The decision-making processes involved in the marketing of livestock includes a wide array of variables. Some of the variables reflect past historical events that are relevant to the decision, such as the number of cattle on feed one year ago. Another set of variables reflects current conditions of importance to the decision process, such as the present cash price at a particular market. A third group of variables reflects expectations of future events such as expected marketing that have bearing on the decision currently contemplated. This latter class of variables is significant in decision processes involving risk and uncertainty.