Hide demand was consistent over the weekend with buyers willing to pay steady price levels to current market. Automotive tanners drove heavy native and butt branded steer prices up $0.50 over the course of the week. Buyers in other leather good sectors were more resistant to higher prices due to limited demand.
Consumers continue to face high interest rates which adds difficulty to borrow for new purchases. The US hide market participants have indicated that they expect the recent surge of business may only be temporary if interest rate hikes continue.

Cattle Slaughter Forecast

Cattle slaughter is forecast by The Jacobsen at 625,00 head this week, up 1.96% from last week and down 3.12% from last year. Cattle slaughter finished last week at an estimated 613,000 head, down 0.97% from the week prior and down 5.42% from last year. Over the next six weeks, slaughter is forecasted at an average of 625,830 head per week,…