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June hogs closed down $1.08 at $70.75.

June hogs closed lower 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 71.94 are needed to confirm that a short-term low has been posted. If June extends the decline off March's high, last September's low crossing at 66.40 is the next downside target. First resistance is the 10-day moving average crossing at 71.56. Second resistance is the 20-day moving average crossing at 71.94. First support is the 87% retracement level of the September-February-rally crossing at 68.16. Second support is last September's low crossing at 66.40.

June cattle closed up $2.70 at 118.52.

June cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 June extends this year's rally, weekly resistance crossing at 133.83 is the next upside target. Closes below the 20-day moving average crossing at 113.47 would confirm that a short-term top has been posted. First resistance is today's high crossing at 118.83. Second resistance is weekly resistance crossing at 133.83. First support is the 20-day moving average crossing at 113.47. Second support is the 50-day moving average crossing at 110.09.

May Feeder cattle closed up $4.40 at $142.08.

May Feeder cattle closed sharply 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 May extends this year's rally, weekly resistance crossing at 146.38 is the next upside target. Closes below the 20-day moving average crossing at 136.08 are needed to confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 143.00. Second resistance is weekly resistance crossing at 146.38. First support is the 20-day moving average crossing at 136.08. Second support is the 50-day moving average crossing at 130.19.

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