Market Update with Troy Marshall | Spring/Summer 2025

As we discussed in our last episode of Angus at Work, the current cattle market is a hot topic across the country. But what are the markets actually looking like and where are they possibly heading in the future?

As a continuation of our regular Market Update series, we invite you to join in the conversation as Troy Marshall, Director of Commercial Industry Relations, and Lynsey McAnally, associate editor of the Angus Beef Bulletin, chat about current trends in the cattle market, the importance of health and genetics when marketing feeder-calves, the current market for bred females and pairs, recent and upcoming video sales and where the cattle cycle seems to be heading.

A huge thank you to Purina for their sponsorship of this episode. 

Additional Resources:

• Commercial Programs at the American Angus Association
• AngusLink program information
• Corn Belt Classic report 
• CAB: Setting Records in Sales, Acceptance Rates
• Subscribe to the Angus Beef Bulletin EXTRA

Find more information to make Angus work for you in the Angus Beef Bulletin and ABB EXTRA. Make sure you're subscribed! Sign up here to the print Angus Beef Bulletin and the digital Angus Beef Bulletin EXTRA. Have questions or comments? We'd love to hear from you! Contact our team at abbeditorial@angus.org.

Transcript

Lynsey McAnally (00:04):
Angus at Work, a podcast for the profit-minded cattleman. Brought to you by the Angus Beef Bulletin, we have news and information on health, nutrition, marketing, genetics and management. So let's get to work, shall we?

Ad | Purina (00:29):
Raising cattle demands determination, and the right nutrition. That's why cattle producers have turned to Purina Animal Nutrition for over 130 years. From starters that help set calves up for success to protein that fuels cattle growth, to minerals that keep herds performing, Purina has the products and expertise that work as hard as you do. Get rewarded for your work with proven nutrition from Purina. Learn more at purinamills.com/cattlecare. That's purinamills.com/cattlecare.

Lynsey McAnally (01:06):
I talked to Jeff a little bit the other day. Jeff Mafi for our listeners who may not know who I'm referencing. I think Jeff is pretty infamous, right? But I talked to Jeff the other day about hay because we were doing a new 'From the Field' for June and he said not much of a hay season just yet. Haven't been able to get in the field, and I think Oklahoma's ranging pretty well on precipitation, but out here we've had a lot of growers that have lost fields just from hail. So can only imagine what it's like downstate because it seems like those storms are forming on top of us out here in western Oklahoma and then moving east and you all are getting the moisture. We're getting hammered with the hail as they're forming. So a little bit more volatile I feel like out our way recently.

Troy Marshall (01:55):
We've been really blessed and it's kind of an embarrassment of riches when you talk to everyone around the country. There's some areas that are dry and there's been some severe weather. And as you said, ironically, all this moisture has made it difficult to get this first round of hay up and in the barn and that sort of thing. But I'm always surprised when I look at that CattleFax and some of those drought monitors; a fairly good percentage of the nation's cow herd is still in moderate drought conditions here. So we've just been really fortunate in this part of the world right now.

Lynsey McAnally (02:29):
Which nobody is going to begrudge you that! And I'm thankful that somebody is getting moisture. We're in pretty good shape out here. I just wish we would get the rain and not necessarily all the goodies that go with it, but ... Welcome to Angus at Work. I'm Lynsey McAnally and today we've got a great podcast in store for you. In the past we've talked a little bit about doing market updates quarterly. There were so many exciting things going on that we missed our first quarter podcast, but thankfully I've got Troy Marshall, director commercial industry relations at the American Angus Association, with me today to remedy that. Welcome, Troy!

Troy Marshall (03:05):
Glad to be here. Thanks, Lynsey.

Lynsey McAnally (03:07):
It's always wonderful to have you on the podcast. I feel like we always have a really good conversation, but today we're going to talk a little bit about AngusLink. You've explained to our listeners previously what that program is, but in case we've got some new folks, can you give us the rundown?

