Futures were higher again this week, seemingly breaking records each trading day. The remaining 2014 contracts had the largest gains on the week, up roughly $4.00 to $5.50 depending on the contract. Deferred 2015 contracts were up about $2. Wholesale beef prices moved higher throughout the week providing the bulk of the support. Last Friday's Cattle on Feed report was right in-line with expectations but continued to indicate few cattle/beef supplies and fewer will be available moving forward (see the results HERE). Monday's Cold Storage report echoed that sentiment, showing a sharp decline in May inventories of beef and pork supplies, which pushed fed futures up limit the following day.
Corn futures were lower this week. The nearby July (old crop) contract showed the most weakness, dropping 11 cents per bushel compared to the previous Friday. It has been a fairly dull time in the corn market thus far in June, but that will change Monday with release of the Acreage report, which will provide a clearer picture of planted acres.

Beef:
Wholesale boxed beef prices were higher this week, breaking through the high set a few months back. Choice boxes averaged $244.39, up $6.00. Select boxes averaged of $237.83, up $7.05.