The USDA export sales figures were weak for week 49 (detailed below) and several sellers stated the sales were mainly for cowhides rather than steer hides. Cow sellers reported strong sales over the past several weeks at steady to current market price levels, except for branded cows which were traded $1 to $0.50 higher than last reported levels.
Fed branded cow hides with the weight of 62/64lbs traded at $18, down $1 from last traded levels.
Several sellers reported strong volumes of bids for all material this week. One trader suggested the interest to buy may be partially encouraged by buyers’ lines of credit. If a tannery falls short of their predetermined line of credit, they are at risk of a lower allowance the following year. This encourages the tannery to buy more material, in attempt to reach the max of their line of credit before year-end.
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