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July hogs closed up $0.52 at $82.32.

July hogs closed higher on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last Tuesday's low crossing at 81.65 would confirm that a short-term top has been posted. If July renews the rally off March's low, the 50% retracement level of the November-March-decline crossing at 85.90 is the next upside target. First resistance is the 10-day moving average crossing at 83.57. Second resistance is May's high crossing at 85.25. First support is last Tuesday's low crossing at 81.65. Second support is the reaction low crossing at 77.60.

June cattle closed up $0.67 at 152.47.

June cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews this month's rally, April's high crossing at 154.50 is the next upside target. Closes below the reaction low crossing at 149.25 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 153.95. Second resistance is April's high crossing at 154.50. First support is the reaction low crossing at 149.25. Second support is April's low crossing at 145.20.

August feeder cattle closed up $1.82 at $221.42.

August Feeder cattle closed sharply higher on Wednesday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off April's low, January's high crossing at 226.05 is the next upside target. Closes below the reaction low crossing at 214.90 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 221.50. Second resistance is January's high crossing at 226.05. First support is the reaction low crossing at 214.90. Second support is the reaction low crossing at 212.50.

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