Despite reports of resistance to higher offers, steer selections traded at higher prices today. Today, there were multiple packer reports at different price levels for Heavy Native Steer and Heavy Texas Steer selections. Italy’s tanneries are running at minimal capacity due to slower business tied to limited finished leather demand. Taiwan is increasing hide purchases in attempt to position themselves months in advance due to the risk in facing shipping delays. Leather prices are under discussion between brands and hide suppliers, but most brands are resistant to higher prices.

Cattle slaughter finished last week 647,000 head, up 1 percent from a year ago. Over the next six weeks, slaughter is forecasted at an average of 639,800 head, up an average of 1 percent from the prior six weeks and up 11 percent compared to last year.

Figure 1.

Cured and Wet Blue Export Sales by Selected Countries  —  Through March 11

Today’s Trades

Packer Sales

HNS 62/64 @ $48.00 OR 0.5950
HNS 62/64 @ $46.50 OR 0.5750
HNS 66/68 @ $48.00 OR 0.5600
HNS 66/68 @ $46.50 OR 0.5425
HNS 70 MIN @ $48.00 OR 0.5350
HTS 62/64 @ $35.00
HTS 70 MIN @ $38.00
HTS 62/64 @ $31.00

Processor Sales

HNS 62/64 @ $37.00 OR 0.4575
HNS 66/68 @ $37.00 OR 0.4300
HNS 70 MIN @ $38.50 OR 0.4300
HTS 62/64 @ $27.00
HTS 70 MIN @ $28.00