The Jacobsen Commentary and Market Opinion

Courtesy of www.thejacobsen.com

As business resumed following the President’s Day holiday on February 16, there was not much encouragement to support the hide market. Trades reported on February 17 were in line with, or slightly under, the previous week’s prices. Branded steers were $28.5 to $31 with butts, and heavy native steers at $33. Some traders expressed concern that, with hides backing up, there was difficulty keeping ahead of supply. There was also mention of softness in the market with maybe a drop of a dollar. Weighing heavily on everyone’s mind was the continuous stream of horrific economic news including a 300 point drop in the DJIA on February 17.

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