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Packer margins have grown to exceptionally high levels in recent weeks, while feedyard profits have eroded.
Beef packers continued to maintain their leverage on cattle markets heading into the holiday-shortened first week of September.
Last week’s $2 rally in cash cattle prices helped narrow the spread between feedyard losses and packer profits.
Cattle feeding margins slipped further into the red last week on soft cash prices, while packer margins climbed to extreme heights.
Feedyards saw closeouts improve dramatically last week after the cash cattle market posted its third consecutive week of higher prices.
Gains in cash fed cattle prices did not translate into higher profits for feedyards last week as higher feeder cattle prices were calculated into breakevens.