Hide demand slowed at the start of the week as the majority of Chinese customers are on holiday break. Decreased hide interest is typical for this time of year due to the Chinese Lunar New Year holiday and the poor winter hide quality, but this year brings a slew of additional challenges including COVID-19, shipping congestion and a lack of containers. Most purchases for US hides are for shipments after the holiday and are, reportedly, at discount.
The Jacobsen slaughter forecast for this week is 645,000 head, and if realized, will be 23,700 head more than the same week last year when it was 621,300.
Cattle slaughter finished last week 653,000 head, up 3 percent from a year ago. Over the next six weeks, slaughter is forecasted at an average of 638,300 head, up an average of 1.3 percent from the prior six weeks and up less than 1 percent compared to last year.
Figure 1.
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