Steer trading traded at steady prices today with Branded Steers and Heavy Texas Steers unchanged from the last traded levels. Bids on hides are $1-$2 lower than current trading levels, but negotiations will continue moving into the end of the week. Tanners in Korea and Taiwan continue to show strong demand for US hides, but Chinese tanners are shifting their interest towards Australia due to steady asking prices that are less expensive than US material. COVID interruptions have shuttered operations in Vietnam, which has cut off nearby demand from that country.   

Strong Leather Furniture Demand, But Supply Shortage Brings Risk

Leather furniture demand remains robust, but tanners are concerned if growth will be sustained due to labor and building material supply issues in the home starts market. June’s Federal Reserve Economic Data (FRED) was released reporting $11.7 billion in furniture sales, up 18 percent from the year prior and up 22 percent from the…