Troy Marshall (03:24):
We basically have two programs and the first being AngusVerified. That's for those cattle that are 100% sired by registered Angus bulls. And really AngusVerified is meant to differentiate the cattle that are truly sired by Angus bulls and that sea of black-hided cattle that's out there. And the second part of the program, which takes the genetics probably to another level, is the Genetic Merit Scorecard where they get a scorecard for Feedlot and Grid. We also have a maternal score on replacement females. And what that does: just give the buyers confidence of what they're buying so that they have a good idea of how those cattle will perform both in the feedyard and on the rail and how they rank within the industry. I always say it's similar to EPDs on bulls. Most of us wouldn't dream of buying a bull without EPDs, and what the scorecard does is give those buyers the ability to have an objective, reliable way of knowing what the genetic merit is of these feeder cattle.

Lynsey McAnally (04:28):
I think it's interesting that you say that because it comes up a lot in the different conversations I have across the board, right? Whether that be with folks that are raising cattle, whether it be with people like Jeff Slatten over in Beaver. I recently interviewed him and he said genetics are playing an even bigger role in being able to market those cattle. And then you talk to people that are feeding cattle and they really appreciate the consistency there. So I think knowing the background of these cattle is becoming even more important in not only having a reputation yourself as a producer, but being able to back that up with data seems to be paramount.

Troy Marshall (05:06):
Well, I think you hit on something really important when you talked about the value of genetics and how it's increased in terms of the cattle feeder's mind and their overall business model with input cost is higher. They are. And with the cost of these feeder cattle at today's price levels as well, just everything from feed efficiency to carcass weight to marbling ... And with the grids and premiums we're seeing across the board, it's a way to not only manage your risk and mitigate your risk, it's a way to kind of justify these price differentials that we're seeing in the marketplace as well. And so it's become really, really important to buyers and to sellers alike. That's exciting from my perspective. I've always been a genetics guy. What we're also finding is you have to change the way you manage these cattle too. Whether it be from implant strategy to even feeding regimes and that sort of thing. People are fine tuning their management to the genetics of the cattle to maximize their returns on them. And so it's an exciting time from a producer standpoint. We're really starting to see these better cattle and better genetics being rewarded on a daily basis in the marketplace.

Lynsey McAnally (06:19):
It's a great time to have you on the podcast as well as we roll into the Feeder-Calf Marketing Guide section that will be in our September issue of the Angus Beef Bulletin. We'll have a lot of stories that kind of revolve around marketing and making the most of that investment. I'm going to reference the story that I did again where I was talking to some folks from Bluegrass down in Kentucky and then from Beaver County Stockyard here in Oklahoma. And both sets really drove home the importance of that management prior to those cattle coming into the barn. Whether that be having a relationship with your sale barn staff and being able to tell the story of your livestock instead of - not that there's anything wrong with bringing those cattle in if you're a new producer or somebody that's new to the area - but understanding that having that relationship with them and your stockyard, knowing the background of your cattle, what you've put into them, the genetics that have gone into them, the management that's gone into them, have they had shots? Are they castrated, have they been weaned? All these things. That can be a lot to keep in mind, but I feel like it's becoming even more important if you want to capitalize on that investment and really get the most out of your calves.

Troy Marshall (07:34):
No, and to your point, health is still number one top of mind concern for someone buying feeder cattle in today's market. And so you need to be able to document what you've done from a health standpoint. And a lot of that's not just vaccinations, but it's the nutrition and management those calves have had up to that point.

