Hide trading was active today at lower prices. Big packer Heavy Texas Steer (HTS) are under pressure with trades down $3 and talk of lower sales. However, one big packer sold a large volume of HTS at $48. A large US footwear tanner reported big volume of wet blue sales last week, continuing into this week. Buyers have a high amount of buyer bids which indicates interest for material, but only with discounts and/or immediate shipment. Ocean freight rates remain expensive and more furniture shipments to Asia have been cancelled. 

Tight Crude Oil Supply Contributes to Elevated Synthetic Fiber Levels

Oil prices continue to rise driven by continued pressure on global supply reasonably contributing to elevated synthetic fiber prices. The US West Texas Intermediate (WTI) closed at $70.45 a barrel on September 13^th, which was the highest since August 3^rd. The impact of Hurricane Ida on the Gulf’s oil supply halted 80 percent of the area’s…