Livestock and Meats

May hogs closed down $1.70 at $102.43.


May hogs gapped down and closed lower due to profit taking on Friday as it
consolidated some of this week's rally. The high-range close sets the stage for
a steady to higher opening on Monday. Stochastics and the RSI have turned
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 101.71 would
confirm that a short-term top has been posted. First resistance is Thursday's
high crossing at 103.30. First support is the 10-day moving average crossing at
102.10. Second support is the 20-day moving average crossing at 101.71.


June cattle closed down $1.20 at 115.30.


June cattle closed lower on Friday as it extended the decline off last
week's high. The low-range close sets the stage for a steady to lower opening
on Monday. Stochastics and the RSI remain bearish signaling that sideways to
lower prices are possible near-term. If June extends this week's decline, the
March 25th gap crossing at 114.80 is the next downside target. Closes above the
10-day moving average crossing at 118.43 would confirm that a short-term low
has been posted. First resistance is the 20-day moving average crossing at
117.20. Second resistance is the 10-day moving average crossing at 118.43.
First support is Tuesday's low crossing at 114.95. Second support is the March
25th gap crossing at 114.80.


May feeder cattle closed down $0.48 at $133.30.


May Feeder cattle closed lower on Friday ending a two-day short covering
bounce off Tuesday's low. The mid-range close sets the stage for a steady
opening on Monday. Stochastics and the RSI are oversold but remain neutral to
bearish signaling that sideways to lower prices are possible near-term. If
April extends the decline off last week's high, March's low crossing at 129.50
is the next downside target. Closes above the 20-day moving average crossing at
135.65 are needed to confirm that a short-term low has been posted. First
resistance is the 20-day moving average crossing at 135.65. Second resistance
is the reaction high crossing at 139.65. First support is Tuesday's low
crossing at 132.23. Second support is March's low crossing at 129.50. 
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