Joe Kooima of Kooima Kooima Varilek says the funds were liquidating long positions on the open Friday after President Donald Trump said the administration was working on a plan to lower beef prices. Some of it was triggered by algorithm trades that key their formulas off headlines.

Beef prices are at record highs as drought reduced cattle inventory to the lowest levels since 1951, with ground beef up 12.8% and steak prices rising 16.6% year over year.

The U.S. has the fewest cattle right now since 1951, and ranchers face hard decisions on whether and how to grow their herds.