and deferred cattle futures maintaining a strong trend throughout the year.

Producers have several options to avoid selling in the spot fall market by forward contracting calves for future delivery. The most common method for this is to sell calves via a summer video sale. Over the last 10 years, calves sold through summer video sales for fall delivery averaged a 7.9% premium compared to those marketed in the fall. This equates to an added $75 per head for 550-lb steers. Granted, 2 out of the last 10 years saw an increase in cash prices going into the fall so there is no guarantee of a seasonal downturn. Producers can reduce risk of missing out on a fall market increase by buying a call option based off the feeder cattle futures market. Buying a call option after forward contracting calves can allow producers to lock in their price ahead of time, but still leave the top side open for potential market increases. This method can be particularly beneficial in bull markets like we’re currently experiencing.

Another risk management strategy is to rely more heavily on futures contracts through hedging, which protects against unexpected declines in the market. For example, a spring-calving producer who markets in the fall could take a short position against the November feeder cattle futures contract. Timing is important in determining when to place the hedge so as to not leave potential margin on the table. Furthermore, producers will still want to select an entry

point that allows them to lock in a certain margin above breakeven. Adding the expected basis to the futures price gives the cash price that the producer is locking in when placing a hedge. November feeder cattle futures, according to the 20-year index, typically puts in it’s high in late July meaning this is usually a better point to lock in a price compared to winter or spring. The November Feeder Cattle chart demonstrates that this method would have benefited producers in 2023 by protecting them against decreases in the futures market in October and November. However, producers would have still been responsible for answering margin calls as prices increased in September.

A limitation to hedging as a risk management strategy is that producers must implement it in 50,000-pound increments which can be a challenge for smaller operations. Furthermore, hedging opens producers up to basis risk. Basis would ideally meet or exceed expectations at the time cattle are marketed and the hedge is lifted. Continuing our example, the 10-

year average basis for a U.S. average 550-pound steer is approximately $21/cwt against November feeder cattle futures. In 2023, the basis at November’s expiration was $45/cwt meaning that producers could have captured additional revenue through the improvement in basis. Finally, the added costs associated with hedging cattle using futures can make it relatively expensive at this stage of the cattle cycle, or in highly volatile market environments.

Another option for managing risk is through Livestock Risk Protection (LRP) insurance. LRP insurance protects against unexpected decreases in the market without limiting upside price potential. This strategy is similar to purchasing a put option to establish a floor price. One advantage is that the premiums are subsidized and can be paid at the end of the coverage period. Coverage levels range from 70 to 100 percent while subsidy rates range from 55 to 35 percent. Subsidy rates decrease as coverage levels increase. Furthermore, contracts can be written on a per-head basis allowing producers to insure between 1 and 12,000 head of feeder cattle per endorsement with an annual limit of 25,000 head per producer, and the policy must be written a minimum of 13 weeks in advance of the ending period. It’s important to note that policies are settled against the

CME Feeder Cattle Index, not the price received at the time of sale. If the Feeder Cattle Index value drops below the original coverage price at time of marketing, the insurance kicks in. In this current uptrend, there may be times where producers will not receive an indemnity and still have to pay their portion of the premium. On the flip side, producers are protected from unpredictable economic pressures while being able to capture added margins from the higher moving markets.

Just as every cow-calf operation is unique, so are the available risk management strategies with different tools working better for individual operations in different phases of the cattle cycle. Cow-calf producers only have a few years out of each cycle where they can capture substantial profits and a firm understanding of their options can help with that. It is important that individual risk management plans are based upon analyses of underlying market fundamentals and technical signals. As we enter a period of expansion, changing cattle inventories can result in rapid shifts in prices. Each plan should suit an individual’s risk tolerance with clearly defined entry and exit points. Remember, the long-term goal of a risk management plan is to maintain a sustainable business that can be passed on to future generations.

HURLA FARMS HURLA FARMS FEEDLOT FEEDLOT

FAMILY OWNED & OPERATED IN PAXICO, KANSAS