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　　US - Beef and pork packer margins were excellent in April but they have been moving lower in the last couple of weeks, write Steve Meyer and Len Steiner.The current situation and outlook for packer margins is a hot topic these days as market participants try to understand the pace of livestock slaughter and potential supplies coming to market in June and July.We will quickly outline the conditions in both the beef and pork markets but before we continue one point needs to be underlined. The attached charts do not give you an actual packer margin. Rather, they are a rough calculation of gross margins (Meat Revenue + By Product Value - Livestock cost). Actual margins will vary by packer, depending on the size of the plant, capacity utilisation, age of the operation, etc.

　　史蒂夫·邁耶(Steve Meyer)和萊恩·施泰納(Len Steiner)寫道，牛肉和豬肉批發(fā)商四月利潤豐厚，但是在最后一周持續(xù)下滑。由于市場參加者試圖知道牲畜屠宰的速度和市場在六月與七月間即將到來的潛在供應，批發(fā)商利潤的當前狀況和前景在這些天是一個很熱的話題。我們很快能大致知道牛肉和豬肉的市場狀況，但是在此之前我們需要理解一點。附加的圖表不能贈你一個實際的批發(fā)商利潤。與其相反它們是一個粗算的毛利率(肉類稅收+副產(chǎn)品價值+牲畜成本)。實際利潤將會通過批發(fā)商而變幻，取決于工廠規(guī)模、設備使用率、經(jīng)營年限等等。