Raw materials


fed cattle, a trend expected to persist into 2025 with further raised price forecasts. This reflects a positive outlook for the beef market, driven by robust domestic and international demand, despite some competitive pressures in imports. Overall, the report indicates a solid performance for the US beef industry, underpinned by strong market fundamentals and strategic adjustments in production and trade.


US cattle on feed up 1%


As of 1 July 2024, the total number of cattle and calves on feed for the US slaughter market in feedlots with a capacity of 1,000 or more head reached 11.3 million, marking a 1% increase from the same date in 2023. This inventory includes 6.82 million steers and steer calves, also up 1% from the previous year, making up 60% of the total. Heifers and heifer calves accounted for 4.48 million head, showing a slight increase from 2023. June placements in feedlots totalled 1.56 million head, 7% below 2023, with marketings of fed cattle at 1.79 million head, down 9% and the second lowest June total since 1996. Other disappearance for June was 57,000 head, a 17% decrease from the previous year.


Hide market


Federally inspected slaughter for the week ending 27 July reached 600,000, up by 2.74% from the previous week. Year-to-date slaughter totalled 17,885,917, which is 4.45% lower than the previous year. Despite these difficulties, stakeholders in the hide industry are hopeful that the approaching fall season will bring renewed activity. With schools and workplaces gearing up for a new year, there is potential for increased demand for leather goods, which could bolster market conditions. Many sellers are optimistic that this seasonal boost will help stabilise prices and improve overall market sentiment. Moreover, the industry is closely monitoring global economic trends, particularly in key export markets, where consumer behaviour could play a significant role in shaping demand. As the back-to-school and holiday shopping seasons approach, there is anticipation that a revival in consumer spending could drive orders for leather products, from footwear to accessories. Additionally, industry players are exploring innovative ways to appeal to a more sustainability-conscious market, which could open new opportunities for growth.


While the hide market continues to face significant challenges, the resilience and adaptability of industry stakeholders offer hope for the future. Efforts to stabilise prices and manage production are crucial as the market navigates ongoing uncertainties. As the busy season approaches, there is cautious optimism that the market will see an uptick in demand, helping to offset some of the difficulties experienced earlier in the year. ●


Leather International / www.leathermag.com 5 – 0


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