Hightower Report said Monday, August hogs had their best close since June 18, extending the technical rally that began with last week’s upside reversal. August made a new high for the month and while it’s still only midmonth, if price strength continues through the end of July, a monthly upside reversal is possible which would suggest a major low is in place. The USDA estimated hog slaughter came in at 477,000 yesterday. This brings the total for the week so far to 955,000 head, up from 938,000 last week at this time and up from 912,563 a year ago. Hightower Report said that August cattle closed stronger yesterday but still within the 5 days sideways range. August prices will need to move above 183.37 to extend the rally. The USDA estimated cattle slaughter came in at 121,000 head yesterday. This brings the total for the week so far to 239,000 head, up from 232,000 last week at this time but down 246,774 a year ago.