The projected breakevens for recent feeder cattle purchases appears to be well above the summer live cattle futures. This has not dampened feeder cattle demand as strong price trends and general industry optimism due to expectations of reduced supplies have kept buying interest very active. The strong buying interest will likely continue until the feeding industry experiences an extended period of severe financial losses. As with live cattle futures, the previously discussed seasonal pattern for feeder cattle future appears to be developing late or the market may go into a contra-seasonal period.