Beef packer margins eased slightly to $119/head, declining $7/head week over week as a modest softening in the cutout combined with a small increase in live cattle prices compressed margins. Despite the weekly pullback, margins remain sharply improved on a monthly basis (+$233/head), supported by a materially stronger cutout relative to fed cattle prices and continued favorable packer breakeven positioning, with packers still operating more than $12/cwt above breakeven levels.  Southern Plains feedlot placement margins improved ...