“A third day of moderate gains in hogs Thursday has given funds a reason to hold off on further long liquidation. April closed just under the gap a week ago at 93.75. Fund selling has subsided this week but a test of last Thursday’s gap at 93.75 is likely today and will be an important test whether a rally will prompt funds to return to the long liquidation seen last week,” The Hightower Report said. “Spring pork demand season is right around the corner. COT data this afternoon will offer a gauge on fund positioning.”