Hide prices traded sideways coming off of the weekend. Suppliers have been pressured to sell, as demand for upholstery hides continues to be strong and buyers reported strong offering lists. Hides used for the footwear leather business are struggling to maintain their current depressed levels while some buyers have been able to negotiate lower prices.
The Jacobsen slaughter forecast for this week is 645,000 head, and if realized, will be 1,000 head more than the same week last year when it was 644,000.
Cattle slaughter finished last week 640,000 head, up 1.1 percent from a year ago. Over the next six weeks, slaughter is forecasted at an average of 619,200 head, up an average of 4.7 percent from the prior six weeks and down 1.9 percent compared to last year.
Figure 1.
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