Hogs post declines ahead of Cold Storage.

Though we expected a moderate decline to the fill the 106.02 intra-day gap on the August contract, we did not expect today's nearly $5 break in pricing. We are now headed for a retest of trades posted two weeks ago. We assume the trade is hearing of some larger than expected estimates for next week's Hogs & Pigs report. Cold Storage, after the futures close, was slightly negative.

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