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Normally when profit margins decline $50-plus per head there’s no rejoicing.

Cattle feeders earned average profits of $68 per head last week, $30 per head more than the previous week.

Feedlot closeouts continue ending on positive notes.

Cattle feeders turned a profit for the eighth consecutive week.

Cattle feeders saw positive margins on closeouts for the ninth consecutive week.

Feedyard margins declined $28 per head last week to total an average loss of $70 per head, according to the Sterling Beef Profit Tracker.

Feedyard margins dropped another $20 last week to total an average loss of $90 per head, according to the Sterling Beef Profit Tracker.

Calling losses of $193 per head an improvement may be painful, but it’s accurate.

Cattle prices have fallen and so are profits.