Required Report - public distribution

**Date:** 04/07/2004

**GAIN Report Number:** MX4046

**Mexico**

Oilseeds and Products

**Annual**

2004

**Approved by:**

![](media/image1.wmf)David Williams

#### U.S. Embassy Mexico City

**Prepared by:**

Benjamin Juarez/Marco Arceo/Gabriel Hernandez

**Report Highlights:**

For 2004/05, consumption and imports of oilseed products are all
expected to continue to expand, due to strong demand powered by a
recovering economy. At the same time, 2004/05 meal imports are projected
to rise approximately 2 percent, due to the livestock industry\'s
ongoing expansion. MY 2004/05 total oil imports are forecast at 579,000
MT, an increase by 8 percent from last year. Cottonseed production will
recover slightly in 2003, after several years of decline; the outlook
for 2004 is for a relatively sharply expansion, due to higher
international prices and increased planted area.

Includes PSD Changes: Yes

Includes Trade Matrix: Yes

Unscheduled Report

Mexico \[MX1\]

\[MX\]

**TABLE OF CONTENTS**

[SECTION I. SITUATION & OUTLOOK FOR OILSEEDS
3](#section-i.-situation-outlook-for-oilseeds)

[SECTION II. STATISTICAL TABLES 4](#section-ii.-statistical-tables)

[PS&D TOTAL, OILSEEDS 4](#psd-total-oilseeds)

[PS&D OILSEEDS, SOYBEAN 5](#psd-oilseeds-soybean)

[TRADE MATRIX,OILSEED SOYBEAN 6](#trade-matrixoilseed-soybean)

[PS&D OILSEEDS, PEANUT 7](#psd-oilseeds-peanut)

[TRADE MATRIX, OILSEED PEANUT 8](#trade-matrix-oilseed-peanut)

[PS&D OILSEEDS, COTTONSEED 9](#psd-oilseeds-cottonseed)

[TRADE MATRIX, OILSEED COTTONSEED 10](#trade-matrix-oilseed-cottonseed)

[PS&D OILSEEDS, SUNFLOWERSEED 11](#psd-oilseeds-sunflowerseed)

[TRADE MATRIX, OILSEED SUNFLOWERSEED
12](#trade-matrix-oilseed-sunflowerseed)

[PS&D OILSEEDS, RAPESEED 13](#psd-oilseeds-rapeseed)

[TRADE MATRIX OILSEED RAPESEED 14](#trade-matrix-oilseed-rapeseed)

[PS&D TOTAL, MEAL 15](#psd-total-meal)

[TRADE MATRIX MEAL SOYBEAN 17](#trade-matrix-meal-soybean)

[PS&D MEAL, COTTONSEED 18](#psd-meal-cottonseed)

[TRADE MATRIX MEAL COTTONSEED 19](#trade-matrix-meal-cottonseed)

[PS&D MEAL, RAPESEED 20](#psd-meal-rapeseed)

[PS&D MEAL, SUNFLOWERSEED 21](#psd-meal-sunflowerseed)

[PS&D, TOTAL OIL 22](#psd-total-oil)

[PS&D OIL, SOYBEAN 23](#psd-oil-soybean)

[TRADE MATRIX OIL SOYBEAN 24](#trade-matrix-oil-soybean)

[PS&D OIL, SUNFLOWERSEED 25](#psd-oil-sunflowerseed)

[TRADE MATRIX OIL SUNFLOWERSEED 26](#trade-matrix-oil-sunflowerseed)

[PS&D OIL, RAPESEED 27](#psd-oil-rapeseed)

[TRADE MATRIX OIL RAPESEED 28](#trade-matrix-oil-rapeseed)

[PS&D OIL, COCONUT 29](#psd-oil-coconut)

[TRADE MATRIX OIL COCONUT 30](#trade-matrix-oil-coconut)

[PS&D OIL, COTTONSEED 31](#psd-oil-cottonseed)

[PS&D OIL, PALM 32](#psd-oil-palm)

[TRADE MATRIX OIL PALM 33](#trade-matrix-oil-palm)

[FEED DEMAND STRATEGIC INDICATOR TABLE FOR MEXICO
34](#feed-demand-strategic-indicator-table-for-mexico)

[OILSEEDS 36](#oilseeds)

[[Production]{.smallcaps} 36](#production)

[[Soybean Production]{.smallcaps} 37](#soybean-production)

[[Cottonseed Production]{.smallcaps} 37](#cottonseed-production)

[[Peanut Production]{.smallcaps} 38](#peanut-production)

[[Consumption Total]{.smallcaps} 38](#consumption-total)

[[Trade Total]{.smallcaps} 39](#trade-total)

[OIL MEALS 40](#oil-meals)

[[Production]{.smallcaps} 40](#production-1)

[[Consumption]{.smallcaps} 40](#consumption)

[OILS 41](#oils)

[[Production]{.smallcaps} 41](#production-2)

[[Consumption]{.smallcaps} 41](#consumption-1)

[[Trade]{.smallcaps} 42](#trade-1)

#   {#section .unnumbered}

# SECTION I. SITUATION & OUTLOOK FOR OILSEEDS 

Increases in consumption of oilseed products are forecast for MY 2004/05
as Mexico\'s growth in income and population is increasing internal
demand for poultry and, to a lesser extent, for hog, beef and dairy
products. Industry specialists are currently estimating, for example,
soybean demand to increase by approximately 2.5 percent over MY 2003/04.
Similarly, a slight growth in the cattle sector, mainly in the dairy
sector is expected. Poultry meat production is also expected to
increase, and with it the feed sector demand for oilseed meals. This
will be the eleventh consecutive year of increasing demand for vegetable
protein meals. Consumer demand for vegetables oils is also expected.

For MY 2004/05, soybean production is forecast at 110,000 metric tons
(MT), a reduction from last year, due to the resumption of normal
weather conditions. The production estimate for MY 2003/04 (Sep‑Aug) has
been raised sharply to 125,000 MT, due to increased plantings and above
normal weather conditions during the 2003 spring/summer crop. Despite
this increase, domestic production supplied only 3 percent of total
consumption in MY 2003/04, with the rest coming from imports. Production
estimates and the planted and harvested areas for MY 2002/03 reflect the
latest Mexican government data. Cottonseed production is forecast to
increase sharply to 213,000 MT in MY 2004/05, due to additional area
planted, high international prices, and the expectation that the federal
target price program for cotton will continue in CY 2004. MY 2004/05
production, however, remains below that of four years ago and is
expected to supply only 35 percent of total cotton consumption.
Moreover, it should be noted that planted area and production for the
last two years were atypically low, due to the unreliability of
government supports and low international prices. Peanut production is
forecast to remain unchanged in MY 2004/05, due to lack of financial
credit, and insufficient governmental supports relative to other crops.
Also, Mexican peanut growers are experiencing increased competition from
low-priced imported peanuts from China. Palm oil production is forecast
to increase to 14,000 MT in MY 2004/05, due to expected higher yields.

Despite the fact that the United States has been the leading supplier of
soybeans for several years, in MY 2003/04 Brazil emerged as a major
competitor, especially in view of a markedly reduced 2003 U.S. crop.
Brazilian soybeans are expected to make up the shortfall in the smaller
U.S. crop and Brazilian soybean imports are forecast at 400,000 MT, a
very sharp increase from MY 2002/03. However, the Government of Mexico
(GOM) is expected to have phytosanitary concerns regarding the Asian
Rust fungus, which has adversely affected Brazilian soybean production
this year. The outlook for MY 2004/05, however, is that Mexico will
continue to look to the United States as its primary supplier of
soybeans, due to established industry relations and market preference
for U.S. soybean varieties. Imports continue to be dominated by
soybeans, then by rapeseed, cottonseed, peanuts and sunflower seed. The
import and domestic consumption figures for MY 2002/03 reflect the
latest official Mexican government data and industry information

# 

Imports of Canadian canola seed (rapeseed) are expected to remain at 1.0
MMT in MY 2004/05, reflecting better market conditions and favorable
international prices. Total oil meal imports are expected to increase in
MY 2004/05 largely because of strong demand from the livestock sector.
The outlook for the livestock sector, especially poultry and hogs,
continues to brighten and consequently increase demand for vegetable
protein meals. Total oil imports are expected to increase approximately
8 percent as domestic consumption grows, due to the ongoing recovery of
the Mexican economy. Consolidation in the crushing industry as well as
greater investment in building infrastructure (crushing and refining
plants) is expected to continue in the medium-term. Currently, six
leading companies account for nearly 80 percent of total domestic
production of the oilseeds crushing industry.

