There were limited hide reports for the start of the week and business over the weekend was at steady to slightly higher. Supply on most steer material is limited at this time and is driving higher prices.

The Jacobsen slaughter forecast for this week is 645,000 head, and if realized, will be 4,700 head more than the same week last year when it was 640,300.

Cattle slaughter finished last week 654,000 head, up 1.7 percent from a year ago. Over the next six weeks, slaughter is forecast at an average of 635,800 head, down an average of 0.3 percent from the prior six weeks and down 0.7 percent compared to last year.

Figure 1.

Cured and Wet Blue Export Sales by Selected Countries  —  Through October 8

The International Market

China

Despite continued buying interest, many Chinese buyers have become quiet since last week, mostly due to high asking prices.

This week, a few regular buyers reported that they received many offers from the major sellers in the US and the asking prices were mostly the same as the previous week—with some slightly higher.

More Chinese buyers have slowed down their buying, at the higher prices, since end of September. They are beginning to feel the uncertainty with the hide and leather market for the rest of this year.

As always, some buyers continue to buy each week, at limited volume, as the market feels somewhat steady to firm.

Despite continued buying interest, many Chinese buyers have become quiet since last week, mostly due to high asking prices.

This week, a few regular buyers reported that they received many offers from the major sellers in the US and the asking prices were mostly the same as the previous week-with some slightly higher.

More Chinese buyers have slowed down their buying, at the higher prices, since end of September. They are beginning to feel the uncertainty with the hide and leather market for the rest of this year.

As always, some buyers continue to buy each week, at limited volume, as the market feels somewhat steady to firm.