Lynsey McAnally (07:53):
I love that. I'm on several boards or groups on Facebook, I suppose. They revolve around either beef cattle in the state of Oklahoma, beef cattle across the country, bucket calves, things like that. And it's been really interesting to me over even the last year and a half. Prior to that, you would have a lot of conversation about cattle, but you never really saw numbers come into the conversation. And now when people post and say, 'Hey, what's the value of this animal?' Or they have a bucket calf that they're trying to sell, and it's just a single animal that they're posting it online. They know what that calf is worth and they want what that calf is worth. And similarly, when a health question pops up on those boards, it's really interesting when people will reply back and say that it's worth a vet visit period, but particularly because these animals are so incredibly valuable at this point and we want to set them up for success moving forward. And I think it's been a really interesting turn in conversation on those boards.

Troy Marshall (08:55):
Yeah, that's a good point. Mortality has always been a terrible thing. Nobody likes to see that. But just any increase in pull rates or sickness, it affects overall performance, affects quality grade and thus it affects profitability all the way through. So it's a dollar and cents consideration. And also with the labor situation that we have today, the less we have to doctor these cattle, the better off we are.

Lynsey McAnally (09:25):
We aren't the only ones keeping tabs on that, right? I've talked to several barns. The barns are keeping tabs on how cattle that are vaccinated and weaned are performing. They're keeping tabs on how cattle that come from particular producers are performing. And more than that, I think Jeff was who - Jeff Slatten over at Beaver - said this. He said, it's hard for me to market cattle when you haven't put in the work up front because our buyers know what cattle are performing well and what cattle aren't, and you don't want the reputation of not providing them with an animal that will go out and work.

Troy Marshall (10:01):
No. And these buyers are doing a tremendous job of keeping track of both performance and health data on these calves. They know. And you'll know pretty quickly if the cattle don't do very well. They won't be back to buy those calves.

Lynsey McAnally (10:15):
If they have problems, they're not going to come back and buy from those particular producers I think is the end note. So don't be that guy. Be the guy that provides problem-free cattle.

Troy Marshall (10:27):
Well, and the bar has just been raised up to this point so much that there's so many good managers out there today that are doing things right. I almost consider them the standard to play at the game. But [buyers] expect those cattle to be healthy, managed properly, all those things taken care of, and they're expecting information on the genetics and management of those cattle so they can leverage that as they own the cattle through the next phase of the cycle.

Lynsey McAnally (10:54):
Sure. Well, and that kind of segues really well into the next part of the conversation. Tell us a little bit about what the market's looking like from your point of view right now.

Troy Marshall (11:03):
Well, I used to always listen to Evan Slack on the radio and it was just higher, higher, higher when things were good. And that's where we're at historically high price levels for virtually every class of cattle. Bred heifers are even starting to show increase, maybe the one that maybe isn't at record levels. But pretty much every weight and class of cattle we're at all time highs right now. We just got through with the Corn Belt Classic, which was the first video sale of the season. We were $.10 to $.20 higher than a year ago really across the board. We even saw some nine-weight cattle in the lower threes-type-range there. So we're looking at first cost on some of these animals at $2,700. That was before freight. So, it just tells you we're in unchartered territory from a price standpoint. I think it's going to continue to get a little bit better as we go through the spring here. Supplies are relatively tight. This has really been a demand driven market up to this point, and now we're starting to see the supplies tighten up a little bit as well. And so from a supply and demand standpoint, it's pretty exciting to look at the cattle market right now. And we've got two to three years of what I think will be historically high price levels.

Lynsey McAnally (12:23):
Two to three years continuing on you think?

Troy Marshall (12:25):
Yeah, we honestly haven't really seen expansion start at any level yet. And once we start to expand, we'll actually tighten up that feeder cash supply and drive prices higher in the short term for a little bit. And we're seeing just historically strong demand as well, both the retail and restaurant level. We've seen, even though we've doubled amount of prime cattle in the mix, premiums have stayed consistent. We're seeing record demand for certified Angus beef as well. And the marketplace is on a very good footing. We have to be cautious of some of these black swan events. And I know we have a little war over there in the Middle East between Israel and Iran right now.

Lynsey McAnally (13:09):
A little disagreement.

