The US hide market was inactive over the weekend as most sellers wrapped up their business at the end of the week. Typically, hide trading is slower during this time of year and 2023 is following along this seasonal trend.
The Federal Reserve plans to meet tomorrow and Wednesday to discuss the state of the economy and the debt ceiling. The Fed has already raised interest rates 10 times in the last year to grapple with rising inflation. If the Fed decreases rates or holds them steady, it indicates inflation is cooling and consumers may increase spending and borrowing again. The hide market is hopeful to see rates decrease or hold firm.

Cattle Slaughter Forecast

Cattle slaughter is forecast by The Jacobsen at 635,000 head this week, down 2.25% from last week and down 5.00% from last year. Cattle slaughter finished last week at an estimated 621,000 head, up 8.38% from the week prior and down 7.47% from last year. Over the…