(Bloomberg) -- Hedge funds made the right call on hogs this week.
Money managers cut their bets on a rally to the lowest in more than two years in the week ending March 20. Three days later, China announced retaliatory tariffs on imports of U.S. pork, a move that sent hog prices tumbling in Chicago.
Net-long positions dropped to 8,029 futures and options, weekly data from the U.S. Commodity Futures Trading Commission showed Friday. Short-only holdings rose to the highest in about 11 months.
©2018 Bloomberg L.P.