For September the hope of lower abattoir prices had to be buried again and the hopes are now pinned on the months to come for a return to some kind of reasonable margins. Sales for bulls and ox/heifers were not as active as the cows, despite many still claiming that there is more demand than supply for the male section. We would not fully subscribe to this view and we think that the bottlenecks seen in June and July are behind us for the moment. With the US market also falling slightly, European bulls are no longer the cheap buy they once were and as a result some of their support is fading. If this also applies to the extra heavy, high quality end, it remains to be seen what will happen in the weeks to come when the next round of purchasing is prepared by the tanners. A lot will depend on the outlook for automotive sales and the production for the coming months as supply can be expected to be sufficient.

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