In reference to the economy, for the fourth quarter of 2003 and the
beginning of 2004 Mexico's economy grew slightly more-than-expected in
quarterly annualized terms. Private analysts indicate that the
1.3-percent GDP growth registered in 2003 was low and kept per-capita
income stagnant. However, the result from the last quarter of 2003 is
encouraging and economists forecast 2004 growth at 3.2 percent.

# SECTION II. STATISTICAL TABLES

## PS&D TOTAL, OILSEEDS

+-------------------+-------+-------+-----+---+--------+-------+-------+
| **PSD Table**     |       |       |     |   |        |       |       |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| **Country**       | **Mex |       |     |   |        |       |       |
|                   | ico** |       |     |   |        |       |       |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| **Commodity**     | **Oil |       |     | * |        |       |       |
|                   | seed, |       |     | * |        |       |       |
|                   | To    |       |     | ( |        |       |       |
|                   | tal** |       |     | 1 |        |       |       |
|                   |       |       |     | 0 |        |       |       |
|                   |       |       |     | 0 |        |       |       |
|                   |       |       |     | 0 |        |       |       |
|                   |       |       |     | H |        |       |       |
|                   |       |       |     | A |        |       |       |
|                   |       |       |     | ) |        |       |       |
|                   |       |       |     | ( |        |       |       |
|                   |       |       |     | 1 |        |       |       |
|                   |       |       |     | 0 |        |       |       |
|                   |       |       |     | 0 |        |       |       |
|                   |       |       |     | 0 |        |       |       |
|                   |       |       |     | M |        |       |       |
|                   |       |       |     | T |        |       |       |
|                   |       |       |     | ) |        |       |       |
|                   |       |       |     | * |        |       |       |
|                   |       |       |     | * |        |       |       |
+-------------------+-------+-------+-----+---+--------+-------+-------+
|                   | **Re  |       | *   |   |        | **For |       |
|                   | vised |       | *Pr |   |        | ecast |       |
|                   | 2     |       | eli |   |        | 2     |       |
|                   | 002** |       | min |   |        | 004** |       |
|                   |       |       | ary |   |        |       |       |
|                   |       |       | 200 |   |        |       |       |
|                   |       |       | 3** |   |        |       |       |
+-------------------+-------+-------+-----+---+--------+-------+-------+
|                   | USDA  | Post  | U   |   | Post   | USDA  | Post  |
|                   | Off   | Est   | SDA |   | Es     | Off   | Est   |
|                   | icial | imate | Of  |   | timate | icial | imate |
|                   |       |       | fic |   |        |       |       |
|                   | Old   | New   | ial |   | New    | Old   | New   |
|                   |       |       |     |   |        |       |       |
|                   |       |       | Old |   |        |       |       |
+-------------------+-------+-------+-----+---+--------+-------+-------+
|                   | **2   |       | **  |   |        | **2   |       |
|                   | 002** |       | 200 |   |        | 004** |       |
|                   |       |       | 3** |   |        |       |       |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| Area Planted      | 194   | 167   | 138 |   | 201    | 0     | 257   |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| Area Harvested    | 158   | 160   | 180 |   | 194    | 0     | 234   |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| Beginning Stocks  | 233   | 233   | 58  |   | 63     | 46    | 46    |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| Production        | 231   | 235   | 287 |   | 338    | 0     | 414   |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| MY Imports        | 5352  | 5340  | 5   |   | 5655   | 0     | 5725  |
|                   |       |       | 586 |   |        |       |       |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| MY Imp. from U.S. | 4365  | 4399  | 4   |   | 4115   | 0     | 4225  |
|                   |       |       | 330 |   |        |       |       |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| MY Imp. from the  | 56    | 56    | 100 |   | 0      | 0     | 0     |
| EC                |       |       |     |   |        |       |       |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| **TOTAL SUPPLY**  | **5   | **5   | **  |   | **     | *     | **6   |
|                   | 816** | 808** | 593 |   | 6056** | *46** | 185** |
|                   |       |       | 1** |   |        |       |       |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| MY Exports        | 11    | 0     | 16  |   | 2      | 0     | 1     |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| MY Exp. To the EC | 0     | 0     | 0   |   | 0      | 0     | 0     |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| Crush Dom.        | 5529  | 5529  | 5   |   | 5788   | 0     | 5890  |
| consumption       |       |       | 618 |   |        |       |       |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| Food Use Dom.     | 158   | 156   | 160 |   | 160    | 0     | 165   |
| Consump.          |       |       |     |   |        |       |       |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| Feed,Seed,Waste   | 60    | 60    | 160 |   | 160    | 0     | 62    |
| Dm.Cn.            |       |       |     |   |        |       |       |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| TOTAL Dom.        | 5747  | 5745  | 5   |   | 6008   | 0     | 6117  |
| Consumption       |       |       | 838 |   |        |       |       |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| Ending Stocks     | 58    | 63    | 77  |   | 46     | 0     | 67    |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| **TOTAL           | **5   | **5   | **  |   | **     | **0** | **6   |
| DISTRIBUTION**    | 816** | 808** | 593 |   | 6056** |       | 185** |
|                   |       |       | 1** |   |        |       |       |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| Calendar Year     | 598   | 5479  | 86  |   | 5385   | 0     | 5588  |
| Imports           |       |       |     |   |        |       |       |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| Calendar Yr Imp.  | 17    | 4654  | 15  |   | 4371   | 0     | 4382  |
| U.S.              |       |       |     |   |        |       |       |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| Calendar Year     | 11    | 1     | 12  |   | 1      | 0     | 1     |
| Exports           |       |       |     |   |        |       |       |
+-------------------+-------+-------+-----+---+--------+-------+-------+
| Calendar Yr Exp.  | 0     | 1     | 0   |   | 1      | 0     | 1     |
| To U.S.           |       |       |     |   |        |       |       |
+-------------------+-------+-------+-----+---+--------+-------+-------+

## PS&D OILSEEDS, SOYBEAN

+-----------------+-------+-------+-------+-------+-------+---------+
| ##              |       |       |       |       |       |         |
| ##### PSD Table |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| **Country**     | **Mex |       |       |       |       |         |
|                 | ico** |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| **Commodity**   | **Oil |       |       | **    |       |         |
|                 | seed, |       |       | (1000 |       |         |
|                 | Soyb  |       |       | HA)   |       |         |
|                 | ean** |       |       | (1000 |       |         |
|                 |       |       |       | MT)** |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
|                 | *     |       | *     |       | *     |         |
|                 | *2002 |       | *2003 |       | *2004 |         |
|                 | Revi  |       | Estim |       | Forec |         |
|                 | sed** |       | ate** |       | ast** |         |
+-----------------+-------+-------+-------+-------+-------+---------+
|                 | USDA  | Post  | USDA  | Post  | USDA  | Post    |
|                 | Off   | Est   | Off   | Est   | Off   | E       |
|                 | icial | imate | icial | imate | icial | stimate |
|                 | \[    | \[    | \[    | \[    | \[    | \[New\] |
|                 | Old\] | New\] | Old\] | New\] | Old\] |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Market Year     | *     |       | *     |       | *     |         |
| Begin           | *09/2 |       | *09/2 |       | *09/2 |         |
|                 | 002** |       | 003** |       | 004** |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Area Planted    | 76    | 60    | 0     | 71    | 0     | 74      |
+-----------------+-------+-------+-------+-------+-------+---------+
| Area Harvested  | 57    | 56    | 58    | 68    | 0     | 67      |
+-----------------+-------+-------+-------+-------+-------+---------+
| Beginning       | 102   | 102   | 45    | 46    | 50    | 31      |
| Stocks          |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Production      | 88    | 89    | 90    | 125   | 0     | 110     |
+-----------------+-------+-------+-------+-------+-------+---------+
| MY Imports      | 4230  | 4230  | 4400  | 4300  | 0     | 4450    |
+-----------------+-------+-------+-------+-------+-------+---------+
| MY Imp. from    | 4100  | 4150  | 4100  | 3900  | 0     | 4100    |
| U.S.            |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| MY Imp. from    | 0     | 0     | 0     | 0     | 0     | 0       |
| the EC          |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| **TOTAL         | **4   | **4   | **4   | **4   | *     | *       |
| SUPPLY**        | 420** | 421** | 535** | 471** | *50** | *4591** |
+-----------------+-------+-------+-------+-------+-------+---------+
| MY Exports      | 0     | 0     | 0     | 0     | 0     | 0       |
+-----------------+-------+-------+-------+-------+-------+---------+
| MY Exp. to the  | 0     | 0     | 0     | 0     | 0     | 0       |
| EC              |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Crush Dom.      | 4335  | 4335  | 4445  | 4400  | 0     | 4500    |
| Consumption     |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Food Use Dom.   | 0     | 0     | 0     | 0     | 0     | 0       |
| Consump.        |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Feed,Seed,Waste | 40    | 40    | 40    | 40    | 0     | 40      |
| Dm.Cn.          |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| TOTAL Dom.      | 4375  | 4375  | 4485  | 4440  | 0     | 4540    |
| Consumption     |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Ending Stocks   | 45    | 46    | 50    | 31    | 0     | 51      |
+-----------------+-------+-------+-------+-------+-------+---------+
| **TOTAL         | **4   | **4   | **4   | **4   | **0** | *       |
| DISTRIBUTION**  | 420** | 421** | 535** | 471** |       | *4591** |
+-----------------+-------+-------+-------+-------+-------+---------+
| Calendar Year   | 0     | 4381  | 0     | 4175  | 0     | 4400    |
| Imports         |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Calendar Yr     | 0     | 4305  | 0     | 4099  | 0     | 4200    |
| Imp. U.S.       |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Calendar Year   | 0     | 0     | 0     | 0     | 0     | 0       |
| Exports         |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Calndr Yr Exp.  | 0     | 0     | 0     | 0     | 0     | 0       |
| to U.S.         |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+

