US hide market demand and activity continue to be strong despite increased resistance from buyers. Branded steers were up $2 today in what was otherwise a steady market. 

Synthetic Market Tracks High Despite Lower Crude Prices

Despite some recent trading lower in crude prices, the synthetic market is well supported. Crude oil prices have come off recent highs on while G-20 focus returns to COVID-19 variants and the ongoing vaccine rollout. Financial leaders around the world met at the G-20 summit to discuss tightening oil supplies and the pandemic over the weekend. With the fast-spreading Delta variant and a slow vaccine rollout to developing countries, the leaders expressed concern that total economic recovery is still a challenge. The uncertainties involving the virus raises risk to continued, strong oil demand. Federal Reserve Economic Data (FRED) released their Producer Price Index (PPI) figures for May at 179.2 points which was the highest level since…