Matthew’s account of the Feeding of the 5,000 emphasizes the connection to two Old Testament figures: Moses and Elisha. First, the Jesus and the crowd are in a desolate place, like the Israelites in the desert when they were fed by the manna from heaven. The disciples’ incredulous response to Jesus in verse 16 follows Elisha’s servant puzzled by how they could feed so many men with so few loaves. However, in contrast to these episodes, Jesus has them recline ("sit down" is an unfortunate English rendering) on "grass" indicating that Jesus’ feeding of his people will be a full meal, not just sustenance. After the four eucharistic actions (took, blessed, broke, gave) repeated in the institution of the Lord’s Supper, the crowd eats "as much as they wanted" with much left over.
Since the Feeding of the 5,000 is the quintessential sign of the Eucharist, the preacher should use their time to draw attention to the celebration of the bread and wine which (one hopes) will be coming at the end of service. In this, the preacher need not spend much energy on "application" since the reality of the Lord’s Supper is what brings these heady truths to bear on the present, with the people in the congregation. Like the bread, the breaking of Jesus’ body makes it possible for him to share his life through Holy Communion, empowering his people to live his life with him.