## TRADE MATRIX,OILSEED SOYBEAN

+------------------+-------+------+--------------------+--------+-----+
| ####             |       |      | **UNITS: [Thousand |        |     |
|  [Oilseed, Soybe |       |      | metric             |        |     |
| an]{.smallcaps}  |       |      | t                  |        |     |
|                  |       |      | ons]{.smallcaps}** |        |     |
| H.S. 1201.0002 & |       |      |                    |        |     |
| 1201.0003        |       |      |                    |        |     |
+------------------+-------+------+--------------------+--------+-----+
| **EXPORTS FOR MY |       |      | **IMPORTS FOR MY   |        |     |
| 2002/2005 TO:**  |       |      | 2002/2003 FROM:**  |        |     |
+------------------+-------+------+--------------------+--------+-----+
| U.S.             | 0     |      | U.S.               | 4,152  |     |
+------------------+-------+------+--------------------+--------+-----+
| OTHER            |       |      | OTHER              |        |     |
+------------------+-------+------+--------------------+--------+-----+
|                  |       |      | BRAZIL             | 76     |     |
+------------------+-------+------+--------------------+--------+-----+
| TOTAL OF OTHER   | 0     |      | TOTAL OF OTHER     | 76     |     |
+------------------+-------+------+--------------------+--------+-----+
| OTHERS NOT       | 0     |      | OTHERS NOT LISTED  | 2      |     |
| LISTED           |       |      |                    |        |     |
+------------------+-------+------+--------------------+--------+-----+
| GRAND TOTAL      | 0     |      | GRAND TOTAL        | 4,230  |     |
+------------------+-------+------+--------------------+--------+-----+

Source: Global Trade Information Services, Inc. "World Trade Atlas"
Mexico Edition, December 2003.

Note: MY starts on September 2002 and ends August 2003.

## PS&D OILSEEDS, PEANUT

+-----------------+-------+-------+-------+-------+-------+---------+
| ###             |       |       |       |       |       |         |
| ##### PSD Table |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| **Country**     | **Mex |       |       |       |       |         |
|                 | ico** |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| **Commodity**   | **Oil |       |       | **    |       |         |
|                 | seed, |       |       | (1000 |       |         |
|                 | Pea   |       |       | HA)   |       |         |
|                 | nut** |       |       | (1000 |       |         |
|                 |       |       |       | MT)** |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
|                 | *     |       | *     |       | *     |         |
|                 | *2002 |       | *2003 |       | *2004 |         |
|                 | Revi  |       | Estim |       | Forec |         |
|                 | sed** |       | ate** |       | ast** |         |
+-----------------+-------+-------+-------+-------+-------+---------+
|                 | USDA  | Post  | USDA  | Post  | USDA  | Post    |
|                 | Off   | Est   | Off   | Est   | Off   | E       |
|                 | icial | imate | icial | imate | icial | stimate |
|                 | \[    | \[    | \[    | \[    | \[    | \[New\] |
|                 | Old\] | New\] | Old\] | New\] | Old\] |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Market Year     | *     |       | *     |       | *     |         |
| Begin           | *09/2 |       | *09/2 |       | *09/2 |         |
|                 | 002** |       | 003** |       | 004** |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Area Planted    | 80    | 64    | 80    | 65    | 0     | 65      |
+-----------------+-------+-------+-------+-------+-------+---------+
| Area Harvested  | 62    | 62    | 63    | 63    | 0     | 63      |
+-----------------+-------+-------+-------+-------+-------+---------+
| Beginning       | 0     | 0     | 0     | 0     | 0     | 0       |
| Stocks          |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Production      | 75    | 75    | 90    | 90    | 0     | 90      |
+-----------------+-------+-------+-------+-------+-------+---------+
| MY Imports      | 98    | 85    | 86    | 75    | 0     | 80      |
+-----------------+-------+-------+-------+-------+-------+---------+
| My Imp. from    | 17    | 28    | 15    | 15    | 0     | 16      |
| U.S.            |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| MY Imp. from    | 0     | 0     | 0     | 0     | 0     | 0       |
| the EC          |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| **TOTAL         | **    | **    | **    | **    | **0** | **170** |
| SUPPLY**        | 173** | 160** | 176** | 165** |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| MY Exports      | 11    | 0     | 12    | 1     | 0     | 1       |
+-----------------+-------+-------+-------+-------+-------+---------+
| MY Exp. to the  | 0     | 0     | 0     | 0     | 0     | 0       |
| EC              |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Crush Dom.      | 4     | 4     | 4     | 4     | 0     | 4       |
| Consumption     |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Food Use Dom.   | 158   | 156   | 160   | 160   | 0     | 165     |
| Consump.        |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Feed,Seed,Waste | 0     | 0     | 0     | 0     | 0     | 0       |
| Dm.Cn.          |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| TOTAL Dom.      | 162   | 160   | 164   | 164   | 0     | 169     |
| Consumption     |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Ending Stocks   | 0     | 0     | 0     | 0     | 0     | 0       |
+-----------------+-------+-------+-------+-------+-------+---------+
| **TOTAL         | **    | **    | **    | **    | **0** | **170** |
| DISTRIBUTION**  | 173** | 160** | 176** | 165** |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Calendar Year   | 98    | 92    | 86    | 76    | 0     | 87      |
| Imports         |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Calendar Yr     | 17    | 41    | 15    | 17    | 0     | 18      |
| Imp. U.S.       |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Calendar Year   | 11    | 1     | 12    | 1     | 0     | 1       |
| Exports         |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+
| Calndr Yr Exp.  | 0     | 1     | 0     | 1     | 0     | 1       |
| to U.S.         |       |       |       |       |       |         |
+-----------------+-------+-------+-------+-------+-------+---------+

## TRADE MATRIX, OILSEED PEANUT

  ----------------------- -------- ------- --------------------- --------- -------
  [**Oilseed,                              **UNITS: [Thousand              
  Peanut**]{.smallcaps}                    metric                          
  H.S. 1202.1099 &                         tons]{.smallcaps}**             
  1202.2001                                                                

  **EXPORTS FOR MY                         **IMPORTS FOR MY                
  2002/2003 TO:**                          2002/2003 FROM:**               

  U.S.                    0                U.S.                  28        

  OTHER                                    OTHER                           

                                           NICARAGUA             27        

  TOTAL OF OTHER          0                TOTAL OF OTHER        27        

  OTHERS NOT LISTED       0                OTHERS NOT LISTED     30        

  GRAND TOTAL             0                GRAND TOTAL           85        
  ----------------------- -------- ------- --------------------- --------- -------

Source: Global Trade Information Services, Inc. "World Trade Atlas"
Mexico Edition, December 2003.

Note: MY starts on September 2002 and ends August 2003.

