Cattle feeding margins fell deeper into the red while packer losses doubled from the prior week. Pork producer margins have now printed red every week for the past year.
Cattle feeders and beef packers both printed closeouts with red ink last week, slight advantage packers. Pork producers also operated underwater but pork packers saw improving margins.
A California jury deliberated for six days before returning guilty verdicts of conspiracy and trespassing for DxE co-founder Wayne Hsiung. The jury deadlocked on a second conspiracy charge.
Cattle feeding margins decline even as fed steers trade steady to higher for the week. Packer margins erode on weaker wholesale beef prices. Pork producer margins improve but remain underwater.
Projected breakevens for cattle placed on feed have declined $10 per cwt. over the past month. Pork producer margins are declining even with feed costs 23% lower than last year.
