US Perspective—05.07.16
05/07/2016
www.themaxfieldreport.com
Interest on big packer hides increased in the last 36 hours of last week. Reports also claim that packers traded a moderate number of hides at steady levels to a dollar lower than the week before.
Meanwhile there are numerous rumours of sellers taking sales short. Popular opinion of trade is that it is unlikely that packers sold their production last week.
Reports from overseas claim buyers are of the opinion the market is in need of correction and bids are reflecting the lower ideas of tanners. Sentiment in the trade is that tanners moving forward cautiously.
The week ended on a softer note on big packer hides, while cowhides appear as if they were able to sell at steady levels, but in limited quantities. Meanwhile, initial thoughts that we would see a large slaughter last week fizzled as packers reduced their slaughter intentions and will see only 598,000 head this week, about twenty thousand head under the estimates of most pundits.
Early thoughts for this coming week is that it will likely get off to a slow start with the July 4 holiday on Monday and this, coupled with softer undertones towards the end of last week, is likely to encourage buyers to press packers for even lower prices.
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