## PS&D OILSEEDS, COTTONSEED

+---------------+-----+--------+-----+---+-------+-------+--------------+
| ####          |     |        |     |   |       |       |              |
| ### PSD Table |     |        |     |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| **Country**   | *   |        |     |   |       |       |              |
|               | *Me |        |     |   |       |       |              |
|               | xic |        |     |   |       |       |              |
|               | o** |        |     |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| **Commodity** | ### |        |     | * |       |       |              |
|               | ### |        |     | * |       |       |              |
|               | # O |        |     | ( |       |       |              |
|               | ils |        |     | 1 |       |       |              |
|               | eed |        |     | 0 |       |       |              |
|               | , C |        |     | 0 |       |       |              |
|               | ott |        |     | 0 |       |       |              |
|               | ons |        |     | H |       |       |              |
|               | eed |        |     | A |       |       |              |
|               |     |        |     | ) |       |       |              |
|               |     |        |     | ( |       |       |              |
|               |     |        |     | 1 |       |       |              |
|               |     |        |     | 0 |       |       |              |
|               |     |        |     | 0 |       |       |              |
|               |     |        |     | 0 |       |       |              |
|               |     |        |     | M |       |       |              |
|               |     |        |     | T |       |       |              |
|               |     |        |     | ) |       |       |              |
|               |     |        |     | ( |       |       |              |
|               |     |        |     | R |       |       |              |
|               |     |        |     | A |       |       |              |
|               |     |        |     | T |       |       |              |
|               |     |        |     | I |       |       |              |
|               |     |        |     | O |       |       |              |
|               |     |        |     | ) |       |       |              |
|               |     |        |     | * |       |       |              |
|               |     |        |     | * |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
|               | **2 |        | **2 |   |       | *     |              |
|               | 002 |        | 003 |   |       | *2004 |              |
|               | Rev |        | E   |   |       | Forec |              |
|               | ise |        | sti |   |       | ast** |              |
|               | d** |        | mat |   |       |       |              |
|               |     |        | e** |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
|               | U   | Post   | U   |   | Post  | USDA  | Post         |
|               | SDA | Es     | SDA |   | Est   | Off   | Estimate     |
|               | Of  | timate | Of  |   | imate | icial |              |
|               | fic | \      | fic |   | \[    | \[    | \[New\]      |
|               | ial | [New\] | ial |   | New\] | Old\] |              |
|               | \   |        | \   |   |       |       |              |
|               | [Ol |        | [Ol |   |       |       |              |
|               | d\] |        | d\] |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| Market Year   | **  |        | **  |   |       | *     |              |
| Begin         | 08/ |        | 08/ |   |       | *08/2 |              |
|               | 200 |        | 200 |   |       | 004** |              |
|               | 2** |        | 3** |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| Area Planted  | 38  | 42     | 58  |   | 64    | 0     | 117          |
| (COTTON)      |     |        |     |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| Area          | 38  | 41     | 58  |   | 62    | 0     | 103          |
| Harv          |     |        |     |   |       |       |              |
| ested(COTTON) |     |        |     |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| Seed to Lint  | 0   | 0      | 0   |   | 0     | 0     | 0            |
| Ratio         |     |        |     |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| Beginning     | 6   | 6      | 4   |   | 8     | 3     | 6            |
| Stocks        |     |        |     |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| Production    | 67  | 70     | 106 |   | 122   | 0     | 213          |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| MY Imports    | 263 | 264    | 210 |   | 190   | 0     | 115          |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| MY Imp. from  | 236 | 264    | 200 |   | 190   | 0     | 115          |
| U.S.          |     |        |     |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| MY Imp. from  | 0   | 0      | 0   |   | 0     | 0     | 0            |
| the EC        |     |        |     |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| **TOTAL       | *   | *      | *   |   | **    | **3** | **334**      |
| SUPPLY**      | *33 | *340** | *32 |   | 320** |       |              |
|               | 6** |        | 0** |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| MY Exports    | 0   | 0      | 4   |   | 1     | 0     | 0            |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| MY Exp. to    | 0   | 0      | 0   |   | 0     | 0     | 0            |
| the EC        |     |        |     |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| Crush Dom.    | 315 | 315    | 297 |   | 297   | 0     | 310          |
| Consumption   |     |        |     |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| Food Use Dom. | 0   | 0      | 0   |   | 0     | 0     | 0            |
| Consump.      |     |        |     |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| Fe            | 17  | 17     | 16  |   | 16    | 0     | 17           |
| ed,Seed,Waste |     |        |     |   |       |       |              |
| Dm.Cm.        |     |        |     |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| TOTAL Dom.    | 332 | 332    | 313 |   | 313   | 0     | 327          |
| Consumption   |     |        |     |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| Ending Stocks | 4   | 8      | 3   |   | 6     | 0     | 7            |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| **TOTAL       | *   | *      | *   |   | **    | **0** | **334**      |
| D             | *33 | *340** | *32 |   | 320** |       |              |
| ISTRIBUTION** | 6** |        | 0** |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| Calendar Year | 0   | 269    | 0   |   | 224   | 0     | 117          |
| Imports       |     |        |     |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| Calendar Yr   | 0   | 269    | 0   |   | 224   | 0     | 117          |
| Imp. U.S.     |     |        |     |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| Calendar Year | 0   | 0      | 0   |   | 0     | 0     | 0            |
| Exports       |     |        |     |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+
| Calndr Yr     | 0   | 0      | 0   |   | 0     | 0     | 0            |
| Exp. to U.S.  |     |        |     |   |       |       |              |
+---------------+-----+--------+-----+---+-------+-------+--------------+

## TRADE MATRIX, OILSEED COTTONSEED

  --------------------------- -------- ------- --------------------- ---------- -------
  **[Oilseed,                                  **UNITS: [Thousand               
  Cottonseed]{.smallcaps}**                    metric                           
  H.S. 1207.2099                               tons]{.smallcaps}**              

  **EXPORTS FOR MY 2002/2003                   **IMPORTS FOR MY                 
  TO:**                                        2002/2003 FROM:**                

  U.S.                        0                U.S.                  264        

  OTHER                                        OTHER                 0          

  TOTAL OF OTHER              0                TOTAL OF OTHER        0          

  OTHERS NOT LISTED           0                OTHERS NOT LISTED     0          

  GRAND TOTAL                 0                GRAND TOTAL           264        
  --------------------------- -------- ------- --------------------- ---------- -------

Source: Global Trade Information Services, Inc. "World Trade Atlas"
Mexico Edition, December 2003.

Note: MY starts on August 2002 and ends July 2003.

## PS&D OILSEEDS, SUNFLOWERSEED

  ----------------- ----------------- ---------- ------------- -------- ---------- ---------- ------------- ----------
  **PSD Table**                                                                                             

  **Country**       **Mexico**                                                                              

  **Commodity**     **Oilseed,                                                     **(1000                  
                    Sunflowerseed**                                                HA)(1000                 
                                                                                   MT)**                    

                    **2002 Revised**             **2003                                       **2004        
                                                 Estimate**                                   Forecast**    

                    USDA Official     Post       USDA Official          Post                  USDA Official Post
                    \[Old\]           Estimate   \[Old\]                Estimate              \[Old\]       Estimate
                                      \[New\]                           \[New\]                             \[New\]

  Market Year Begin **10/2002**                  **10/2003**                                  **10/2004**   

  Area Planted      0                 1          0             1                              0             1

  Area Harvested    1                 1          1             1                              0             1

  Beginning Stocks  4                 4          1             1                              1             1

  Production        1                 1          1             1                              0             1

  MY Imports        104               104        40            90                             0             80

  MY Imp. from U.S. 12                7          15            10                             0             10

  MY Imp. from the  0                 0          0             0                              0             0
  EC                                                                                                        

  **TOTAL SUPPLY**  **109**           **109**    **42**        **92**                         **1**         **82**

  MY Exports        0                 0          0             0                              0             0

  MY Exp. To the EC 0                 0          0             0                              0             0

  Crush Dom.        105               105        37            87                             0             76
  Consumption                                                                                               

  Food Use Dom.     0                 0          0             0                              0             0
  Consump.                                                                                                  

  Feed,Seed,Waste   3                 3          4             4                              0             5
  Dm.Cn.                                                                                                    

  TOTAL Dom.        108               108        41            91                             0             81
  Consumption                                                                                               

  Ending Stocks     1                 1          1             1                              0             1

  **TOTAL           **109**           **109**    **42**        **92**                         **0**         **82**
  DISTRIBUTION**                                                                                            

  Calendar Year     0                 9          0             130                            0             84
  Imports                                                                                                   

  Calendar Yr Imp.  0                 7          0             7                              0             7
  U.S.                                                                                                      

  Calendar Year     0                 0          0             0                              0             0
  Exports                                                                                                   

  Calndr Yr Exp. To 0                 0          0             0                              0             0
  U.S.                                                                                                      
  ----------------- ----------------- ---------- ------------- -------- ---------- ---------- ------------- ----------

## TRADE MATRIX, OILSEED SUNFLOWERSEED

  ------------------------------ -------- ------- --------------------- ---------- -------
  **[Oilseed,                                     **UNITS: [Thousand               
  Sunflowerseed]{.smallcaps}**                    metric                           
  H.S. 1206.0099                                  tons]{.smallcaps}**              

  **EXPORTS FOR MY 2002/2003                      **IMPORTS FOR MY                 
  TO:**                                           2002/2003 FROM:**                

  U.S.                           0                U.S.                  7          

  OTHER                                           OTHER                            

                                                  ARGENTINA             94         

  TOTAL OF OTHER                 0                TOTAL OF OTHER        94         

  OTHERS NOT LISTED              0                OTHERS NOT LISTED     3          

  GRAND TOTAL                    0                GRAND TOTAL           104        
  ------------------------------ -------- ------- --------------------- ---------- -------

Source: Global Trade Information Services, Inc. "World Trade Atlas"
Mexico Edition, December 2003.

