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Profit margins for cattle feeders increased as cash prices moved higher last week. Pork producers continue operating with negative margins.
Cash cattle and wholesale beef prices moved higher last week, increasing profit margins for both cattle feeders and beef packers. Pork producers saw modest per head losses.
Average cattle feeding margins increased last week as negotiated cash prices set new record highs.
Cattle feeders have experienced their best month in years with prices reaching record levels. Hog producers, however, are struggling to keep margins out of the red.
As cash cattle prices have been on an upward trajectory in 2023, packer margins have correspondingly moved lower. Sterling Marketing’s weekly estimates are printing packer margins red for the first time in six years.
Rising wholesale beef prices and declining packing plant utilization are two indicators to watch as the 2023 cattle markets unfold.