Wednesday’s Slaughter is estimated at 126,000, 1,000 more than last week and 7,000 more than the same week last year. Wednesday’s Cutout Values Choice: 259.74, Up .19 from the previous day. Select: 247.68, Up .34 from the previous day. Choice/Select Spread: 12.06 5 Area Average Cattle Price Live Steer: 145.54 Live Heifer: 145.80 Dressed Steer: 231.76 Dressed Heifer: 232.00 Live Cattle Technicals (June): June live cattle attempted to close out above the 200-day moving average but failed for the third consecutive day. Today could be the day. The cash market has firmed up which should help support futures this morning. Also, the outside markets saw a massive rally after the Federal Reserve announced an increase in rates of 50 basis points, but more importantly, seemingly taking 75 basis point hikes off the table for future meetings. We are still in the camp that believes we could see this relief rally continue into the gap from April 25th. That comes in from 136.85-138.35. The midpoint of that gap comes in at 137.60, just below that at 137.325 is the 100-day moving average, this pocket is our targeted area......Sign up for your FREE two-week trial of our daily commodity commentary! Resistance: 138.475-138.525**, 140.775-141.15***, 143.35** Pivot: 137.325-137.60 Support: 132.825-133.575****, 130.975-131.50** Feeder Cattle Technicals (August): August feeder cattle traded on both sides of unchanged yesterday, doing little to significantly alter the technical landscape. Grains are firm in the early morning trade, but we are at that time of year where you need to take the overnight price action with a grain of salt. If the grain markets do hold their strength, it could be a damper on the relief rally. Significant resistance comes in from 178.225-179.10. A breakout above this pocket opens the door for an extension towards the 182 area. On the support side of things, the Bulls want to defend 174.45-174.65 on a closing basis.....Sign up for your FREE two-week trial of our daily commodity commentary! Resistance: 178.225-179.10****, 181.65-182.10*** Pivot: 175.85-176.025 Support: 174.45-174.65***, 170.75-171.05****, 168.525-168.60**, 167.325** Lean Hogs Technicals (June): June lean hog futures were able to bounce back some in yesterday’s session, helping erase the losses from Tuesday’s session. A good start for a recovery rally, but a lot more work to be done to repair the technical damage from the last two weeks. Today’s first hurdle come in from 106.20-106.55. A move out above there could take us back to the 110 area which was the breakdown point from last Friday and the 100-day moving average......Sign up for your FREE two-week trial of our daily commodity commentary! Resistance: 106.20-106.55**, 109.75-110***, 112.20-112.925** Pivot: 104.25-105.00 Support: 100-101.53****, 95.30** | 
