Petroleum & Synthetic Fiber PPIs Increase

Petroleum & Synthetic Fiber PPIs Increase

Buyers still have an appetite to buy US hides as bids have already been placed for Branded Steer and Dairy Cow selections. Despite the strong interest, prices are unchanged. The industry continues to tackle shipping problems and discuss settling leather prices. With the recent hide market volatility, leather price discussions amongst tanners and fashion houses have been postponed until some hide price stabilization. 

February’s Federal Reserve Economic Data (FRED) Producer Price Index (PPI) for crude petroleum rose 9 percent from January to 154.2 points and the synthetic fibers PPI increased 1 percent from January to 129.2 points. Both indices returned to pre-COVID levels of January 2020, when the PPI for crude oil was 158.7 points and synthetic fibers were 130 points. Oil consumption still falls short of last year’s levels, but demand is strong. Oil demand had increased 18 percent in the last week of February in comparison to the week prior. As vaccines become more…

Membership is required to view the rest of this post.
Click here to learn more and sign up for a free 7-day trial!

Blog

03.27.2024

Illinois Legislation Aims to Create a Clean Transportation Standard

Illinois Legislation Aims to Create a Clean Transportation Standard

Illinois is looking to become the fifth sate to create a clean fuel transportation standard. The Illinois version, if passed, may not be as robust as the ones...

03.27.2024

Sellers see steady to higher prices on interior market trades

Sellers see steady to higher prices on interior market trades

Distiller’s corn oil (DCO) traded higher into the Manly, IA market today, topping out at a high of 47.75 cents lb. Trading into the Gulf and on an FOB...

03.27.2024

Aprill broiler slaughter forecasted below 2023

Aprill broiler slaughter forecasted below 2023

The proximity of the extended Easter holiday weekend kept some participants off the market at mid-week, leaving values generally steady.

Poultry by-product pet grade was reported lower in...

Latest Tweets