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LIVESTOCK

June hogs closed up $1.25 at $123.77.

June hogs closed higher on Wednesday as it extended this week's rally. The high-range close sets the stage for a steady to higher opening when Thursday's night 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 124.84 would confirm that a low has been posted. If June renews the decline off March's high, the 38% retracement level of the 2012-2014-rally crossing at 115.98 is the next downside target. First resistance is the 20-day moving average crossing at 124.84. Second resistance is March's high crossing at 133.40. First support is the reaction low crossing at 118.55. Second support is the 38% retracement level of the 2012-2014-rally crossing at 115.98.

June cattle closed up $0.20 at 135.62.

June cattle closed higher on Wednesday. The mid-range close sets the stage for a steady 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 136.31 are needed to confirm that a low has been posted. If June renews the decline off March's high, the 38% retracement level of the November-March-rally crossing at 134.24. First resistance is the 20-day moving average crossing at 136.31. Second resistance is March's high crossing at 139.00. First support is the 38% retracement level of the November-March-rally crossing at 134.24. Second support is the 50% retracement level of the November-March-rally crossing at 132.75.

May feeder cattle closed up $0.12 at $179.90.

May Feeder cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night 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 May extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 178.79 are needed to confirm that a short-term top has been posted. First resistance is Monday's high crossing at 180.45. Second resistance is unknown. First support is the 20-day moving average crossing at 178.79. Second support is the reaction low crossing at 176.62.

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