Derrell Peel's article I linked to above is talking about FEEDER futures only. He seems to be saying we (cow/calf producers) would be better off with NO FEEDER futures.

If you read his article, cow/calf producers do not use feeder futures as hedge/protection, nor is the current "dysfunctional" FEEDER futures market serving for "price discovery" which, according to the article, should be the two main functions of a FEEDER futures market.

Live Cattle/fats are not part of his article.