Light trade was reported for Monday with most participants testing market values for the first full week of June. Heightened volatility on the CME has continued to create unease on most agricultural markets over the past few weeks. Pressure on porcine and ruminant meat and bonemeal has been indicated from several contacts in the lull between holidays, though values are steady at the start of the week.

For the week ending June 10^th, cattle slaughter is forecast at 640,000 head, a 4.6 percent decrease from 2022 but an 11.7 percent growth over last week. Over the next six weeks, cattle slaughter is expected to average 630,830 head per week, a 3.1 and 1.8 percent drop from 2022 and 2021, respectively. With the start of June, slaughter levels are forecast lower than the prior two years with 640 thousand max head a week, on accounts of lower market ready head counts.

According to the USDA Actual Slaughter Under Federal Inspection for May 20^th,…