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After slicing more than 50% off the monstrous losses found a month ago, cattle feeders saw their margins slip $43 per further into the red last week with $2 per cwt. lower bids.

Easter week produced a $3 per cwt. decline in fed cattle prices and a $73 erosion in cattle feeding margins.

Cattle feeding profits declined $20vper head last week, yet closeouts remained $11 in the black.

Feedyard margins remained about $150 per head last week despite a $6 per cwt. retreat in cash cattle prices.

A cash market rally helped add $62 per head to feedyard margins last week, ending with total average profits of $212 per head, according to the Sterling Beef Profit Tracker.

Feedyards are as close to breaking even on a cash basis as they’ve been during any point in the past 18 months.

Cattle feeders finally found profitability last week after cattle markets posted a $6 to $7 per cwt. rally.

Cattle feeding margins gained only modestly, despite the fact feeder cattle factored into closeouts were $40 per head less than the previous 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.

It’s the best signal cattle feeders have seen in many months.