Beef packer margins deteriorated further, falling to -$129/head last week, down $38 from the prior week as a continued seasonal softening in the Choice cutout pressured returns. The cutout declined to $382/cwt, extending its post–Easter pullback, while fed cattle prices held near $248/cwt. The relative stability in cash cattle against a declining cutout continues to compress packer spreads, a typical pattern as wholesale beef values ease after the Easter holiday. Feedlot placement margins weakened to -$251/head, ...