Note: MY starts on October 2002 and ends September 2003.

## PS&D OILSEEDS, RAPESEED

  ----------------- ------------- ---------- ------------- ---------- ------------- ------------
  **PSD Table**                                                                     

  **Country**       **Mexico**                                                      

  **Commodity**     **Oilseed,                             **(1000                  
                    Rapeseed**                             HA)(1000                 
                                                           MT)**                    

                    **2002                   **2003                   **2004        
                    Revised**                Estimate**               Forecast**    

                    USDA Official Post       USDA Official Post       USDA Official Post
                    \[Old\]       Estimate   \[Old\]       Estimate   \[Old\]       Estimate
                                  \[New\]                  \[New\]                  \[New\]

  Market Year Begin **10/2002**              **10/2003**              **10/2004**   

  Area Planted      0             0          0             0          0             0

  Area Harvested    0             0          0             0          0             0

  Beginning Stocks  121           121        8             8          23            8

  Production        0             0          0             0          0             0

  MY Imports        657           657        850           1000       0             1000

  MY Imp. from U.S. 0             0          0             0          0             0

  MY Imp. from the  56            56         0             0          0             0
  EC                                                                                

  **TOTAL SUPPLY**  **778**       **778**    **858**       **1008**   **23**        **1008**

  MY Exports        0             0          0             0          0             0

  MY Exp. to the EC 0             0          0             0          0             0

  Crush Dom.        770           770        835           1000       0             1000
  Consumption                                                                       

  Food Use Dom.     0             0          0             0          0             0
  Consump.                                                                          

  Feed,Seed,Waste   0             0          0             0          0             0
  Dm.Cn.                                                                            

  TOTAL Dom.        770           770        835           1000       0             1000
  Consumption                                                                       

  Ending Stocks     8             8          23            8          0             8

  **TOTAL           **778**       **778**    **858**       **1008**   **0**         **1008**
  DISTRIBUTION**                                                                    

  Calendar Year     500           728        0             780        0             900
  Imports                                                                           

  Calendar Yr Imp.  0             32         0             24         0             40
  U.S.                                                                              

  Calendar Year     0             0          0             0          0             0
  Exports                                                                           

  Calndr Yr Exp. to 0             0          0             0          0             0
  U.S.                                                                              
  ----------------- ------------- ---------- ------------- ---------- ------------- ------------

## TRADE MATRIX OILSEED RAPESEED

+------------------+-------+------+-----------------+---------+------+
| [**Oilseed,      |       |      | **UNITS:        |         |      |
| Rapesee          |       |      | [Thousand       |         |      |
| d**]{.smallcaps} |       |      | metric          |         |      |
|                  |       |      | tons            |         |      |
| H.S. 1205.0001 & |       |      | ]{.smallcaps}** |         |      |
| 1205.9099        |       |      |                 |         |      |
+------------------+-------+------+-----------------+---------+------+
| **EXPORTS FOR MY |       |      | **IMPORTS FOR   |         |      |
| 2002/2003 TO:**  |       |      | MY 2002/2003    |         |      |
|                  |       |      | FROM:**         |         |      |
+------------------+-------+------+-----------------+---------+------+
| U.S.             | 0     |      | U.S.            | 0       |      |
+------------------+-------+------+-----------------+---------+------+
| OTHER            |       |      | OTHER           | 0       |      |
+------------------+-------+------+-----------------+---------+------+
|                  |       |      | CANADA          | 469     |      |
+------------------+-------+------+-----------------+---------+------+
| TOTAL OF OTHER   | 0     |      | TOTAL OF OTHER  | 469     |      |
+------------------+-------+------+-----------------+---------+------+
| OTHERS NOT       | 0     |      | OTHERS NOT      | 56      |      |
| LISTED           |       |      | LISTED          |         |      |
+------------------+-------+------+-----------------+---------+------+
| GRAND TOTAL      | 0     |      | GRAND TOTAL     | 525     |      |
+------------------+-------+------+-----------------+---------+------+

Source: Global Trade Information Services, Inc. "World Trade Atlas"
Mexico Edition, December 2003.

Note: MY starts on October 2002 and ends September 2003.

## PS&D TOTAL, MEAL

+--------------+--------+--------+------+---+--------+-----+---------+
| **PSD        |        |        |      |   |        |     |         |
| Table**      |        |        |      |   |        |     |         |
+--------------+--------+--------+------+---+--------+-----+---------+
| **Country**  | **Mé   |        |      |   |        |     |         |
|              | xico** |        |      |   |        |     |         |
+--------------+--------+--------+------+---+--------+-----+---------+
| *            | *      |        |      | * |        |     |         |
| *Commodity** | *Meal, |        |      | * |        |     |         |
|              | T      |        |      | ( |        |     |         |
|              | otal** |        |      | 1 |        |     |         |
|              |        |        |      | 0 |        |     |         |
|              |        |        |      | 0 |        |     |         |
|              |        |        |      | 0 |        |     |         |
|              |        |        |      | H |        |     |         |
|              |        |        |      | A |        |     |         |
|              |        |        |      | ) |        |     |         |
|              |        |        |      | ( |        |     |         |
|              |        |        |      | 1 |        |     |         |
|              |        |        |      | 0 |        |     |         |
|              |        |        |      | 0 |        |     |         |
|              |        |        |      | 0 |        |     |         |
|              |        |        |      | M |        |     |         |
|              |        |        |      | T |        |     |         |
|              |        |        |      | ) |        |     |         |
|              |        |        |      | * |        |     |         |
|              |        |        |      | * |        |     |         |
+--------------+--------+--------+------+---+--------+-----+---------+
|              | **R    |        | *    |   |        | *   |         |
|              | evised |        | *Pre |   |        | *Fo |         |
|              | 2002** |        | limi |   |        | rec |         |
|              |        |        | nary |   |        | ast |         |
|              |        |        | 20   |   |        | 200 |         |
|              |        |        | 03** |   |        | 4** |         |
+--------------+--------+--------+------+---+--------+-----+---------+
|              | USDA   | Post   | USDA |   | Post   | U   | Post    |
|              | Of     | Es     | Offi |   | Es     | SDA | E       |
|              | ficial | timate | cial |   | timate | Of  | stimate |
|              |        |        |      |   |        | fic |         |
|              | Old    | New    | Old  |   | New    | ial | New     |
|              |        |        |      |   |        |     |         |
|              |        |        |      |   |        | Old |         |
+--------------+--------+--------+------+---+--------+-----+---------+
|              | **     |        | **20 |   |        | **  |         |
|              | 2002** |        | 03** |   |        | 200 |         |
|              |        |        |      |   |        | 4** |         |
+--------------+--------+--------+------+---+--------+-----+---------+
| Crush        | 5525   | 5525   | 5614 |   | 5784   | 0   | 5886    |
+--------------+--------+--------+------+---+--------+-----+---------+
| Extr. Rate   |        |        |      |   |        |     |         |
+--------------+--------+--------+------+---+--------+-----+---------+
| Beginning    | 125    | 125    | 93   |   | 93     | 122 | 112     |
| Stocks       |        |        |      |   |        |     |         |
+--------------+--------+--------+------+---+--------+-----+---------+
| Production   | 4050   | 4052   | 4135 |   | 4210   | 0   | 4291    |
+--------------+--------+--------+------+---+--------+-----+---------+
| MY Imports   | 737    | 730    | 823  |   | 851    | 0   | 870     |
+--------------+--------+--------+------+---+--------+-----+---------+
| MY Imp. From | 706    | 681    | 810  |   | 821    | 0   | 850     |
| U.S.         |        |        |      |   |        |     |         |
+--------------+--------+--------+------+---+--------+-----+---------+
| MY Imp. From | 0      | 0      | 0    |   | 0      | 0   | 0       |
| the EC       |        |        |      |   |        |     |         |
+--------------+--------+--------+------+---+--------+-----+---------+
| **TOTAL      | **     | **     | **50 |   | **     | *   | *       |
| SUPPLY**     | 4912** | 4907** | 51** |   | 5154** | *12 | *5403** |
|              |        |        |      |   |        | 2** |         |
+--------------+--------+--------+------+---+--------+-----+---------+
| MY Exports   | 1      | 1      | 1    |   | 1      | 0   | 0       |
+--------------+--------+--------+------+---+--------+-----+---------+
| MY Exp. to   | 0      | 0      | 0    |   | 0      | 0   | 0       |
| the EC       |        |        |      |   |        |     |         |
+--------------+--------+--------+------+---+--------+-----+---------+
| Crush Dom.   | 0      | 0      | 0    |   | 0      | 0   | 0       |
| Consumption  |        |        |      |   |        |     |         |
+--------------+--------+--------+------+---+--------+-----+---------+
| Food Use     | 50     | 50     | 50   |   | 50     | 0   | 50      |
| Dom.         |        |        |      |   |        |     |         |
| Consump.     |        |        |      |   |        |     |         |
+--------------+--------+--------+------+---+--------+-----+---------+
| Fee          | 4768   | 4763   | 4910 |   | 4979   | 0   | 5194    |
| d,Seed,Waste |        |        |      |   |        |     |         |
| Dm.Cn.       |        |        |      |   |        |     |         |
+--------------+--------+--------+------+---+--------+-----+---------+
| TOTAL Dom.   | 4818   | 4813   | 4960 |   | 5029   | 0   | 5244    |
| Consumption  |        |        |      |   |        |     |         |
+--------------+--------+--------+------+---+--------+-----+---------+
| Ending       | 93     | 93     | 90   |   | 124    | 0   | 159     |
| Stocks       |        |        |      |   |        |     |         |
+--------------+--------+--------+------+---+--------+-----+---------+
| **TOTAL      | **     | **     | **50 |   | **     | **  | *       |
| DI           | 4912** | 4907** | 51** |   | 5154** | 0** | *5403** |
| STRIBUTION** |        |        |      |   |        |     |         |
+--------------+--------+--------+------+---+--------+-----+---------+
| Calendar     | 5      | 579    | 0    |   | 812    | 0   | 828     |
| Year Imports |        |        |      |   |        |     |         |
+--------------+--------+--------+------+---+--------+-----+---------+
| Calendar Yr  | 0      | 579    | 0    |   | 812    | 0   | 828     |
| Imp. U.S.    |        |        |      |   |        |     |         |
+--------------+--------+--------+------+---+--------+-----+---------+
| Calendar     | 0      | 0      | 0    |   | 0      | 0   | 0       |
| Year Exports |        |        |      |   |        |     |         |
+--------------+--------+--------+------+---+--------+-----+---------+
| Calendar Yr  | 0      | 0      | 0    |   | 0      | 0   | 0       |
| Exp. to U.S. |        |        |      |   |        |     |         |
+--------------+--------+--------+------+---+--------+-----+---------+

