At our county fair, which is terminal with the kids keeping of their steers to go on to state fair, the buyers have made a real effort to keep the floor at around $3,000. This basically works out to a donation of $1300-1400 to the kid above market price. If a kid buys his steer for $1000, feeds it for $1000, he or she can put $1000 in the bank for the effort. If the kid buys the steer for $2500, they are going to lose money on the deal. If the parent buys a somewhat competitive steer for $4000 and the feed for another $1000, the kid can maybe sneak in and win a class at one of the bigger shows, but at county fair, even if they have the grand champ they will still only sell the steer for $4000-5500. Some counties do not have near as good of a sale as we do and some do much better. However, the economics of showing cattle is not very good. The economics of trying to be even halfway competitive at the bigger shows is really out of reach for most folks.
Nonetheless, we try to hit a couple of the bigger shows because that is where our showman learns humility and figures out what he needs to be more competitive with what he has to work with. Taking first or second in class is a big deal at these shows. We hit the smaller jackpots where we are more competitive and to keep on tuning up for county and state fairs. Winning a jackpot at the little shows almost covers the entry fees and fitting supplies.
Some neighbor kids buy 4-5 steers (they have a lot of kids) at a little above market price in the fall and then do a really good job visiting buyers and sell their steers for $3500-$4000 even though they are lucky to place in the middle of their class at county fair. They are probably clearing $1500-2000 a piece, but they accept the fact that it will be difficult to win much with a $1000 steer. They don't go to jackpots -- only county fair to show and get their animals sold.