Whitetail Land & Cattle

Wade Carver · Republic County, KS · Owen Speck · client since 2025

100k bu at 87% priced · 1,065 head at 36% sold

$3.1M under management

Price to the planCosts are estimatesLast spoke in 28 days2 critical8 other findings(785) 555-1971

Position Plan Working Orders Sales Break-evens Livestock Coverage Recap

64 head has no floor under it. Whether that matters depends on the margin: with the market well over cost of gain it is a risk the desk can live with, and with the market near cost it is the finding that outranks everything else on this page.

Head to market

1,065

380 sold, 36% by head

Sold against pace

36%

Pace target 35% by head.

Head with no floor

Unsold, with no endorsement and no forward contract.

On the table

—

Margin over cost of gain in the unsold head, at today's market.

Pen, Sep placement Feedlot

1,065 head at 14.18 cwt · 15,102 cwt total

Needs a callReady in 4 months

64 head has no floor under it with the market at $180.13/cwt

Break-even is $187.31, so there is no margin to give up and nowhere to put these animals while the market recovers. An LRP endorsement floors the index price for a known premium and carries no margin call. It floors the INDEX rather than the sale barn, so the basis between the two stays with the cattle.

Cost of gain

$187.31

$2,656 a head. Estimated.

Market today

$180.13

Feedlot at the outlets this client uses.

Average sold

$175.13

-$12.18/cwt over cost on 380 head, so -$65,222 banked.

Market over cost

-$7.18

The market is not paying what these animals cost.

Sold against pace, by head36% of 35% target

By head rather than by pounds, which is what a producer means. 380 head is 35% of the weight, because the lots that went first were not average.

685 unsold64 with no floor151 restingWindow Feb 25, 2027 to Mar 25, 2027

What is under the price

Index	Head	Coverage	Premium	Net floor	Against cost	Ends
Fed Cattle	621	$171.35	$-4.98	$166.37	-$20.94 Under cost	Aug 25, 2027 52 week endorsement

The net floor is the coverage price less the premium, because a $6.50 premium on a $240.00 coverage price is a $233.50 floor. And LRP settles on RMA's published index rather than on what these animals bring at the barn: the basis between the two stays with Wade Carver, so this is not a guaranteed sale price and should never be described as one.

The ladder

Price	Head	Over cost	Away	Sell by	State
$194.80	274	+$7.49 $29,116	Sold	Aug 25, 2026 61 days ago	Hit
$194.80	222	+$7.49 $23,591	$14.67	Oct 25, 2026 today	Due soon
$194.80	214	+$7.49 $22,740	$14.67	Dec 25, 2026 in 61 days	Working
$199.42	218	+$12.11 $37,447	$19.29	Feb 25, 2027 in 4 months	Working

Resting in the market

Head	Trigger	Away	Expires
151	$190.17	$10.04	Nov 23, 2026

Lots sold

Date	Head	Weight	Price	Outlet
Aug 19, 2026	149	13.63 cwt	$175.49	Nebraska Beef Processors Cash
Jun 6, 2026	92	14.71 cwt	$176.82	Great Plains Beef Cash
May 22, 2026	139	14.19 cwt	$173.60	Nebraska Beef Processors Cash

A grid lot's price is an estimate until the carcass data comes back, in the same way an HTA with the basis open is on the grain side. Both mean the average on the client's statement moves after the fact.