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…
04.19.2024
Reduced March RIN production not leading to higher RIN Prices
Total March biofuel RIN production was 1.9 billion RINs, which was 6% below February and 15% below December’s RIN output of 2.25 billion. December had the largest monthly production...
04.19.2024
CWG, YG higher on week, UCO, DCO down again
The market was quiet heading into the weekend. Used cooking oil (UCO) traded in large volume into the Gulf at 40 cents per lb delivered in the truck market.
04.19.2024
Price pressure on ruminant and porcine items for the week
Sloppy markets were reported for porcine and ruminant items at the close of week ending Friday April 19.
Wide ranges were witnessed on porcine bloodmeal (BM), with a...