Although cattle-feeding margins during March showed losses of $65 per head, feedyards are beginning to show cattle with breakeven prices that are near $80 per hundredweight. That’s a result of a $10-per-hundredweight decline in feeder-cattle prices when they were placed on feed last November. Thus, feedyard margins are projected to be profitable during April and remain at or near breakeven during May. Cattle on feed inventories continue to be tight, but weights are about 25 pounds higher than a year earlier. Packer margins turned negative during March as wholesale beef prices remained under pressure from poor demand. Packer margins are likely to stay under pressure for the next two months. Grain prices are trending higher as planting begins on the 2009 corn crop.