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On a percentage basis, beef packer margins declined significantly last week. It’s all relative, of course, since the starting point from the previous week was stunning.

Cash fed cattle prices ended last week $10 per cwt. lower than last year while the beef cutout closed $16 higher than the same week a year ago. The result? Packer margins $314 per head more than last year.

Beef packer leverage is evident with cash cattle prices $7 per cwt. lower than the same week a year ago and beef cutout prices $23 per cwt. higher. Pork producers are gaining leverage with a $5 per cwt. price rally.

Cattle feeding margins were little changed from the previous week with modest profits. Hog feeding margins were boosted for a third week with another advance in lean carcass prices.

Profit margins for both cattle and hog finishing operations saw modest gains last week but also carry significantly higher feed costs than a year ago.

The pendulum continues swinging toward cattle feeders as cash prices jumped $3 last week and left packers with their largest negative margins in nearly six years.

Cattle feeding margins declined last week after modest declines in cash cattle prices. Pork producer margins remain underwater.

During a bilateral meeting on Thursday, U.S. Trade Representative Katherine Tai discussed with Mexico’s Secretary of Economy Tatiana Clouthier various issues concerning energy and biotech corn.

“This is the earliest we’ve reported tar spot in Iowa,” says Robertson, Iowa State professor of plant pathology. She says the early detection could be due to the Tarspotter app. Here’s how it works.

The next opportunity for USDA to adjust its corn yield forecast is next week during the July WASDE report. Currently, USDA has penciled in a 181.5 bu. per acre national yield, but analysts think it may be too optimistic.