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18 January, 2002 (Oil World-Weekly)

Spain: Olive oil prices on the rise, related to pickup in demand fromItaly. Despite weather calamities, olive oil output higher than expectedat 1215 Thd T, up 17% from previous season. Vegetable oil exports rose 105Thd T in Oct/Sept 2000/2001. Official trade for oilseeds, oils & mealsuntil Oct 2001.

U.K.: Palm oil disappearance up 11% in Oct/Sept 2000/01. In this period,production as well as net imports of oil meals fell marginally. Officialrapeseed crop estimate revised to 1159 Thd T, about unchanged from lastseason.

U.S.A.: Accelerating world demand for US soybeans, oil & meal. Partly inresponse to the lack of Argentine exports, US export sales of soya mealpicked up to a marketing year high 245 Thd T in the week to Jan 10. Also abumper 1.16 Mn T of soybeans were sold in the latest week.

Argentina: Nov crush of sunseed down at 195 Thd T, vs. 345 Thd T a yearearlier, of soybeans up at 1.77 Mn T , vs. 1.51 Mn T. Soyoil exports inDec 2001 at around 380 Thd T sharply above year ago.

Brazil: Soybean crush in Feb/Nov 2001 at 19.88 Mn T up 1.1 Mn T from yearago. Soya meal exports to EU-15 rose by 1.8 Mn T in Jan/Dec2001.

Bolivia: Soybean exports almost vanished in Jan/Sept 2001, but insteadincrease in exports of soybean oil and meal to 152 Thd T and 696 Thd T,respectively.

Peru : Fish oil production in Oct/Dec 2001 only 22 Thd T, only 18% of ayear ago. Shortfall in fish oil led and to boost in soya oil imports by 94Thd T in Jan/Dec 2001.

India: Decline in vegetable oil imports of 0.5 Mn T in October/December2001 related to recovery in groundnut production. Castor seed crops seenat only 600 Thd T, which will trim castor oil exports to 180-190 Thd T,against 228 Thd T last season.

Indonesia: Palm oil exports slowed in Sept but in Jan/Sept 2001 were up15%. Share of processed palm oil exports rose to 65% in Jan/Sept 2001.Surprisingly low exports of palm kernel meal suggests that also palm oiloutput in 2001 turned out lower than expected.

Malaysia: Palm oil output in December declined seasonally by 11% but notas sharp as expected since replantings so far remained behind intentions.Palm oil stocks as of end-Dec at 1.21 Mn T down from 1.42 million a yearago. Stocks of palmkernel oil record large at 355 Thd T (vs. 247).

Philippines: Coconut oil exports dropped by 14% in Oct/Dec 2001,signalling the beginning decline in copra production.

Australia: Imports of soybean meal in Oct/Dec 2001 at 114 Thd T up fromonly 26 Thd T in calendar year 2000.