Reporting from New York, Hidenet’s Vera Dordick notes that Texas Steer prices remained steady this week with trades reported at US$20 with one trade at US$22.50. However, action was mixed depending on the source of the information. Slaughter rose back to 662,000 head and shipments were only 508,000 which contributes to the backlog in warehouses. The bids in the cow sector were very low with dairy cows being the exception.
Several weeks of sustained shipments are required to put a solid floor under the market even at these levels.
In Latin America, fresh green hide prices declined by US cents 5 in Brazil as did benchmark TR1 wet blue to a maximum US cents 52 per sq ft. Wet blue prices also slid in Paraguay. Sales from Brazil to China slowed due to the BSE case reported in Mato Grosso state.
In Europe there is a clear build-up in inventories in the cow sector. Calves are mixed as are bulls as there is no clear picture of the outlook for auto sales at present for H2 of the year.
Here is this week’s complete report: