Hide trading was minimal with no trades reported today. A few market players reported a more optimistic sentiment in the US hide market.
The most recent United States Department of Agriculture (USDA) export sales report, for week-ending February 15th, reported 485,102 pieces in wet blue hide sales, up 139.4% from the week prior.
The increase in wet blue hide sales was driven by returning interest from Chinese footwear tanners and large purchases made from Hong Kong. The USDA reported sales of 249,800 pieces of wet blue to the country. The reason behind the purchase activity in Hong Kong remains uncertain. US sellers speculate the major increase in sales was by a third party trader or a buyer’s long-term contract for the year of 2024. The Jacobsen continues to investigate further.
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