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Market hogs found twice the profit margin of fed steers last week due to a rally that has added nearly $22 per cwt. to lean hog carcass prices over the past month, while cash cattle prices have been stuck in neutral.

Cattle and hog finishing margins were modestly positive the first week of December, marking the 11th consecutive week of profitability. Packer margins remain historically high.

Profit margins for cattle and hogs continue trending in opposite directions as feedyard closeouts slipped below breakeven and hog margins saw another boost from higher prices.

Market hogs sold last week earned an average profit margins nearly four times that of fed steers. That’s mainly due to a rally that has added more than $20 per cwt. to lean hog carcass prices over the past month.

Cattle feeding margins improved $60 per head the week ending Feb. 12 and hog margins reported profits for the second consecutive week as lean hog prices rallied.

Average feedyard closeouts saw modest profits for cattle last week as cash prices improved. Hog finishing margins declined from near breakeven to a loss of $6 per head.

Industry-wide average cattle feeding closeouts were printed in red ink last week for the first time since late September, while packers saw another significant decline to their margins.

Cash prices for both cattle and hogs advanced last week leaving feeding margins for both species solidly in the black. Hog margins were positive for the eighth consecutive week and cattle climbed out of the red.

Higher grain prices and lower cash livestock prices contributed to a decline in feeding margins last week, leaving closeouts showing red ink for both cattle and hogs.

Cattle and hog feeding margins were little changed last week, with both recording modest losses. Beef packers saw improved margins on significant gains in wholesale beef prices.