There are three main reasons why herd expansion hasn’t started, despite record-high feeder cattle and cash steer prices. Live cattle prices have increased 525% since 2022. Many in the industry are now afraid of the market, fearing that the top is near. For producers this concern is totally understandable because record-high feeder cattle prices are forcing projected breakeven prices to unheard of price levels. Managing risk after placing calves into a feedlot has become most difficult.