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Sharply lower cash cattle prices erased $100 per head from closeout profit margins last week and left cattle feeders re-evaluating ideas of a spring rally.

Cattle and hogs prices both moved higher last week and both enterprises posted profits on closeouts for the first time in several months.

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.

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

Sharply higher beef cutout values produced windfall profits for beef packers last week while cattle feeders saw closeouts with average losses about steady, according to the Sterling Beef Profit Tracker.

Cattle and hog finishing margins remain positive for the sixth consecutive week, but cash prices for both declined modesty last week and margins eroded.

Both cattle feeding and hog finishing operations found modest profits for the fifth consecutive week calculated on a cash basis, according to the Sterling Profit Tracker.

Cattle and hog finishing margins are both modestly positive for the seventh consecutive week, though hog margins saw a slight decline with lower lean carcass prices.

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.