Market Activity & Analysis

The Jacobsen Hide Index closed at $18.19 on Friday, compared to $17.36 the week prior. Big packer steer prices included Heavy Native Steers from $30, Butt Branded Steers from $25.50 to $28, Branded Steers at $18, and Colorado Branded Steers at $16 and Heavy Texas Steers at $20 FOB plant.

Packer beef margins on Hedgers Edge were a positive $360.99 per head versus a positive $366.52 the week before.

The Week’s Slaughter Forecast

The Jacobsen slaughter forecast for this week is 645,000 head, and if realized, will be 15,900 head less than the same week last year when it was 660,900.

Cattle slaughter finished last week 574,000 head, down 9.8 percent from a year ago. Over the next six weeks, slaughter is forecast at an average of 633,300 head, up an average of 0.4 percent from the prior six weeks and down 2.2 percent compared to last year.

Today’s Market

Friday’s hide index close outperformed the previous week’s pricing, as the higher prices are relative to the increased demand. Indications early in the week are for a slowdown in what has been strong demand, a move that could put a ceiling on nearby prices.

Today’s Trades

Packer Sales

HNH 48/50 @ $17.00 OR 0.2700

Processor Sales

HNH 48/50 @ $12.00 OR 0.1900

Cured and Wet Blue Export Sales by Selected Countries  —  Through September 3

Figures 2 & 3.

Industry-Related News

September 11 CCX Media) – COVID-19 Impacts Furniture Sales, Customers Can Expect Longer Wait Times

The Twin Cities housing market is hot. Realtors say inventory and interest rates are low, and homes that are priced where they should be are selling fast. As a result, furniture stores are reaping the benefits. “It’s pretty exciting for us at Hom Furniture,” said Kyle Johansen, executive director of merchandising at Hom Furniture, which has locations in Brooklyn Center and Plymouth. “When you go buy a new house or a new apartment, you gotta go get new furniture. It’s just kind of what you do.” Johansen says the hot housing market is leading to increased sales across all departments, especially when it comes to living and dining room furniture. “Furniture sales have always been highly correlated with home sales,” he said. READ MORE