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February hogs closed up $0.33 at $73.05.

February hogs closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, weekly resistance crossing at 76.91 is the next upside target. Closes below the 20-day moving average crossing at 70.26 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 74.25. Second resistance is weekly resistance crossing at 76.91. First support is the 20-day moving average crossing at 70.26. Second support is the 50-day moving average crossing at 69.93.

February cattle closed up $0.98 at 121.95.

February cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends this week's rally, January's high crossing at 123.63 is the next upside target. If February renews the decline off November's high, the 75% retracement level of the August-November-rally crossing at 115.05 is the next downside target. First resistance is the 50-day moving average crossing at 122.15. Second resistance is January's high crossing at 123.63. First support is the 75% retracement level of the August-November-rally crossing at 115.05. Second support is the 87% retracement level of the August-November-rally crossing at 112.35.

March Feeder cattle closed up $1.20 at $147.18.

March Feeder cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 147.08 are needed to confirm that a low has been posted. Closes below last Thursday's low crossing at 140.12 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 147.08. Second resistance is the reaction high crossing at 148.55. First support is last Tuesday's low crossing at 140.12. Second support is December's low crossing at 138.30.

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