“COT data showed managed money extended their net short position to nearly 21,000 contracts, a three-year high,” the Hightower Report said. “The quarterly hog and pig report will be out Thursday afternoon. The average guess heading into the report is 74.424 mln head as of June 1, up from 73.697 mln a year ago, and breeding inventory anticipated down 0.7% from last year and market hogs up 1.1%.”