Projected Background Returns For Steers in Nebraska
Placement Date	1/28/2012	1/28/2012	1/28/2012	1/28/2012	1/28/2012
Initial Weight	450	550	650	550	650
Initial Price ($/cwt) a	$210.56	$193.88	$172.71	$193.88	$172.71
Initial Cost ($/head)	$947.50	$1,066.31	$1,122.58	$1,066.31	$1,122.58
Projected Average Daily Gain	2.50	2.50	2.50	2.50	2.50
Projected Days on Feed	120	120	120	90	90
Projected Final Weight	750	850	950	775	875
Estimated Total Cost of Gain ($/cwt) b	$99.85	$99.85	$99.85	$99.85	$99.85
Estimated Total Cost of Gain ($/head)	$299.55	$299.55	$299.55	$224.66	$224.66
Initial Cost + Total Feeding Cost	$1,247.05	$1,365.86	$1,422.13	$1,290.98	$1,347.25
Projected Break-even Sales Price	$166.27	$160.69	$149.70	$166.58	$153.97
Projected Sales Date	5/27/2012	5/27/2012	5/27/2012	4/27/2012	4/27/2012
Current FC Futures Market	$157.55	$157.55	$157.55	$156.60	$156.60
Historical Basis c	$3.72	-$1.39	-$6.32	$2.00	-$4.67
Estimated Selling Price	$161.27	$156.16	$151.23	$158.60	$151.93
Projected Returns ($/head)	-$37.52	-$38.50	$14.55	-$61.82	-$17.86
a  Combined Nebraska Auction Market Weekly Average
b  Based on Values reported by DTN
c  Nebraska 10-year Average