**PS&D MEAL, SOYBEAN**

  ---------------- ------------- ----------- ------------- ---------------- ------------- -----------
  **PSD Table**                                                                           

  **Country**      **Mexico**                                                             

  **Commodity**    **Meal,                                 **(1000                        
                   Soybean**                               MT)(PERCENT)**                 

                   **2002                    **2003                         **2004        
                   Revised**                 Estimate**                     Forecast**    

                   USDA Official Post        USDA Official Post Estimate    USDA Official Post
                   \[Old\]       Estimate    \[Old\]       \[New\]          \[Old\]       Estimate
                                 \[New\]                                                  \[New\]

  Market Year      **09/2002**               **09/2003**                    **09/2004**   
  Begin                                                                                   

  Crush            4335          4335        4445          4400             0             4500

  Extr. Rate,      0.7935409     0.7935409   0.7934758     0.7931818        0             0.7933333
  999.9999                                                                                

  Beginning Stocks 125           125         93            93               90            93

  Production       3440          3440        3527          3490             0             3570

  MY Imports       621           621         700           740              0             760

  MY Imp. from     582           582         690           720              0             750
  U.S.                                                                                    

  MY Imp. from the 0             0           0             0                0             0
  EC                                                                                      

  **TOTAL SUPPLY** **4186**      **4186**    **4320**      **4323**         **90**        **4423**

  MY Exports       1             1           1             1                0             0

  MY Exp. to the   0             0           0             0                0             0
  EC                                                                                      

  Industrial Dom.  0             0           0             0                0             0
  Consum                                                                                  

  Food Use Dom.    50            50          50            50               0             50
  Consump.                                                                                

  Feed Waste Dom.  4042          4042        4179          4179             0             4300
  Consum                                                                                  

  TOTAL Dom.       4092          4092        4229          4229             0             4350
  Consumption                                                                             

  Ending Stocks    93            93          90            93               0             73

  **TOTAL          **4186**      **4186**    **4320**      **4323**         **0**         **4423**
  DISTRIBUTION**                                                                          

  Calendar Year    0             471         0             680              0             700
  Imports                                                                                 

  Calendar Yr Imp. 0             471         0             680              0             700
  U.S.                                                                                    

  Calendar Year    0             0           0             0                0             0
  Exports                                                                                 

  Calndr Yr Exp.   0             0           0             0                0             0
  to U.S.                                                                                 
  ---------------- ------------- ----------- ------------- ---------------- ------------- -----------

## TRADE MATRIX MEAL SOYBEAN

  ------------------------ -------- ------- --------------------- ---------- -------
  [**Meal,                                  **UNITS: [Thousand               
  Soybean**]{.smallcaps}                    metric                           
  H.S. 2304.0001                            tons]{.smallcaps}**              

  **EXPORTS FOR MY                          **IMPORTS FOR MY                 
  2002/2003 TO:**                           2002/2003 FROM:**                

  U.S.                     1                U.S.                  621        

  OTHER                                     OTHER                            

  TOTAL OF OTHER           0                TOTAL OF OTHER        0          

  OTHERS NOT LISTED        0                OTHERS NOT LISTED     0          

  GRAND TOTAL              1                GRAND TOTAL           621        
  ------------------------ -------- ------- --------------------- ---------- -------

Source: Global Trade Information Services, Inc. "World Trade Atlas"
Mexico Edition, December 2003.

Note: MY starts on September 2002 and ends August 2003.

## PS&D MEAL, COTTONSEED

  ---------------- -------------- ----------- ------------- ---------------- ------------- -----------
  **PSD Table**                                                                            

  **Country**      **Mexico**                                                              

  **Commodity**    **Meal,                                  **(1000                        
                   Cottonseed**                             MT)(PERCENT)**                 

                   **2002                     **2003                         **2004        
                   Revised**                  Estimate**                     Forecast**    

                   USDA Official  Post        USDA Official Post Estimate    USDA Official Post
                   \[Old\]        Estimate    \[Old\]       \[New\]          \[Old\]       Estimate
                                  \[New\]                                                  \[New\]

  Market Year      **08/2002**                **08/2003**                    **08/2004**   
  Begin                                                                                    

  Crush            315            315         297           297              0             310

  Extr. Rate,      0.4539682      0.4539682   0.4545454     0.4545454        0             0.4548387
  999.9999                                                                                 

  Beginning Stocks 0              0           0             0                0             0

  Production       143            143         135           135              0             141

  MY Imports       98             98          100           100              0             99

  MY Imp. from     98             98          100           100              0             99
  U.S.                                                                                     

  MY Imp. From the 0              1           0             0                0             0
  EC                                                                                       

  **TOTAL SUPPLY** **241**        **241**     **235**       **235**          **0**         **240**

  MY Exports       0              0           0             0                0             0

  MY Exp. To the   0              0           0             0                0             0
  EC                                                                                       

  Industrial Dom.  0              0           0             0                0             0
  Consum                                                                                   

  Food Use Dom.    0              0           0             0                0             0
  Consump.                                                                                 

  Feed Waste Dom.  241            241         235           235              0             240
  Consum                                                                                   

  TOTAL Dom.       241            241         235           235              0             240
  Consumption                                                                              

  Ending Stocks    0              0           0             0                0             0

  **TOTAL          **241**        **241**     **235**       **235**          **0**         **240**
  DISTRIBUTION**                                                                           

  Calendar Year    0              94          0             114              0             115
  Imports                                                                                  

