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July hogs closed up $1.45 at $87.93.

July hogs 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 overbought but are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, weekly resistance crossing at 88.90 is the next upside target. Closes below the 20-day moving average crossing at 83.42 would confirm that a short-term top has been posted. First resistance is today's high crossing at 88.00. Second resistance is weekly resistance crossing at 88.90. First support is the 10-day moving average crossing at 85.11. Second support is the 20-day moving average crossing at 83.42.

August cattle closed up $0.60 at 115.63.

August 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 a short-term low might be in or is near. Closes above the 20-day moving average crossing at 119.72 would confirm that a short-term low has been posted. If August extends this month's decline, the April-24th low crossing at 110.30 is the next downside target. First resistance is June's high crossing at 127.65. Second resistance is weekly resistance crossing at 141.90. First support is the 38% retracement level of the October-June-rally crossing at 113.27. Second support is the April-24th low crossing at 110.30.

August Feeder cattle closed up $1.53 at $146.40.

August Feeder 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. Closes above the 20-day moving average crossing at 149.96 would confirm that a short-term low has been posted. If August extends this month's decline, the 50% retracement level of the 2016-2017-rally crossing at 136.63 is the next downside target. First resistance is June's high crossing at 160.90. Second resistance is May's high crossing at 163.50. First support is the 38% retracement level of the 2016-2017-rally crossing at 143.03. Second support is the reaction low crossing at 139.87.

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