General Otulook:

August 17, 2004


Cumin
Market very weak with price somewhat in a downwards direction. This all due to less activity and demand from abroad. Local traders here in Turkey keeping stocks and keeping the prices on still high levels comparing with last season. If demand picks up again we might see firmer levels. On the other side local stockist / farmers might look for cash and reduce their prices for raw material in order to sell. We expect in September to have a more clear view what the real market will do for the rest of the season.

Anise
Stable and Turkey is in the middle of the harvesting periode at this stage. Hard to predict how this item will develop regarding price. We assume prices to stay around above levels during the coming months. Only strong demand might lift prices somewhat. Turkey is competing with Syria. Turkey has to follow Syria otherwise very hard to sell Turkish merchandise.

Blue Poppy Seeds
Eastern Europe has merchandise available but with bad crop in Australia we think that Turkey might be very interesting for importers in the months to come. Prices are firm and we predict a much firmer market after September / October. Also crop in Turkey reduced yield comparing with last season.

Fennel Seeds
New crop harvesting is starting and fresh new crop will come in now. Fennel Seed price normally start at easy levels at start of crop but increase when we come further in the season as crop quantity available is low with around 3000 - 3500 M/t. Turkish Fennel is often demanded by buyers due to good Volatile Oil level and good taste. Especially first grade new crop can be a very nice fancy product.

Laurel Leaves
Slowly offers start to come in for new crop 2004 as in some areas cutting has started of the branches. Our expectation is a firm market for pressed material as demand for especially destinations as Hong Kong. Further we think that most exporters not willing to produce and keep in stock the Hand Selected material unless they have a firm contract which should be made in this periode / september.

Oregano
A weak market with regular demand. Harvesting still going on. We predict prices to stay at above levels or even may firm up later on in the season as in specific areas ( Denizli ) were Oregano is cultivated they seems to have some problems with larves of insects. In this way many exporters not buying raw material from that area. This is giving some pressure on other districts were oregano is cultivated and is clean from this problem and it also gives more demand on the wild growing Oregano Vulgaris and other types. For the time being we do not forsee a big change in price levels but for sure not a downwards trend. If some exporters are offering very low we request buyers to be carefull as product might be highly mixed with non-oregano Cistus Ladin or with the Cultivated Oregano which has been infected by insects / larves. This might give a false idea of what the real market and quality is. Please contact us for detailed info.

Sage
New crop very short ! We advise large potential buyers to cover as soon as possible. Sage is a purely wild growing product and very hard to clean to a nice fancy product. Collection is very low this season like it was last season. Therefor price levels started on firm levels. We expect situation will not be better for the coming months.

Please do not hesitate to contact us should you require any more information or firm C + F quotes for above products.

We`ll keep you posted.
Very best regards,