Troy Marshall (13:10):
Yeah, Ukraine and Russia and some of these things and tariffs. And so there are some outside events that have the potential to affect this market and where it may go. But when we just look at it from an industry standpoint, - supply and demand - we're positioned very well to have an extended period of these prices.

Lynsey McAnally (13:29):
Which ... It's just crazy because it seems like we've been here for a good amount of time already. And I know that the cattle cycle can be volatile and it can change quickly, but it's just crazy to think that. Correct me if I'm wrong, Troy, but we've been in really solid prices probably the last two years and to think that we're going to be another two to three years at this point, it's exciting. It also is a little bit concerning about where we go when things change a little bit.

Troy Marshall (13:56):
Yeah, we have extended the cattle cycle out quite a bit. And, as you mentioned, it was kind of a perfect storm. We had COVID and a drought along with just the historical cattle cycle peak and we ended up liquidating cows and extending that deeper than we've probably ever done in the past relative to the economics. And so it's just changed the dynamics in here. We're going to have a much more extended period going forward. And I think one of the unique things too is while the cattle cycle certainly isn't going away by any stretch of the imagination, we're somewhat of a different environment. When you look at the age of producers and interest rates and just the price levels that we got to without rebuilding as quickly, it's going to be a much slower build back and numbers aren't as important as they used to be. Even through tighter numbers the last two to three years, we produced tonnage. We just fed the cattle longer and put additional weight on them. And that was the one thing COVID taught us was that we can make these cattle bigger than we thought we could. The genetics were there to do that. And so we're not probably going to see the wide fluctuation in cow numbers that we've seen in the past.

Lynsey McAnally (15:13):
Do you think there's any concern from cow calf producers from a size standpoint if we have feeders that are wanting those cattle to be bigger. To be able to put more weight on those cattle? We are also going to hear from cow-calf producers that it's a concern from a maintenance standpoint on cows and their herd. And not only from a maintenance standpoint, but potentially from a foot score standpoint, frame size standpoint, all of these things. How do you think that all plays together and how do you think we find the solution for all involved?

Troy Marshall (15:46):
The cow-calf producers always controlled the factory and the genetic inputs for the industry, and they have the toughest job in the world because they're supposed to match that cow to the environment and maximize efficiency from that standpoint and also produce a calf that is desirable for the feeder and the packer on down the road. And so I do think that's actually becoming more difficult, even though we have better tools today to do that than we've ever had. And you look at some of the other industries, they've kind of evolved to having more maternal and terminal lines, and I think we're going to continue to see that there too. But that's the neat thing with some of the tools we have today. We can select against mature size and still select for additional post winning growth, red meat yield, those kind of things. So it's a very real concern as we continue to select for growth to make sure that those cows fit the environment. And so I do think that's going to be one of the challenges and topics of discussion as we go forward, because every incentive is going to tell us we need to keep making these calves bigger and we can definitely do it. We have the genetics to do it and continue to select for growth, post-wean gain and carcass weight, but at the same time, those are highly correlated to mature size and maintenance costs on the cow-calf side.

Lynsey McAnally (17:01):
I hear it all the time when I take our own cows to the vet that they're too dang big. Because they are, I mean, they cross the scales and you kind of suck in a breath and say legitimately, 'Holy cow, how did we get to this point?' But in our short grass prairie-type situation, I feel like most producers are probably in that 1,100 pound (lb.) cow range. It's certainly a challenge when you have cattle of that size. Mature weights of that size. We're wanting these cattle to get even bigger, but how you balance that? I think you're exactly right. We've got the data, we have the tools. It's just making use of that and making it work for each individual operation because certainly every cow-calf producer is different and the demands on them are different. So it'll be interesting to see how we continue to make use of that across the board.

