General Otulook:

October 27, 2004

Market in general quiet with no fluctuations reported for the seed products. Turkish Anise Seeds at very attractive price levels. Turkish Cumin has difficulty to compete with Syrian Origin. For the time being we forsee no change in this situation. Turkish Cumin crop yield was low this season in Turkey with approx. 8000 M/t.

Slightly change in the oregano market with firmer prices. We assume that exporters have sufficient stocks of Oregano bought in August / September at attractive raw material prices. Now exporters trying to increase the market prices as collecting of the crop is finished. However, it seems to be a fact that the quantity left in the local market of high V.O. 1st. grade raw material is limited so exporters might use the situation to increase the export prices even more for their high V.O. material. It all depends on the demand for oregano by Importers in the months to come. Above levels are safe buying prices as we do not expect market to come down strongly in 2nd half of the season. New crop Oregano available in July 2005.

We`ll keep you posted but feel free to contact us should you require any more info about above products or firm quotes based on C + F base.