The US $ in EURO
1,2000

What happened this week: A week which was not particularly eventful. Business and sales were reasonable and again pretty much dominated by interest from China. European customers were on the sidelines and just bits and pieces were sold in the ‘old world’. As becoming a habit already interest was in particular for dairy cows and bulls, while demand for ox/heifers remained lackluster. This reflects basically the report one gets also from other markets. The enthusiasm some had, thinking that demand and sales would convert into higher prices got a damper. Hide prices remain capped and better returns had to derive again from a lucky hand on the currency market. Our long term opinion, that hide prices are frozen into a very narrow price band seems to remain valid – at least for the moment. Price movements were rather because of prices discrepancies between markets or currency fluctuations, than due to changes in supply and demand. And this applies already for more than three months now, except the very short movement triggered by the BSE case in the USA. Excluding this we haven’t had any major change in prices for a long time and the variations can really

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