June cattle surged higher during Friday's session June to the highest level since March 29th in front of the USDA report, as a rise in beef prices was thought to have restored confidence that cash cattle could remain in an uptrend into mid-June. Cash cattle in the plains traded late on Friday at $123.00-$124.00 in Texas and Kansas, which was up $3.00-$4.00 for the week but left the market at a significant discount to the cash market. The USDA report news was considered to be supportive but with strong gains last week, many traders believe a positively received report may have already been priced into the market. The Cattle-on-Feed report was considered supportive to the market, with the May 1st on-feed supply at 99.2%, compared with expectations at 100.3%. Many traders were looking for placements in April to come in down 11%-12% from last year, so the actual placements data being down 14.8% is thought to be supportive for the August and October contracts. Marketings for the month of April were expected to be down 1%-2% from last year, so the actual marketings being up 0.4% from last year is seen as being supportive to the June contract. The estimated cattle slaughter came in at 127,000 head Friday and 9,000 head for Saturday. This brought the total for last week to 641,000 head, up from 639,000 head the previous week but down from 662,000 head a year ago. Boxed beef cutout values were up $1.41 at mid-session Friday and closed $1.41 higher at $192.51. This was up from $189.10 the prior week and is the highest beef market since March 12th.