What is the difference between live cattle and feeder cattle?

Their both one and the same, actually. But live cattle are cattle that are alive, walking around, hearing, seeing, smelling feeling creatures. Feeder cattle are live cattle that are fed in a drylot situation prior to slaughter. Feeders are often younger weaned calves that are being backgrounded on a forage-based diet before they are reverted to a hot diet of grain before slaughter.