  Calendar Yr Imp. 0              94          0             114              0             115
  U.S.                                                                                     

  Calendar Year    0              0           0             0                0             0
  Exports                                                                                  

  Calndr Yr Exp.   0              0           0             0                0             0
  to U.S.                                                                                  
  ---------------- -------------- ----------- ------------- ---------------- ------------- -----------

## TRADE MATRIX MEAL COTTONSEED

  --------------------------- -------- ------- --------------------- ---------- -------
  [**Meal,                                     **UNITS: [Thousand               
  Cottonseed**]{.smallcaps}                    metric                           
  H.S. 2306.1001, 2306.30.01,                  tons]{.smallcaps}**              
  2306.40.01                                                                    

  **EXPORTS FOR MY 2002/2003                   **IMPORTS FOR MY                 
  TO:**                                        2002/2003 FROM:**                

  U.S.                        0                U.S.                  98         

  OTHER                                        OTHER                            

  TOTAL OF OTHER              0                TOTAL OF OTHER        0          

  OTHERS NOT LISTED           0                OTHERS NOT LISTED     0          

  GRAND TOTAL                 0                GRAND TOTAL           98         
  --------------------------- -------- ------- --------------------- ---------- -------

Source: Global Trade Information Services, Inc. "World Trade Atlas"
Mexico Edition, December 2003.

Note: MY starts on August 2002 and ends July 2003.

## PS&D MEAL, RAPESEED

  ---------------- ------------- ----------- ------------- ---------------- ------------- ---------- ---------
  **PSD Table**                                                                                      

  **Country**      **Mexico**                                                                        

  **Commodity**    **Meal,                                 **(1000                                   
                   Rapeseed**                              MT)(PERCENT)**                            

                   **2002                    **2003                         **2004                   
                   Revised**                 Estimate**                     Forecast**               

                   USDA Official Post        USDA Official Post Estimate    USDA Official Post       
                   \[Old\]       Estimate    \[Old\]       \[New\]          \[Old\]       Estimate   
                                 \[New\]                                                  \[New\]    

  Market Year      **10/2002**               **10/2003**                    **10/2004**              
  Begin                                                                                              

  Crush            770           770         835           1000             0                        1000

  Extr. Rate,      0.5467532     0.5467532   0.5473053     0.547            0                        0.547
  999.9999                                                                                           

  Beginning Stocks 0             0           0             0                0                        0

  Production       421           421         457           547              0                        547

  MY Imports       16            10          20            10               0                        10

  MY Imp. from     15            10          20            10               0                        0
  U.S.                                                                                               

  MY Imp. from the 0             0           0             0                0                        0
  EC                                                                                                 

  **TOTAL SUPPLY** **437**       **431**     **477**       **557**          **0**                    **557**

  MY Exports       0             0           0             0                0                        0

  MY Exp. to the   0             0           0             0                0                        0
  EC                                                                                                 

  Industrial Dom.  0             0           0             0                0                        0
  Consum                                                                                             

  Food Use Dom.    0             0           0             0                0                        0
  Consump.                                                                                           

  Feed Waste Dom.  437           431         477           557              0                        557
  Consum                                                                                             

  TOTAL Dom.       437           431         477           557              0                        557
  Consumption                                                                                        

  Ending Stocks    0             0           0             0                0                        0

  **TOTAL          **437**       **431**     **477**       **557**          **0**                    **557**
  DISTRIBUTION**                                                                                     

  Calendar Year    5             11          0             11               0                        11
  Imports                                                                                            

  Calendar Yr Imp. 0             11          0             11               0                        11
  U.S.                                                                                               

  Calendar Year    0             0           0             0                0                        0
  Exports                                                                                            

  Calndr Yr Exp.   0             0           0             0                0                        0
  to U.S.                                                                                            
  ---------------- ------------- ----------- ------------- ---------------- ------------- ---------- ---------

## PS&D MEAL, SUNFLOWERSEED

  ---------------- ----------------- ----------- ------------- ---------------- ------------- ----------- ----------
  **PSD Table**                                                                                           

  **Country**      **Mexico**                                                                             

  **Commodity**    **Meal,                                     **(1000                                    
                   Sunflowerseed**                             MT)(PERCENT)**                             

                   **2002 Revised**              **2003                         **2004                    
                                                 Estimate**                     Forecast**                

                   USDA Official     Post        USDA Official Post Estimate    USDA Official             Post
                   \[Old\]           Estimate    \[Old\]       \[New\]          \[Old\]                   Estimate
                                     \[New\]                                                              \[New\]

  Market Year      **10/2002**                   **10/2003**                    **10/2004**               
  Begin                                                                                                   

  Crush            105               105         37            87               0             76          

  Extr. Rate,      0.4380952         0.4571428   0.4324324     0.4367816        0             0.4342105   
  999.9999                                                                                                

  Beginning Stocks 0                 0           0             0                0             0           

  Production       46                48          16            38               0             33          

  MY Imports       2                 1           3             1                0             1           

  MY Imp. from     11                1           0             1                0             1           
  U.S.                                                                                                    

  MY Imp. From the 0                 0           0             0                0             0           
  EC                                                                                                      

  **TOTAL SUPPLY** **48**            **49**      **19**        **39**           **0**         **34**      

  MY Exports       0                 0           0             0                0             0           

  MY Exp. to the   0                 0           0             0                0             0           
  EC                                                                                                      

  Industrial Dom.  0                 0           0             0                0             0           
  Consum                                                                                                  

  Food Use Dom.    0                 0           0             0                0             0           
  Consump.                                                                                                

  Feed Waste Dom.  48                49          19            39               0             34          
  Consum                                                                                                  

  TOTAL Dom.       48                49          19            39               0             34          
  Consumption                                                                                             

  Ending Stocks    0                 0           0             0                0             0           

  **TOTAL          **48**            **49**      **19**        **39**           **0**         **34**      
  DISTRIBUTION**                                                                                          

  Calendar Year    0                 3           0             1                0             1           
  Imports                                                                                                 

  Calendar Yr Imp. 0                 3           0             1                0             1           
  U.S.                                                                                                    

  Calendar Year    0                 0           0             0                0             0           
  Exports                                                                                                 

  Calndr Yr Exp.   0                 0           0             0                0             0           
  to U.S.                                                                                                 
  ---------------- ----------------- ----------- ------------- ---------------- ------------- ----------- ----------

