Live cattle futures are posting gains of $1.55 to $2.05. Cash trade showed sales at $221-222 this morning in the South, with bids of $231 in the North on Wednesday. The Thursday morning Fed Cattle Exchange online auction showed sales at $222-225.50 on 773 of the 1,546 head offered. Feeder cattle futures are bouncing back, up $4.10 to $4.20. 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 Thursday morning, with the Chc/Sel spread at $13.74. Choice boxes were up $1.25 at $366.67, while Select was quoted $1.19 higher at $352.93/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  are at $215.475, up $1.550,

Aug 25 Live Cattle  are at $210.125, up $1.950,

Oct 25 Live Cattle  are at $208.125, up $2.050,

Aug 25 Feeder Cattle  are at $299.800, up $4.175

Sep 25 Feeder Cattle  are at $298.675, up $4.200

Oct 25 Feeder Cattle  are at $296.625, up $4.100