One of the primary drivers behind this seasonal weakness is the gradual slowdown in summer grilling demand. More News from BarchartCommitment of Traders (COT) ReportSource: BarchartThe COT report shows that managed money (blue line) has more short positions than at any time in the past five years. The short positions have been built over several months, showing the resilience of the bearish sentiment. As a trend follower, I would be nervous about being short hogs too quickly. The 50 SMA is still sloped down, but a turn up might create some more short covering in the hog market.