Hide trading was active today, with trades moving no more than $1 in either direction from last traded levels.
Consensus is that shoe tanners continue to pressure down the market. Branded steers, Colorado branded steers, and heavy Texas steers remain under pressure with bids several dollars less than offers. A few big packers have lowered their offer prices by $0.50-$1.50 in an attempt to bring in interest.
Automotive tanners were more active in the market following the reports of agreements between the United Auto Workers (UAW) and the big three automakers. Some auto tanners have begun inquiring about hide prices. However, no trades have been reported, except for butt branded steers, $1 above yesterday’s price levels. Auto tanners remain wary of purchasing new material until the UAW’s return to work. Then they will re-assess leather demand.
U.S. Export Sales & Shipments for Week Ending October 26
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