General Outlook

February 1, 2005

The market has been steady in the 1st month of 2005 with price levels simular to the closing prices of 2004.

A few items in the picture :

White Poppy
Firm and strongly depending on the demand from India. India is the largest buyer of Turkish White Poppy seeds.

Laurel Leaves
The demand is steady but not large. Some exporters might offer attractive prices for product that they have in stock and purchased a couple of months ago at attractive levels. However in the local market prices for raw material is firm and pressed FAQ material close to the US$ 2.000,-- level. We forsee firm prices untill new crop which is only available in August / September this year.

Oregano
No significant changes reported. We forsee steady market.

Actually we do not expect large movements in price levels in the weeks to come.

Please do contact us should you require any additional info.