04.24.2024
Biodiesel output strong in Q2; producers start locking in Q3-Q4 sales
A second producer echoed this sentiment and said they have had to work a bit harder to secure feedstock to line it up with sales at the right time.
Market Activity & Analysis
Outstanding Export Sales
Tables 1 and 2 below show the total outstanding cured hide and wet blue export sales by selected countries through August 22. Through Week 34, the total outstanding sales are 5.028 million from 5.067 million the prior week. With the same period average weekly slaughter at 598,252 head, the cumulative outstanding sales represent 8.40 weeks of production from 8.49 the previous week.
Table 1 & 2.
Today’s Market
The market continues to steadily trade higher with Branded Heifers trading up to $16 today. Branded Steers traded again at $16 today, as well.
Today’s Trades
Packer Sales
BS 62/64 @ $16.00
BS 66 MIN @ $17.00
HBH 48/50 @ $16.00 OR 0.2550
Processor Sales
BS 60/62 @ $9.00
HBH 48/50 @ $9.00 OR 0.1425
HBH 48/50 @ $7.00 OR 0.1125
Cured and Wet Blue Export Shipments by Selected Countries — Through August 20
The International Market
China
The Chinese hide market is firmer.
In general, the firmer hide market usually brings confidence about the business.
The furniture upholstery leather business remains decent to quite a few tanners.
The shoe leather business remains slow and improvement is not expected to be soon.
Some premium quality American Native Dairy Cows are becoming a little more expensive than some American Branded Streets at this moment, which is unusual in this business. But it does reflect how strong the demand is from the upholstery leather market and how weak the demand is from the shoe leather market.
**Visit our International Hide & Leather Bulletin to see market news for additional countries across globe.**