INO.com’s Daily Market Analysis
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LIVESTOCK: June live cattle closed down $0.22 at $122.47 today. Prices closed nearer the session high today. The bulls still have the solid overall near-term technical advantage. A five-month-old uptrend is in place on the daily bar chart.
May feeder cattle closed down $0.17 at $151.02 today. Prices closed near mid-range today. The feeder cattle market bulls have the overall near-term technical advantage.
June lean hogs closed down $0.18 at $96.375 today. Prices closed near mid-range today. The hog market bulls are keeping their overall near-term technical advantage as prices are not that far off last week's contract high. Still, the higher volatility at higher price levels seen just recently is one warning signal of a topping process.