Troy Marshall (17:51):
I was talking to one of those elite progressive commercial producers the other day from Arkansas, and he has a cow herd legitimately running about 1,250 lb. mature weight, and they just killed the set of the steer mates out of those that were running almost 1,550 lb. That's what those cattle paid on. So it's possible. It's just going to take a lot of tools. And one of the exciting things I think with the revamp of our Genemax Advantage program, too, is it gives those producers those tools to select those replacement females and really fine tune the selection on those heifers because if we're not careful - with as much growth as we're selecting for - we can make these cattle pretty big.

Lynsey McAnally (18:36):
And I think that hearing stories like the one that you just referenced, those are really great opportunities to think about, 'Okay, somebody is getting it done, somebody real life is getting that done.' And it makes everything seem a lot more attainable to young producers like myself. When you see people out there every day with a cow herd in that size range that is ultra competitive in the market.

Troy Marshall (18:57):
We have better tools than we've ever had and we have more genetic diversity and opportunity to select and make improvement than we've ever had. So from a young producer standpoint, I think your opportunity to make money in this cattle business? It's probably never been better. So it's a pretty exciting time.

Lynsey McAnally (19:16):
Yeah, for sure. Can we go back and talk a little bit about Corn Belt Classic? How many cattle were there? How many designated AngusLink lots we had in that sale, and then a little bit about how they performed?

Troy Marshall (19:29):
Corn Belt Classic had about a little over 100,000 head of feeder cattle. I think there was 104,000 or 106,000 cataloged. Probably not quite that many sold that day. As we mentioned, prices were tremendously good across the board. AngusLink cattle? We had 79 lots there that were AngusLink and had the Genetic Merit Scorecard. We continued to see a real strong premium for black-hided cattle. And then the cattle with the scorecard averaged somewhere between $10 to $12 over the other cattle on those given days. So we're seeing the marketplace really respond to those AngusLink cattle and the better genetics across the board. There was a lot of sentiment that people were going to wait because they anticipated this market to get better, but as strong as the prices were the Corn Belt Classic, I think we're going to see a pretty big run here in the end of June and July video sales. Where people just select to go ahead and get those cattle put in the bank here this summer.

Lynsey McAnally (20:38):
And you mentioned, as far as size of sale, there were some that would potentially be even larger than the 100,000 head mark?

Troy Marshall (20:46):
Yeah, we're getting ready to kick off with a Weekend in the Rockies and of course Winnemucca and the Western video sale in Reno. Those will have over 200,000 head in all those sales. So we're going to see a lot of feeder cattle marketed in the next six to eight weeks. And a lot of those cattle, of course, are program cattle as well. They have the NHTC or Natural or those type programs as well.

Lynsey McAnally (21:13):
We'll definitely have to have you back and do an update on what those sales do. I was curious ... We were talking about feeder calves selling. I noticed that if I look over on the market report for Corn Belt Classic, which I've got pulled up here, it looked like we had some bred cattle and females that sold in that sale. I'm sitting here looking at bred stock listed in that market report, and it looked like those bred cows. It said the price ranges were $5,300 for bred cows in that sale. And so I was curious if you had any thoughts on the female market right now?

Troy Marshall (21:48):
We're seeing a lot of variation in prices, but all the upper end-bred females are selling extremely high. Again, at historical levels. We've seen a lot of these bred heifers anywhere from the upper-threes to mid-four range there. We're seeing pairs like you mentioned at $5,000 plus here. And we are, I think, just starting to see expansion start here a little bit. And I would fully anticipate the bred female market - if Mother Nature cooperates as we go through the summer - to be at historical highs and what we're seeing in the fall and going into next year. And it makes sense when we're looking at these calves. There's a $2,500 coupon on a lot of these calves, which is going to make these bred females worth more.

Lynsey McAnally (22:41):
Just looking at steer calf versus heifer calf pricing. It looked like we're very competitive as well in the Corn Belt Classic. But I am curious to see where prices on females go. I think just in our very, very small herd of cattle that my husband and I have, we would typically try to market some of these heifer calves, but I think I'm going to hold onto our handful, get them bred and market them as bred heifers in the fall. Just from the standpoint of ... it seems like there's going to be so much more of a premium associated with them as breds than just as open heifer calves.

Troy Marshall (23:19):
We are starting to see some speculation where people are buying heifers to market as bred heifers, which is kind of usually the first sign when we see that people willing to speculate and that bred heifer, replacement female market, that expansion is starting to kick off as you said. But at the same token, I've had a lot of guys tell me they were planning on keeping back an extra 10 or 20% for replacement females, and then when they looked at the prices, they're like, I'm going to probably go ahead and sell those. And so we'll see as we go. I think we are going to see expansion begin, but it's going to be a more gradual process than what we've seen in the last couple of cattle cycles for sure.

Lynsey McAnally (24:03):
Sure. And even outside of actual herd expansion, there's still so much value associated with the replacement side of things because, I mean, even if we have producers that aren't necessarily expanding their herds, they're still culling off the bottom end, culling off their older females and needing to replace with something. Preferably good genetics is what they're replacing with. So what are your thoughts there?

Troy Marshall (24:27):
Yeah, no, what you just said described it very well. What we're seeing the last really year and a half now is widespread culling of the cows in terms of getting rid of the bottom end cows and replacing them with better genetics. And partly because we're also seeing record coal cow prices. So those cows, if you can replace a 6- or 8-year-old cow with a heifer, that's superior from a genetic standpoint as well? It makes a lot of sense. And so we are seeing a lot of swap out there and we are seeing the average age of the cow herd decline. Even if we're not seeing rapid expansion, people are making that choice. And I think that makes a lot of sense in today's market with this cattle cycle it will turn, we will see prices come back a little bit here from the levels we're at today. And when we do that, those people with the right genetics are going to be in the driver's position. And so I think a lot of people are really starting to position their cow herd for the future, even if they're not rapidly expanding right now.

Lynsey McAnally (25:37):
And I recall back to a conversation that I had with some of our regional managers earlier in the year, right when sales season started. I think that might've been end of January, early February when we had this conversation, but it was again From the Field if anybody wants to go back and look at it. But we were discussing the kickoff of bull sale season, how to determine which bulls you wanted to put in your sites, and then not waiting until the end of the season when you only have a couple sales left to get those bulls bought because who knows what may happen. Who knows what the market looks like at that point, and you don't want to be caught and not get the lots that you wanted and then be a little bit pushed a little bit to find bulls to fill out that battery for the year.

But we were discussing how we've seen several producers who are marketing, maybe not necessarily even older bulls, I would say mature bowls, but not still in the prime of their production or productivity, but they're going ahead and marketing those bulls because the cull bull markets is so good and they can replace with superior genetics in a younger bull and still come out ahead money-wise on that deal. And so it's interesting to see what it's done to the female market. It's interesting to see what it's done to the bull market, but I'm curious to see what it does to the overall quality of the U.S. cattle herd. I think we've seen in the past how times like this have really pushed us forward as far as the overall quality of the herd. And I wonder if that's not exactly what's going to happen in this situation.

Troy Marshall (27:09):
Yeah, when you take the last cattle cycle and that 2012 to 2015 period after that, we saw a dramatic increase in Certified Angus Beef acceptance rate and all that. Just as we rebuilt the cow herd, we rebuilt it with superior genetics. And so I think you're spot on as we come out of this, we will have a much better herd from a genetic standpoint than we had going into it, which is exciting because when you really look at what we've been able to do from a price standpoint, it's been largely, as we've mentioned, demand driven. And that comes back to quality. And I think we're going to continue to drive demand as we continue to increase quality in our cow herd.

