Brazil
Brazilian hide demand for the week ended Thursday October 31 was mild, unlike the current strong demand for US hides.
The price of Brazilian wet blue TR1 hides traded at unchanged levels from the week prior, at $0.58-0.60 per square foot during the week to Thursday, a seller told Fastmarkets.
Slaughter reduced drastically over the two to three weeks prior to Thursday, which led market participants to speculate that the slaughterhouse may raise prices for fresh hides in the near-term.
On Saturday October 26, the Brazil Institute of Environment and Renewable Natural Resources (IBAMA) fined 23 meatpacking companies, including JBS, for trading cattle raised on deforested land in the Amazon. The fine imposed was $64 million for approximately 18,000 head of cattle raised on deforested land.
South American hide prices
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