Hide trading over the weekend was steady with Friday’s report for cow hide selections. Mid-weight packer butt branded steers traded down $0.50/piece from Friday’s level.
A popular discussion in the hide market is the slow Chinese economy and the impacts on the consumer, manufacturers, and investors. The National Bureau of Statistics reported the Chinese Gross Domestic Product increased 0.8% increase in the second quarter (Q2) from Q1. However, Q1 ’23 growth from the quarter prior was 2.2%. The slow growth is indicative of less consumer spending partly due to inflation and high unemployment levels as well as national debt.
Because Chinese tanners are the largest buyer for US hides, the market is concerned with demand as well as price improvement in the near-term.

Cattle Slaughter Forecast

Cattle slaughter is forecast by The Jacobsen at 630,00 head this week, up 0.32% from last week and down 5.43% from last year….