The influence of buyer concentration on feeder cattle prices at two large cash auctions was investigated. Buyer concentration increased slightly for steers weighing over 600 lbs. at one of the auctions between 1987 and 1989 and was estimated to have d_epressed prices an average of $0.13/cwt. 'Overall prices at the other auction were depressed by an average of $0.46/cwt. between 1987 and 1989 due to increasing concentration.