June cattle closed higher for the session yesterday in the face of sharply lower prices for other agricultural markets. June cattle traded as much as 100 points higher early in the session as a strong beef market so this week and ideas that supply will tighten going into the summer after low placements this spring were seen as supporting the market. However, weakness in grains, hogs and other commodity markets combined with a rally in the US dollar may have helped to pull the market off of those early highs. The current discount of futures to the cash market helped to offset some of the negative outside forces to provide some support to the market. The global economic news flow has been mostly negative this week, and the impact of a weaker economy on consumer spending could be significant. A stronger dollar might discourage exports, and a negatively-received cold storage report late yesterday for all meats might allow for lower priced alternatives to beef for the US consumer. The report showed end of April frozen beef stocks at 517.5 million pounds, which is up 17% from last year and up 3% from the previous month. This report was considered to be negative for cattle futures, as beef stocks typically decline by 2% in April. Slaughter came in at 126,000 head. This brings the total for the week so far to 252,000 head, down from 253,000 head last week at this time and down from 261,000 head a year ago. Boxed beef cutout values were down 8 cents at mid-session yesterday and closed 31 cents lower at $194.28. This was up from $191.61 the prior week.