It amazes me how the board is red nearly every day and how live cattle futures are hovering around $1, but how high replacement feeders are. 4 wt steers is the 1.80s, 5 wt steers in the 1.70's, and about every 6 wt steer will trade from 1.55-1.65. Real hard to feel sorry for the poor old cattle feeder buying them at those prices....