Are bred heifers undervalued?

Calf prices are $2/lb higher than this time last year, yet bred prices are the same? That seems pessimistic. When you look at the ratio of calf prices to bred prices, breds should be higher than they are today based on the cash flow potential of these calves. When have you been able to pay off a bred heifer in a couple years? It used to take the life of a heifer to pay her off, remember? The market is panicking due to the volatility in the futures market these days, but bred prices are looking very workable in light of their future cash flows. Have a look.