I've heard a hundred "old sayings" about this cattle business, and most of them have proven true at different times. For instance, you've probably heard "the money's made on the buy." That sounds like something a salebarn man or an order buyer would say when trying to sling a "cheap load." Next step on the ladder would be the feed man, telling you that "performace pays" or "the money's made on good conversions." The last thing you've probably heard, maybe even me say, is "the marketing is where the money's made or lost." That's the marketer or hedger, who at different times has also been right or wrong.

If I think back and reflect on the last 2 decades, I can tell you I've made and lost a lot of money on the buy. I can tell you I've made and lost alot of money with good feed conversions and performance. I can also tell you I've made a lot of money and left a lot on the table by marketing incorrectly. I've had cattle bought right, feed well, but were sold wrong and lost money. I've had cattle that were bought well, sold well, but I still lost money because the weather or poor performance. Very rarely do we hit the home run, buying the cattle right, feeding through great weather with cheap gains and outstanding performance, and end up selling the cattle really well in a huge bull market. That happened in 2025. The corn was great quality last year, the gain was put on cheap and conversions were good. We didn't have to mortgage a 40 to buy a potload of feeders, and we sold into a "rally of a lifetime." 2025 has been a home run I'll never forget.

2026's corn could be considered lower quality than last year's, so I'm told. Replacement feeders, cows, bulls, and bred heifers are all higher to start the new year. And the packers seem to be fighting this bull market harder than they did last December. Maybe aim for base hits this year huh? We can't control the weather and you can try to control what you pay for that cow or calf or yearling steer. You can protect your sale, with the intention of controlling your sale. Don't look back and wish you had.

-Fat cattle kill at 110,000 vs 115,000 a week ago and 116,000 a year ago

-Choice boxes up 2.02 to $359.46 and select up 3.08 to $347.30 for a spread of 12.16 on 114 loads

-CME feeder index(Feeder LRP Settlement) for 12/12 came in at $347.37

-Fed Cattle LRP’s ending last week settled at $227.90

-Hog kill at 496,000 vs 488,000 a week ago and 486,000 a year ago.

-Afternoon Pork reported up .68 at $98.89 on 272 loads

-CME lean hog index on 12/11 reported at 82.80

-CME pork cutout index on 12/12 reported at 97.19

-LRP’s ending 12/15 settled at approximately $82.98

• BRAZIL: All locations will see 2”-4” of rain with pockets of 4”-6”. The heaviest looks to be Minas Gerais to Bahia to MG.

• ARGENTINA: 1”-3” for most locations.

You’re worthy of beautiful endings and exciting beginnings!