Beef packer margins rebounded modestly last week but remained deeply negative. Margins improved $60/head to –$249 as the Choice cutout rose $14/cwt while fed cattle prices were mostly steady. The improvement reflects a short-term stabilization in boxed beef values following the sharp post-holiday selloff. Despite the week-to-week recovery, packer profitability remains structurally pressured, and margins are likely to stay negative into late January unless cattle prices soften or beef demand improves materially. Feedlot placement margins deteriorated further, falling...