Several sources reported a large influx of claims made by hide buyers regarding previously purchased material received on July 9, which is typical for when hide prices significantly soften without much sign of improvement in the near-term. Hides that were in demand were branded steers (BRS) and Colorado branded steers (CBS), but US cow hides faced limited demand.
Most claims revolved around the quality of the previously purchased hides, which were not sufficient to the standards of the buyers, according to several sellers. However, several sellers noted the hides shipped were of the better-quality summertime selections, which were well cleaned and fleshed. Typically, in a falling market, buyers will file more claims than usual in attempt to average down the cost of the old contracts. Many market participants believe this to be the case currently.
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