Lynsey McAnally (27:51):
We've posted a lot of market articles here recently as the Angus Beef Bulletin team. We just had, and I'm trying to pull it up right now, Troy. I know Zoom is telling us we've only got five more minutes, but I was going to see real quick if I could pull up this story. The lead-off one right now that I'm seeing is the opening up the new Screwworm dispersal facility, which is amazing. But getting back on track, we've talked a lot about marketing the last couple months. There's been a lot of articles that we've put out as an Angus Beef Bulletin team, both in the print version of the Bulletin and, as always, you can go to the website and search up many of our print articles at the main Angus website at angus.org. But I wanted to reference a specific article because you just mentioned Certified Angus Beef.

We've talked about it a lot in this conversation throughout this podcast episode, but we just put out in our edition of the Angus Beef Bulletin EXTRA that actually emailed out to subscribers yesterday, a story about setting records in sales and acceptance rates. And so I just wanted to call attention to that and tell any of our listeners who are interested in learning a little bit more, maybe updating the information that they know about the Certified Angus Beef brand and marketing through that program, that there is an updated article from Certified Angus Beef that they can go take a look at. It's going to be, I think one, not the first, but the second article that is included from the most recent EXTRA, and if you get the EXTRA, it was the lead-off image for this edition of the EXTRA. So it should be pretty easy to find.

The header for that story was 'The Brand Continues to Define the Norms with More Product, Higher Prices and Higher Sales'. And I think as a breed, it's really exciting to think about that Angus producers are kind of poised to make the most of these genetics and make the most of these programs. And so I really encourage folks to go over and take a look at that. And I always appreciate your willingness to talk to me about all sorts of things, Troy, but in particular, just driving home the fact that these programs are out there. They're available and we want to work with any Angus producers that want to be a part of AngusLink.

Troy Marshall (30:02):
I appreciate that. No, it's exciting times and just having the ability to get information feedback on these cattle, to know where you will rank within the industry and then be able to market those cattle more effectively. Not only through these good times, but as we go into the next stage of the cattle cycle down the road here as well. We just encourage anyone that's interested in the AngusLink program to give us a call and we could talk about how to get those cattle enrolled. To try to get some premiums for those cattle and the investment you made in superior Angus genetics.

Lynsey McAnally (30:34):
Awesome. And as always, listeners, we have a spot in our show notes where I'll include links to any of the articles that we've talked about. I might even include a link to the Corn Belt Classic market report in case anybody wants to take a look at that. And I'll also include some information on how you can get in touch with our Commercial team if you're interested in getting enrolled in AngusLink or any of the other commercial programs that we have available through the Association. Anything I might've missed, Troy?

Troy Marshall (31:01):
No, Lynsey, I think we did a good job of hitting everything. Appreciate it.

Lynsey McAnally (31:06):
I always, always, always appreciate our conversations. Again, Zoom is telling us we have a minute and 33 seconds left, but I did want to wrap up the way we always end these episodes of Angus at Work, which is tell me something good that's going on in your life or something good that's going on professionally.

Troy Marshall (31:24):
Well, I'm going to go from personal side. We have three kids that are out of college. Several of them are pursuing their entrepreneurial dreams and career dreams, and everything's going very, very well on that front. So we're just excited that we raised three kids in a ranching environment and that work ethic and stuff seems to be paying off.

Lynsey McAnally (31:48):
Awesome. Everybody kept their fingers and toes, everyone survived.

Troy Marshall (31:53):
 That's right! They lived through it.

Lynsey McAnally (31:54):
That's awesome. Well, thank you so much. I really appreciate it.

Troy Marshall (31:58):
Thanks, Lynsey.

Lynsey McAnally (31:58):
Thanks, Troy. Have a great one! listeners.

Listeners, for more information on making Angus work for you, check out the Angus Beef Bulletin and the Angus Beef Bulletin EXTRA. You can subscribe to both publications in the show notes. If you have questions or comments, let us know at abbeditorial@angus.org and we would appreciate it if you would leave us a review on Apple Podcasts and share this episode with any other profit-minded cattlemen. Thanks for listening. This has been Angus at Work!