Hide interest remains strong entering this week. The US continues high production while Australian, South American and European cattle slaughter is down. Drop credit for packers is reportedly strong, influencing further firmness in hide prices. Hide activity and prices are expected to continue their upward momentum.
The Jacobsen slaughter forecast for this week is 647,000 head, and if realized, will be 6,300 head more than the same week last year when it was 640,700.
Cattle slaughter finished last week 665,000 head, up 2 percent from a year ago. Over the next six weeks, slaughter is forecasted at an average of 645,300 head, up an average of 2 percent from the prior six weeks and up 7 percent compared to last year.
Figure 1.
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