Packer gross margins are defined by revenue derived from meat, hide and offal sales, less the cost of a fed steer or heifer. The current tight supply of cattle has made competition especially fierce during the past 12 months. As a result, packers have experienced a prolonged period in which beef processing gross margins have been particularly challenging. In fact, the 52-week moving average crossed below $100 in August, and the sector remains under pressure....
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