The US $ in EURO
1,1300

What happened this week: The week was again reasonably quiet, although activity was indeed better than in the previous one. Most of the inquiry was again for dairy cows and in particular from European export traders who desperately tried to cover shorts for immediate delivery. At least in our case without any chance to be delivered as the kill remains low and did not create any surplus and active opening of Letter of Credits against existing contracts is absorbing the present production quickly and readily. So, we could not be of any help. For the first time since long there was also decent interest for low grades again and we assume, that also these will finally end up in Asia. Regular overseas buyers were also present and asking for offers. Since most market reports and international traders have now decided, that they believe in lower prices for the coming weeks and speculate on buying opportunities again, found our higher asking levels little response so far. As usual has the

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