Hogs Reject New Contract Highs

A lot of eyes were glued to the hog futures open. USDA's quarterly Hogs & Pigs report found the US herd at four year lows. The gap higher in futures, to a new contract high, was not a surprise. The following trades, directly down to the gap from one week ago, was a surprise. The dominant June contract posted a 6.95 wide range from high to low in today's rejection trade.

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