The US hide market began the week showing typical Monday resistance from buyers. Sellers are still confident with firmness on prices. Cow material traded at steady money over the weekend while steers hold the majority of buyer interest. Increasing inventory of Colorado Branded Steers (CBS) and Branded Steers (BRS) was reported, as the other more popular steer material is limited in supply and it is reasonable that the buildup of CBS and BRS is due to the narrow demand from brands.
The Jacobsen slaughter forecast for this week is 665,000 head, and if realized, will be 1,300 head less than the same week last year when it was 666,300.
Cattle slaughter finished last week 667,000 head, down 2.2 percent from a year ago. Over the next six weeks, slaughter is forecasted at an average of 585,800 head, down an average of 8.1 percent from the prior six weeks and down 3.3 percent compared to last year.
Figure 1.
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