I might see it different. If we are at the top of the cycle NDSU clames heifers kept now will loose money in there life  time. Heifers kept at the bottom of the cycle are the money makers.  So when we hit the bottom a guy should replace old cows so when prices improve you have young cows. Then you can sell the magority of youre calve in a high market. Not keeping em trying to replace an old herd.  JMO  sorry kinda hard to make any thing out of that   

 with that said I am keeping replacements the same as other years. When the market goes down if there not worth much I will expand. Got lot of room to expand here.