Maybe, let's take a look:
Bales at Huron, SD
Buy steers, medium 1 640# @ $126.75
Lock 'em in on the board for SEP 10 @ $114.65
Run on grass for 120 days @ $0.56/day
Allow $20/hd for operating costs
Sell 870# in September
Profit $77.56/hd less basis and commissions.
Ft. Pierre, SD
Buy steers, medium 1 740# @ $122.50
Profit $96.91/hd less basis and commissions
Buy steers, medium 1 775# @ $119.25
Profit $36.80/hd less basis and commissions.
After tracking this for the last couple of weeks it appears that guys may want to stay away from the heavies (>8 wt). There seems to be a heavy demand for these heavier cattle which has erased a large portion of the slide you might expect.
Judging from the cost breakevens on these examples above, guys shouldn't get into grass cattle unprotected either. This fall, I expect unprotected grass cattle will be lucky to break even.