The US $ in EURO
1,1840

What happened this week: It was one of the strange weeks which don’t really deliver a clear story. Until Thursday activity was slow. Asia was not really showing up and in Europe one was busy to lock the regular repetition of contracts in. Most of the interest and activity was consequently focussed on bullhides and only patchy interest for cows was seen from the major markets in Asia and Italy. From Thursday onwards activity started to pick up. Bids were placed, but under the market and were not acceptable considering that our purchasing prices had gone up. When negotiations came to a positive end, prices were mostly unchanged vs. the previous weeks and on the export side the exchange rate was offering again a helping hand to at least obtain fractional increases in € terms. All in all however, we would call the market steady for the week. Various of our colleagues and competitors are more optimistic than we are and expect firmer prices in the near future. Well, we fail to understand their analysis, but it may also be wishful thinking as a result of various strategical desires. As usual, players with more of a traders mind are not particularly happy with the great stability we have

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