Market Update
The US hide market closed the trading week with an overall quiet tone, however, bidding activity increased toward the end of the week on several different selections. Buyers in China bid on various cowhides at steady to current market price levels as well as various branded steer hides around $1/piece lower than current market levels. Sellers reported several more customers entering the market at the end of the week than at the beginning. One packer reported that customers bid on roughly 100 new loads of Branded Steer (BRS) hide material Thursday night.
The lower volume of hide sales this week was partially due to holidays in Asia and Mexico. Tanneries were closed in Mexico on Monday for Constitution Day and tanneries in Asia were closed all week for Lunar New Year (LNY) celebrations.
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