Mid-week hide bidding was active for the day, however, buyers’ price ideas were several dollars below last traded levels in most cases. Material sold was down $0.50 from yesterday’s levels for heavy native and heavy Texas steers. The downward price movement was reportedly driven by slowing demand from automotive and footwear tanners.
Bids for cowhides were down from the last traded values even as several sellers stated they were not in a position to accept lower trades with the recent strong trading activity and low availability of hides.

Hides Intended for Footwear at Risk of Price Decline

The weight of the Federal Reserve’s 11 consecutive rate hikes is reportedly slowing consumer spending approaching quarter four (Q4), but backward-looking shoe sales data hasn’t shown this spending decrease as of yet.

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