USDA expressed confusion on the definition of a cash sale. The weekly sales summary issued Monday morning for the week ending last Friday was not issued on time. When the report was issued, sales in Texas reported almost half the volume at $126 showing a weekly average price for steers of $125.25 and for heifers at $125.55 meaning about 25% of the steers brought $126 and over half the heifers sold for $126. Yesterday afternoon USDA issued a revised report showing NO cattle sales in Texas at $126. USDA acknowledged the sales but asserted the sales did not fall under spot cash sales because of the condition of purchase was at $1 over cash sales -- throwing the cattle into a formula category.
from the cattle report here on ranchers
from the cattle report here on ranchers