Tight supply and firm demand in the US hide market led to price increases for cow hides, as well as flat trading prices for steer hides, in the week ended Friday October 18.
Sellers reported that they did not accept prices below the last traded levels for cow hides, and some refused flat prices. The push from sellers was successful in achieving price increases. Buyers were willing to pay more, given the supply-demand situation in the upholstery market. But buyers remained concerned about losing leather orders if prices rose too rapidly.
Steer hide sellers reported greater buyer resistance when pushing for price increases. Several packers reported flat trading levels from buyers and plan to attempt price increases after the weekend of October 19-20. Most buyers said they were unable to raise prices due to the lagging automotive hide market in North America and the recent slowdown in China.
USDA cured, wet blue hide export sales recap
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