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February hogs closed up $0.20 at $67.55.

February hogs closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night 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 50-day moving average crossing at $69.28 would temper the near-term bearish outlook. If February extends this month's decline, December's low crossing at $65.40 is the next downside target. First resistance is the 50% retracement level of the October-December-decline crossing at $72.43. Second resistance is the 62% retracement level of the October-December-decline crossing at 74.10. First support is last-Monday's low crossing at $65.57. Second support is December's low crossing at $65.40.

February cattle closed down $0.20 at $126.18.

February cattle closed slightly lower on Wednesday as it extends the November-January trading range. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below is January's low crossing at $124.55 would confirm that a short-term top has been posted. If February extended the rally off September's low, weekly resistance crossing at $130.45 is the next upside target. First resistance is December's high crossing at $127.90. Second resistance is weekly resistance crossing at $130.45. First support is January's low crossing at $124.55. Second support is the reaction low crossing at $123.30.

March Feeder cattle closed down $1.63-cents at $143.05.

March Feeder cattle 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 bearish signaling that sideways to lower prices are possible near-term. Closes below January's low crossing at $141.33 would confirm that a short-term top has been posted. If March renews this month's rally, the 75% retracement level of 2018's decline crossing at $149.81 is the next upside target. First resistance is January's high crossing at $147.75. Second resistance is the 75% retracement level of the 2018 April-September decline crossing at $149.81. First support is January's low crossing at $141.33. Second support is November's low crossing at $138.62.