How high is too high to pay for cow replacements in 2023?

Cattle prices are up. There’s no doubt about that. For example, Nebraska feeder cattle prices have risen significantly over the last four months. Nominally prices are at or higher than where we were in the 2013 to 2015 cycle. June 2023 average monthly prices for 500-600 lb. steers were approximately $300/cwt. The November Feeder Cattle contract at the CME stumbled down through June as the corn market rallied but has since recovered and broken previous price resistance levels into $252/cwt. But as summer begins to come to an end, producers will soon begin to make decisions about early…