The seasonality of calf prices and factors unique to 2022 / 2023

High grain prices have been the focus of much discussion in 2022. As I write this, CME© corn futures are trading in the mid-$6 per bushel range through next summer. This story is likely best told by looking at the chart below, which summarizes feed cost per lb of gain from Kansas State’s Focus on Feedlots data. The most recent feed cost of gain estimate from participating feed yards exceeds $1.35 per lb. And projected cost of gain is even higher for cattle that are currently being placed. As a comparison, the average feed cost per lb of gain was about $0.79 from 2016 to 2020. High…