The leverage now is late spring. Whether the ranches are sitting on cattle they could not sell in the fall, and don't want to turn out to the range (whether they have more than their range can handle).
The weird part is not the steers. The wild card is paired cow/calf and late pregnant cattle. With Texas and the desert SW looking to rebuild herd, that is what will drive the price on the hoof. And what might have been rated for culling might have value otherwise.
Ir is an interesting conundrum, because spring sales are what give ranches the money to make it through till the big fall sales.
It is going to be a rough, tight market.