Hide demand remains firm for mid-week. There is still strong appetite to buy certain selections and there is still willingness to pay more than previous traded levels. Colorado Branded Steers were active today with packer sales increasing $2. This week Chinese customers are the major buyers for US product.
Agricultural commodities have entered a bullish market with a number of commodities having huge upswings in prices and demand. The US hide market has rebounded since the lows during the pandemic and firm pricing is expected to continue in the near future. The Jacobsen Hide Index (JHI), now at $27.59, has recovered by 96 percent since the June 2020 low. Historically, there is an inverse relationship between commodities and the US Dollar Index (DXY) so when the JHI is low, the DXY is high. US commodities typically drop when the dollar is high against other leading currencies. During the bear market in 2020 when the JHI was trading at its June lows of $14.11, the DXY…
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Import demand from...
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