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Over three quarters of a million head of cattle were sold in livestock auction markets in or near the Nebraska Sandhills during the 2008 market year. These markets range from as far south as McCook, as far north as Valentine, as far west as Ogallala and as far east as Columbus. Each sale is associated with many different expectations by both buyers and sellers. Those expectations engage these stakeholders in a study of the markets. One of the most important questions that many of these market participants want to know the answer to is, “What are the key factors driving these markets?” Economists at both the University of Nebraska Lincoln and Texas A&M University have sought answers to this question.