The US hide market started off the new year with modest activity. Over the holiday break, demand on steer and cow hides was strong. Buyers showed willingness to pay higher pricing on Heavy Native Steers (HNS) and plump cows. As reported by Wall Street Journal, shipping containers continue to crowd ports in China as pandemic safety measures have caused a slowdown in moving material. Buyers and sellers in the US are resistant to purchase hide material with concern the deliveries will not be completed on time.
The Jacobsen slaughter forecast for this week is 625,000 head, and if realized, will be 17,900 head less than the same week last year when it was 642,900.
Cattle slaughter finished last week 515,000 head, down 6.3 percent from a year ago. Over the next six weeks, slaughter is forecasted at an average of 620,800 head, up an average of 6.8 percent from the prior six weeks and down 2.2 percent compared to last year.
Figure 1.
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