Live cattle futures saw losses $1 to $1.20 in the front months on Wednesday. Preliminary open interest was up 2,275 contracts. Cash trade showed very light action in KS at $220 on Wednesday. The Wednesday morning Fed Cattle Exchange online auction showed no sales on 1,546 head offered, with bids ranging from $215-220. Feeder cattle futures fell lower on Wednesday, with contracts $2.525 to $2.82 lower. The CME Feeder Cattle Index was down another 25 cents on May 27 with an average price of $295.84.

Late on Wednesday, a Federal trade court ruled that President Trump’s liberation day tariffs were illegal, and he has exceeded his authority. The court gave the President 10 days to complete a process of halting the tariffs, while the white house is appealing the ruling.

USDA’s National Wholesale Boxed Beef report was higher on Wednesday afternoon, with the Chc/Sel spread at $13.68. Choice boxes were up $3.57 at $365.42, while Select was quoted 91 cents higher at $351.74/cwt. USDA’s Federally inspected cattle slaughter for Wednesday was 119,000 head, with the weekly total at 235,000 head. That is down 15,266 head from the same holiday week last year.

Jun 25 Live Cattle  closed at $213.925, down $1.200,

Aug 25 Live Cattle  closed at $208.175, down $1.125,

Oct 25 Live Cattle  closed at $206.075, down $1.000,

Aug 25 Feeder Cattle  closed at $295.625, down $2.525,

Sep 25 Feeder Cattle  closed at $294.475, down $2.775,

Oct 25 Feeder Cattle  closed at $292.525, down $2.825,