Cash cattle were lower this week. In the Southern Plains live sales were at $120/cwt. In Nebraska and Iowa, dressed sales were at $195/cwt.
Feeder steers and heifers in Oklahoma City were $1-$3/cwt higher. In Mississippi auction markets feeder steers were mixed and feeder heifers were called steady. Cull bulls were steady and cows were $2/cwt lower.

Live cattle futures finished the week lower, while feeder futures were higher. Prices moved sharply higher on Tuesday as an uptick in beef prices provided support. Two other fundamental factors currently in play are the current basis levels and higher temps for the major feeding region. Cash prices had been about $3-$4/cwt above the June contract, but they are slowly converging as the June contract moves toward expiration (at the end of the month). Increasing temperatures are expected to decrease gains and lower total production, which should add support. The week ended with lower prices as cash sales came in lower for the week.
Corn futures finished lower. Wednesday's supply and demand report was rather bearish for corn (for a detailed recap of the report for crops click here). Many expected a downward adjustment in total acres due to the cold and wet spring. The report did not make any adjustments (which is typical from USDA this early in the season without some hard evidence to support this hypothesis).
Wholesale boxed beef prices slid again this week. Choice finished with a weekly average of $201.62/cwt, down $2.59, and Select finished at $184.01/cwt, down $0.45.