December US Home Starts & Furniture Sales Rise

December US Home Starts & Furniture Sales Rise

Hide prices mostly traded sideways as today the Chinese Lunar New Year celebrations wrap up in most Asian countries. Most buyers are expected to return tomorrow and Friday, but activity is likely to pick back up by next week. Korea buyers have shown moderate interest throughout the holiday, so it is possible to see some trades in the coming days. The hide selections that changed today were Butt Branded Steers, dropping to return to Friday’s levels, and Branded Cows, dropped $0.50 on the lowside of the Northern and Southwestern spreads.

Federal Reserve Economic Data (FRED) reported rising December home starts of 1.67 million units from the previous month, representing a 30 percent increase from the prior four-year December average of 1.29 million units. Partially driven by low mortgage interest rates, tracking at 2.97 percent for 30-year fixed, high demand for new homes continues. Along with high demand for new homes comes the high demand for new furniture. Furniture sales…

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