Gary, I don't know what caused this response but my comments were not aimed at you nor anyone else, just the effect of the process on the cow/calf business in this country.

I appreciate your input on the stock talk board very much. I understand the predicament the independent feeder is in, and the potential for financial disaster in the feeding business. It is logical and understandable that the independent feeder, with a lot of dollars invested, buy at the lowest prices he can find an acceptable input and protect himself by hedging in any way possible.

Because of the concentration in the beef packing industry there is little competition for fat cattle.  The cow/calf business on the other hand is the exact opposite of the packers: many smaller (avg US cow/calf herd is still around 50 cows), diverse, independent producers.

The USA beef breed cow herd numbers have been in decline for over 50 years, interrupted only by the brief period of higher prices in 2014 and 2015.  It is fairly well accepted that the main reason for this decline is calf prices consistently below the cost of production.

As I have said many times, the correction in the beef business must come from higher fat prices, not from lower calf prices. 

I have the highest respect for you and your operation.  My comments are intended to support the cow/calf producer, not to criticize the independent feeder.

You are an important resource for NAT and very generous with your knowledge and experience.  In no way are my comments above directed at you.  I apologize if they in any way appear to be and sorry you took them as such.

Jim