“The June live cattle contract’s discount to cash continues to be a supportive factor for the nearby months. Screwworm cases have now reached 7 and the state of Georgia expanded its animal import restrictions adding several countries in eastern New Mexico. The Bureau of Labor Statistics says ground beef prices in May were up 13% from a year ago to a new record high and steaks were up 16%. So far, consumers continue to pay for high priced beef and until they begin to balk, retail beef demand will remain a bullish factor amid tight cattle supply.”