I’m not for sure where you are getting $1.40 per pound, fat cattle today are bringing about $2.30 per lb on the hoof.
As you know Feeder Cattle sell in quantity strings of animals, more the lower the price. Auction prices are per #100 lbs. So big string buys at $140 per 100 lbs would be $1.40 right? But that is right off the range before fattening. So after fattening your price sounds about right. It isn’t the Ranchers getting rich, that is for sure... Unless they process and sell it themselves. It is the middleman feed lots and packers making all the money before going to the retailer...
https://www.nationalbeefwire.com/real-time-cattle-prices