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Based on cash sales of $108.77, cattle closeouts lost an average of $90 per head the week ending March 15.

Cattle feeding margins have slowly improved over the past few weeks, but average closeouts continue to show losses in excess of $100 per head.

Beef packers continued to maintain their leverage on cattle markets heading into the holiday-shortened first week of September.

Beef packer profit margins fell to their lowest level in nearly two years last week while cattle feeding margins exceeded triple digits for the second consecutive week.

Cattle feeding profit margins exceeded beef packer margins last week for the first time in more than two years as cash cattle prices have increased 20% since September.

Despite an average $1 decline in cash fed cattle prices last week, cattle feeding margins remained solidly profitable on a cash basis.

Cattle feeders saw modest profits for the 10th consecutive week, a headline-worthy observation in normal times. The beef complex is not operating in normal times.

Cattle and hog feeding operations saw their margins remain modestly profitable last week with little movement in cash prices. Both cattle and hog feeding margins are higher than last year at the same time.

Declining cash fed cattle prices erased profit margins for cattle feeders last week, and declining wholesale beef prices cut packer margins by 34%.

Cattle feeding margins slipped further into the red last week on soft cash prices, while packer margins climbed to extreme heights.