Growing Steer Hide Inventories

Growing Steer Hide Inventories

The week began with some carryover business from the week for premium quality packer Dairy Cows and Branded Cows, but most of the market was quiet. Packers are expected to push trading of the fed steer market due to increasing inventories. The COVID-19 cases overseas continues to disrupt logistics and delay/cancel leather orders.

Cattle slaughter bounced back last week after the short, holiday week, hitting a four-week high at 657,000 head. The fire at the Grand Island facility is reported as limited to the rendering part of the plant.  Slaughter is forecast out at 660,000 head this week and is projected at an average of 653,300 head over the next six weeks. The 653,300 head is a 2.9 percent increase from the prior six week average and 0.6 percent over 2020 levels. 

Figure 1. 

 

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