The hide market had minimal activity on Tuesday January 28, as Chinese tanners continued their Lunar New Year celebrations and global customers remained quiet, according to several hide sellers. Packers are expected to release offer lists on Tuesday night, which will likely show similar volumes, hide selections and prices as the previous week.
Several industry participants commented on the state of hide supply, noting that record-high cattle prices led ranchers to maintain high slaughter rates, preventing any meaningful rebuilding of the herd.
Drover’s reported that as of Monday January 27, cattle prices have reached record levels. In Oklahoma auctions during the week ended January 17, 500-pound steers (medium and large, #1) averaged $361.88 per hundredweight, reflecting an 18.1% increase from the same period in 2024 and a 111.1% rise compared with 2021. Similarly, 800-pound steers averaged $269.07 per cwt, up 21.0% year over year and 105.1% from 2021.
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