The cattle market began last Monday when some producers decided to take advantage of the basis and start the trade at $113 in the south. The trade on Monday was short lived, and by Tuesday $112 was the best bid available. As the week unfolded packers were back in the market willing to give $113 on front-end cattle.
The north was able to keep their market elevated above the south for another week. Cash trade in the north was mainly $114-$115 with $184 catching most of the dressed trade. Most traders in the north were rewarded by waiting till the end of the week to trade, being able to command more for their cattle.
Many aspects of the cattle business continue to evolve over time. One of the ever-changing parts of the business is the market. The last several weeks have shown us all in the market that basis is becoming more important to many than the actual cash price. If yards continue to stay full of customer cattle that are hedged or are able to hedge their own, then basis will continue to be the most important number in the trade as we head into the future.