Cattle prices held steady last week, but packer margins continue climbing in the greatest squeeze on cattlemen in memory without the influence of a specific black swan event. Pork producers are experiencing euphoria.

Average cattle feeding margins improved the final week of March, while average farrow-to-finish hog margins declined modestly.

Both cattle and hog finishing estimated margins were positive last week despite rising feed costs across both enterprises. Cattle slaughter totals increased while hog processing numbers were near steady.

Cattle feeding margins improved with a $2 per cwt. increase in cash cattle prices while farrow-to-finish hog margins declined modestly on slightly lower lean carcass prices.

The extended rally in lean hog carcass prices continues and farrow-to-finish hog operations are profitable for the 12th consecutive month. Cattle feeders saw prices slip off of recent highs.

Lower average cattle prices last week cut average feedyard margins by $43 per head last week, while pork producers saw a $5 per head increase in average margins.