Cattle futures fell sharply after President Trump suggested plans to lower beef prices, including potential imports from Argentina.

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.

Recent media reports indicate President Trump is working to lower beef prices in the United States, with some reports indicating Argentina may play a role in the administration’s

Brad Kooima of Kooima Kooima Varilek says cattle futures saw some recovery on the opening Monday after a melt down on Friday which produced limit down closes in most of the feeder cattle contracts.

Starting as a small local market, the Dickson Regional Livestock Center has become a major regional hub with buyers traveling around 250 miles to get a spot in the ring.

It’s time we consider facts, not beef industry propaganda. Fact No. 1: The U.S. beef cow herd is the smallest it’s been in seven decades. Fact No. 2: Both domestic beef demand and consumption