What happened this week: We have now definitely arrived at the low season of the summer. Business and sales have not come to a complete standstill, but trading is becoming more and more incidental at the moment. One or two sales of dairy cows to China can be found, but nothing in any significant volume. One good thing is that letters of credit are still coming in on time and hardly any delays are being reported. This confirms the opinion of many other market members that various traders might have sold short and are now finding it difficult to cover and to ship according to the agreed shipping schedules. Consequently, buyers are offering letters of credit to sources that they assume can meet their shipping times.
