Sell cows or buy feed? That’s the question most ranchers face when drought hits. The best time to plan for drought is in a wet year, and one of the best ways to plan for drought is to build flexibility into a cattle operation. Adding a stocker or yearling element to a cow-calf operation is one way to provide short-term flexibility without sacrificing capital or genetics. When the operation includes either a retained or purchased stocker or yearling herd, it can be adjusted when feed supplies run short, allowing the core cowherd to be maintained. It is also an option...

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