It's been a rare instance when commodity prices have made new historical highs or lows in the past 10 years of over the past 40 years of trading. Corn in '96 and Hogs in '97 were two that have set a new 10 year high while coffee set a new historical low. So, as live cattle prices on the CME begin to creep towards the $80.00 level, one has to think realistically. Is this a year that cattle prices will purge above the $80.00 level? Even if it does, how long will it stay there? Will consumers contiue to pay higher retail beef prices? While the hype of short supply and export demand is on the front burner, one has to think with a slightly broader perspective in mind. How can I protect what is being given to me in the future that is not available to me today? Of course, futures, options, a combination of both, or options spreads. In other words, there is a lot you can do to lock in the current basis and attempt to capture what is currently available now that may or may not be available in the future. If you've got cattle on feed and they are not locked in on a cash forward contract or hedged with futures or options, then you are at risk. Actually more risk than you think. If the historical highs hold, even at $84.00, the top is a whole lot closer than the bottom. I would appreciate the opportunity to earn your business. If you need help in disiminating your risk, please feel free to contact me at anytime.