The US hide market began the week with more hide interest than the previous, now that the majority of Chinese tanneries are open post-holiday break. Hide interest from the upholstery business continues, but container availability still is a risk for on-time and completed shipments. With improvement with the second wave of COVID-19 outbreaks in China, congestion is in better position to clear up. But as of current, there still exists major backup at Chinese ports as well as US west coast ports.
The Jacobsen slaughter forecast for this week is 655,000 head, and if realized, will be 5,500 head more than the same week last year when it was 649,500.
Cattle slaughter finished last week 666,000 head, up 1 percent from a year ago. Over the next six weeks, slaughter is forecasted at an average of 645,000 head, up an average of 2.1 percent from the prior six weeks and up 2 percent compared to last year.
Figure 1.
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