Hide sellers reported minimal trading activity over the weekend while leather makers continue to indicate there is little leather demand. The weak demand for the raw material is likely due to the negative impact of inflation catching up to consumer spending and cuts to demand for finished goods. Alternative materials, such as synthetic fibers, continue to weigh on the hide market due to consumer trends and lower costs.
Cattle Slaughter Forecast
Cattle slaughter is forecast by The Jacobsen at 640,000 head this week, up 0.31 percent from last week but down 4.08 percent from last year. Cattle slaughter finished last week at an estimated 638,000 head, up 3.40 percent from the week prior and down 5.47 percent from last year. Over the next six weeks, slaughter is forecasted at an average of 634,170 head per week, down 3.12 percent from the same time period in 2022 and down 2.63 percent from 2021.
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