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U.S. hide prices yet to reach the bottom

Published: 09 Aug, 2017

The first signals that the market has not found a bottom yet came from the early trades this week, with yet another raft of prices moving down across the board. As the week progresses these signals are confirmed, as more reductions in the region of US$1.50-2.50/hide are reported on a cross-section of hides encompassing steers, heifers and cows.

A more positive note for sellers (more of it in the US statistics section), comes from last week’s sales which are confirmed by the USDA to have been sizeable. While one week of good sales is unlikely to alter the current bearish landscape, it certainly provides a much-needed psychological anchor, which could help to ease the strong headwinds engulfing the trade.

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