Live cattle futures were rallying into Liberation Day, with contracts up $1.25 to $2 at the close. This morning’s Fed Cattle Exchange online auction from Central Stockyards showed sales on 2 lots totaling 397 head (of the 1,408 listed) at $210.  Feeder cattle futures ended the midweek session with contracts up 60 cents to $1.30 in the front months. The CME Feeder Cattle Index was back up 25 cents on April 31, with the average price at $291.27.

President Trump’s “Liberation Day” tariffs came with Mexico and Canada left off the list and the exemption on all USMCA compliant goods remaining in place. Reciprocal tariffs were put in place on Japan at 24%, South Korea at 25% and China at 34% (54% including the initial set of tariffs from earlier this year). On the countries we import from, Australia and Brazilian tariffs were set at the baseline of 10%. They go into effect on April 9.

The Wednesday afternoon National Wholesale Boxed Beef report from USDA was back lower, as the Chc/Sel widened out to $21.07. Choice boxes were down $2.32 at $339.90/cwt, with Select $3.24 lower to $318.83. Wednesday’s Federally inspected cattle slaughter was estimated at 124,000 head by USDA, taking the weekly total to 351,000 head. That was 15,000 head below the previous week and down 1,505 head from the same week last year.

Apr 25 Live Cattle  closed at $210.375, up $1.250,

Jun 25 Live Cattle  closed at $207.400, up $1.975,

Aug 25 Live Cattle  closed at $203.925, up $1.600,

Apr 25 Feeder Cattle  closed at $288.875, up $0.600,

May 25 Feeder Cattle  closed at $287.925, up $0.775,

Aug 25 Feeder Cattle  closed at $293.700, up $1.300,