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The markets were lethargic last week to say the least, seemingly unconcerned with market watchers either holding their breath or arguing viciously over fundamentals.

Despite seasonally spectacular demand for beef, market fundamentals point to a slow down in cash fed cattle prices and beef prices due to—mostly—burgeoning supplies of cattle.

A lot can be learned by watching the markets closely these days. Is preconditioning calves worth it? Seems so, at $200 a head more on 5-weight calves.