Hide market activity increased with Heavy Texas Steers and Heavy Native Heifers prices up by $2-3 on packer material. Sellers have upped their asking prices and many buyers have already requested to make purchases. Shipping delays in multiple major ports in the US, Asia, and South America haven’t improved in weeks. 

Tight oil supply has pushed crude oil prices over $65 per barrel, which has incited increased synthetic fibers prices. According to the Federal Reserve Economic Data (FRED), the Producer Price Index (PPI) for February increased 1 percent from January, up to 129.2 points. In February, the PPI for polyester decreased less than 1 percent from the prior month whereas the PPI for polyolefin increased 2 percent. Both of these materials are popular for use in footwear and automotive upholstery and are becoming more widely used as a replacement to leather. These materials are typically a cheaper and more workable alternative to leather, attributes which continue to…