The five-area cash price ended the week at $126.22/cwt on a live basis, a drop from last Friday's $129.02.In the Western Cornbelt, live sales were reported at $127/cwt and dressed cattle traded at $203-$204/cwt on Thursday.
In Oklahoma City, heavy feeder steers were $2-$4/cwt lower, while lighter feeder steers were called steady. In Mississippi auction markets, steer calves were steady, heifer calves were about $1/cwt lower, feeder steers were $1-$3/cwt lower, and feeder heifers were mixed. Slaughter cows were $1-$2/cwt higher, while bulls were mostly steady.

Live cattle futures finished lower on the week. Prices slid through Wednesday with little in the way of bullish news adding support. The futures market is currently at a significant discount to current cash prices, which has traders slightly concerned.
To close the week, USDA released their monthly supply/demand report. The report projects 2013 beef production higher at 25.1 billion pounds, while consumption was raised to 56.1 pounds per person (largely a necessary result to absorb the higher production).
Corn futures finished the week lower. On Friday, USDA's projection for 2013 corn crop currently sits at 158 bushels per acre yield and 14.14 billion bushels of production (if we make that projection it will be a record). Feed and ethanol use are higher than previous years due to lower expected pricest, up $4.73.

Wholesale boxed beef prices continued to move higher this week, with Choice carcasses taking a hefty jump on Wednesday. Choice finished with a weekly average of $203.32/cwt, up $4.73, and Select finished at $190.50/cwt, up $1.58. The difference between Choice and Select has increased from $0.39/cwt in mid-March to $12.77 this week