Feeder cattle prices are at historic highs — but challenges are mounting. In this month's episode, host Elijah Griles breaks down the latest futures markets, unpacks what a softening choice-select spread could mean for beef demand, and shares drought conditions across the Commonwealth. Plus, Elijah talks with Gene Copenhaver, newly elected president of the National Cattlemen's Beef Association and a Washington County native at the Virginia Beef Expo.In this episode:Feeder cattle futures are trading in the low $370s, with May at $372, August at $373, and September at $371 — all up roughly 1% from a month agoThe April Cattle on Feed report showed 11.6 million head on feed as of April 1st, down 1% from a year ago, with placements down 7% and marketings down 6%Heifers on feed came in at 37.3% — slightly above the 20-year average — with a downward trend over the last 2–3 years that may signal early heifer retentionThe choice-select spread has narrowed significantly in 2026, hovering between $0–$10 and even turning negative at points, raising questions about softening consumer demand for higher-quality beef grades80% of Virginia is in severe drought, with 18% of the state in extreme droughtVirginia feeder calf prices surged again — the six-market average for 500 lb. Medium & Large #1 steers hit $469/cwt, up 3.1% from last month, with Winchester approaching $500/cwtNCBA President Gene Copenhaver shares his priorities: supporting the next generation of cattle producers, easing farm transition costs, and navigating the ongoing drought and border reopening questionsResources mentioned:Kenny Burdine's Cattle Market Notes weekly newsletter (University of Kentucky)USDA Cattle on Feed Report (April 2026)NOAA Climate Prediction Center May outlookU.S. Drought MonitorAgriStress helpline: call or text 833-897-2474CattlePulse is produced by Virginia Farm Bureau. Have a question or topic suggestion? Email Elijah at elijah.griles@vafb.com.