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The crisis continues for America’s cattle feeders.

A $6-plus per cwt. gain in cash cattle prices produced a 20% improvement in feeding margins.

Cattle feeding margins improved by 50% over the past two weeks, and by 38% during the past week.

Cattle feeders generally expected margins to be much better by now. An anticipated spring rally that could have erased a lot of red ink has failed to materialize, leaving feedyard closeouts stuck in neutral with near $200 losses.

Cash fed cattle prices retreated $7.77 per cwt. last week. As a result, closeouts added another $75 of red ink.

Feedyard margins saw only slight improvement last week as direct trade prices held steady.

Losses continue to mount for feedlots.

The red ink has started to slow down for feedlots and cattle prices have rallied lately, giving beef producers something to be thankful for.

Cattle feeders earned a small profit on cattle sold last week, the first positive closeouts in months.

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