10/3/03 (OIL WORLD)

EU-15: Rape oil export climbed to 100 Thd T in Oct/Dec 2002, almostdoubling from a year earlier, with most of it to Algeria and China. Soyaoil exports de-clined to 191 Thd T, down from 234 Thd T. Large in-creasein sun oil imports in Oct/March.

Germany: Imports of rapeseed rose to 116 Thd T in Dec 2002, up from 50 ThdT a year before, sunseed imports reached 47 Thd T (vs. 27). Rapeseedexports increased to 109 Thd T (vs. 38).

Spain: Sunseed imports rose to 51 Thd T in Dec 2002, up from 23 Thd T ayear earlier. Soybean imports reached 309Thd T, up from 247. Olive oilexports reach-ed a record 99 Thd T in Nov/Dec, up from 68 Thd T.

Russia: Sharply reduced imports of veg. oils so far this season due toincreased domestic sun oil produc-tion. Imports of soya oil plunged toonly 40 Thd T in Oct/Dec, compared to 189 Thd T a year earlier.

Canada: Canola futures are currently undervalued in view of the sharplyreduced old-crop supplies and uncertain new crop prospects.

U.S.A.: Soybean disposals are still running at a very high level despitethe recent decline in crushings. The tight supply situation will result ina strengthening of US prices relative to S. American origin. Soybeanexport sales to China reached a record 7.07 Mn T as of Feb 27. Exportsales of soya oil exceeded expectations at 33 Thd T in the latest week ofwhich 11 Thd T to China.

Argentina: The nationwide strike action of the agricul-tural community hastemporarily stopped farm sales and could also affect exports. Sunseedharvesting was ahead of last year as of Feb 28 but yields so far are down11%.

Brazil: Soybean harvesting is expanding but it’s pace is still behind ayear earlier. Crop prospects are still excellent. larger domestic sun oilproduction. In Oct/Nov 2002 imports of soya oil plunged to only 1 Thd T(vs. 50 a year earlier) and of sun oil to 3 Thd T (vs. 28).