## PS&D, TOTAL OIL

+--------------+---------+---------+------+---+--------+-----+---------+
| **PSD        |         |         |      |   |        |     |         |
| Table**      |         |         |      |   |        |     |         |
+--------------+---------+---------+------+---+--------+-----+---------+
| **Country**  | **M     |         |      |   |        |     |         |
|              | exico** |         |      |   |        |     |         |
+--------------+---------+---------+------+---+--------+-----+---------+
| *            | **Oil,  |         |      | * |        |     |         |
| *Commodity** | Total** |         |      | * |        |     |         |
|              |         |         |      | ( |        |     |         |
|              |         |         |      | 1 |        |     |         |
|              |         |         |      | 0 |        |     |         |
|              |         |         |      | 0 |        |     |         |
|              |         |         |      | 0 |        |     |         |
|              |         |         |      | H |        |     |         |
|              |         |         |      | A |        |     |         |
|              |         |         |      | ) |        |     |         |
|              |         |         |      | ( |        |     |         |
|              |         |         |      | 1 |        |     |         |
|              |         |         |      | 0 |        |     |         |
|              |         |         |      | 0 |        |     |         |
|              |         |         |      | 0 |        |     |         |
|              |         |         |      | M |        |     |         |
|              |         |         |      | T |        |     |         |
|              |         |         |      | ) |        |     |         |
|              |         |         |      | * |        |     |         |
|              |         |         |      | * |        |     |         |
+--------------+---------+---------+------+---+--------+-----+---------+
|              | **      |         | *    |   |        | *   |         |
|              | Revised |         | *Pre |   |        | *Fo |         |
|              | 2002**  |         | limi |   |        | rec |         |
|              |         |         | nary |   |        | ast |         |
|              |         |         | 20   |   |        | 200 |         |
|              |         |         | 03** |   |        | 4** |         |
+--------------+---------+---------+------+---+--------+-----+---------+
|              | USDA    | Post    | USDA |   | Post   | U   | Post    |
|              | O       | E       | Offi |   | Es     | SDA | E       |
|              | fficial | stimate | cial |   | timate | Of  | stimate |
|              |         |         |      |   |        | fic |         |
|              | Old     | New     | Old  |   | New    | ial | New     |
|              |         |         |      |   |        |     |         |
|              |         |         |      |   |        | Old |         |
+--------------+---------+---------+------+---+--------+-----+---------+
|              | *       |         | **20 |   |        | **  |         |
|              | *2002** |         | 03** |   |        | 200 |         |
|              |         |         |      |   |        | 4** |         |
+--------------+---------+---------+------+---+--------+-----+---------+
| Crush        | 5690    | 5690    | 5779 |   | 5950   | 0   | 6052    |
+--------------+---------+---------+------+---+--------+-----+---------+
| Extr. Rate   |         |         |      |   |        |     |         |
+--------------+---------+---------+------+---+--------+-----+---------+
| Beginning    | 19      | 19      | 8    |   | 6      | 10  | 10      |
| Stocks       |         |         |      |   |        |     |         |
+--------------+---------+---------+------+---+--------+-----+---------+
| Production   | 1246    | 1246    | 1268 |   | 1335   | 0   | 1354    |
+--------------+---------+---------+------+---+--------+-----+---------+
| MY Imports   | 510     | 524     | 569  |   | 534    | 0   | 579     |
+--------------+---------+---------+------+---+--------+-----+---------+
| MY Imp. from | 280     | 258     | 273  |   | 279    | 0   | 295     |
| U.S.         |         |         |      |   |        |     |         |
+--------------+---------+---------+------+---+--------+-----+---------+
| MY Imp. from | 0       | 0       | 0    |   | 0      | 0   | 0       |
| the EC       |         |         |      |   |        |     |         |
+--------------+---------+---------+------+---+--------+-----+---------+
| **TOTAL      | *       | *       | **18 |   | **     | **  | *       |
| SUPPLY**     | *1775** | *1789** | 45** |   | 1875** | 0** | *1943** |
+--------------+---------+---------+------+---+--------+-----+---------+
| MY Exports   | 4       | 10      | 5    |   | 6      | 0   | 6       |
+--------------+---------+---------+------+---+--------+-----+---------+
| MY Exp. to   | 0       | 0       | 0    |   | 0      | 0   | 0       |
| the EC       |         |         |      |   |        |     |         |
+--------------+---------+---------+------+---+--------+-----+---------+
| Crush Dom.   | 300     | 266     | 325  |   | 286    | 0   | 297     |
| consumption  |         |         |      |   |        |     |         |
+--------------+---------+---------+------+---+--------+-----+---------+
| Food Use     | 1459    | 1503    | 1502 |   | 1538   | 0   | 1625    |
| Dom.         |         |         |      |   |        |     |         |
| Consump.     |         |         |      |   |        |     |         |
+--------------+---------+---------+------+---+--------+-----+---------+
| Fee          | 4       | 4       | 5    |   | 5      | 0   | 5       |
| d,Seed,Waste |         |         |      |   |        |     |         |
| Dm.Cn.       |         |         |      |   |        |     |         |
+--------------+---------+---------+------+---+--------+-----+---------+
| TOTAL Dom.   | 1763    | 1773    | 1832 |   | 1859   | 0   | 1927    |
| Consumption  |         |         |      |   |        |     |         |
+--------------+---------+---------+------+---+--------+-----+---------+
| Ending       | 8       | 6       | 8    |   | 10     | 0   | 10      |
| Stocks       |         |         |      |   |        |     |         |
+--------------+---------+---------+------+---+--------+-----+---------+
| **TOTAL      | *       | *       | **18 |   | **     | **  | *       |
| DI           | *1775** | *1789** | 45** |   | 1875** | 0** | *1943** |
| STRIBUTION** |         |         |      |   |        |     |         |
+--------------+---------+---------+------+---+--------+-----+---------+
| Calendar     | 62      | 499     | 75   |   | 497    | 0   | 568     |
| Year Imports |         |         |      |   |        |     |         |
+--------------+---------+---------+------+---+--------+-----+---------+
| Calendar Yr  | 20      | 270     | 30   |   | 220    | 0   | 282     |
| Imp. U.S.    |         |         |      |   |        |     |         |
+--------------+---------+---------+------+---+--------+-----+---------+
| Calendar     | 0       | 4       | 0    |   | 12     | 0   | 6       |
| Year Exports |         |         |      |   |        |     |         |
+--------------+---------+---------+------+---+--------+-----+---------+
| Calendar Yr  | 0       | 0       | 0    |   | 0      | 0   | 0       |
| Exp. to U.S. |         |         |      |   |        |     |         |
+--------------+---------+---------+------+---+--------+-----+---------+

## PS&D OIL, SOYBEAN

  ------------------- ------------- ------------- ------------- ---------------- ------------- -------------
  **PSD Table**                                                                                

  **Country**         **Mexico**                                                               

  **Commodity**       **Oil,                                    **(1000                        
                      Soybean**                                 MT)(PERCENT)**                 

                      **2002                      **2003                         **2004        
                      Revised**                   Estimate**                     Forecast**    

                      USDA Official Post Estimate USDA Official Post Estimate    USDA Official Post Estimate
                      \[Old\]       \[New\]       \[Old\]       \[New\]          \[Old\]       \[New\]

  Market Year Begin   **09/2002**                 **09/2003**                    **09/2004**   

  Crush               4335          4335          4445          4400             0             4500

  Extr. Rate,         0.170703576   0.171626298   0.170753656   0.170681818      0             0.170666667
  999.9999                                                                                     

  Beginning Stocks    15            15            6             4                6             5

  Production          740           744           759           751              0             768

  MY Imports          192           192           200           210              0             225

  MY Imp. from U.S.   192           192           200           210              0             225

  MY Imp. from the EC 0             0             0             0                0             0

  **TOTAL SUPPLY**    **947**       **951**       **965**       **965**          **6**         **998**

  MY Exports          4             10            5             6                0             6

  MY Exp. to the EC   0             0             0             0                0             0

  Industrial Dom.     0             0             0             0                0             0
  Consum                                                                                       

  Food Use Dom.       933           933           949           949              0             980
  Consump.                                                                                     

  Feed Waste Dom.     4             4             5             5                0             5
  Consum                                                                                       

  TOTAL Dom.          937           937           954           954              0             985
  Consumption                                                                                  

  Ending Stocks       6             4             6             5                0             7

  **TOTAL             **947**       **951**       **965**       **965**          **0**         **998**
  DISTRIBUTION**                                                                               

  Calendar Year       0             217           0             128              0             230
  Imports                                                                                      

  Calendar Yr Imp.    0             217           0             128              0             230
  U.S.                                                                                         

  Calendar Year       0             4             0             12               0             6
  Exports                                                                                      

  Calndr Yr Exp. to   0             0             0             0                0             0
  U.S.                                                                                         
  ------------------- ------------- ------------- ------------- ---------------- ------------- -------------

## 

## 

## 

## 

## 

## 

## 

## 

## 

## TRADE MATRIX OIL SOYBEAN

+------------------+-------+------+-----------------+---------+------+
| #### [Oil, Soyb  |       |      | **UNITS:        |         |      |
| ean]{.smallcaps} |       |      | [Thousand       |         |      |
|                  |       |      | metric          |         |      |
| H.S. 1507.1001 & |       |      | tons            |         |      |
| 1507.9099        |       |      | ]{.smallcaps}** |         |      |
+------------------+-------+------+-----------------+---------+------+
| **EXPORTS FOR MY |       |      | **IMPORTS FOR   |         |      |
| 2002/2003 TO:**  |       |      | MY 2002/2003    |         |      |
|                  |       |      | FROM:**         |         |      |
+------------------+-------+------+-----------------+---------+------+
| U.S.             | 10    |      | U.S.            | 192     |      |
+------------------+-------+------+-----------------+---------+------+
| OTHER            |       |      | OTHER           |         |      |
+------------------+-------+------+-----------------+---------+------+
| TOTAL OF OTHER   | 0     |      | TOTAL OF OTHER  | 0       |      |
+------------------+-------+------+-----------------+---------+------+
| OTHERS NOT       | 0     |      | OTHERS NOT      | 0       |      |
| LISTED           |       |      | LISTED          |         |      |
+------------------+-------+------+-----------------+---------+------+
| GRAND TOTAL      | 10    |      | GRAND TOTAL     | 192     |      |
+------------------+-------+------+-----------------+---------+------+

Source: Global Trade Information Services, Inc. "World Trade Atlas"
Mexico Edition, December 2003.

Note: MY starts on September 2002 and ends August 2003.

## PS&D OIL, SUNFLOWERSEED

<table style="width:100%;">
<colgroup>
<col style="width: 21%" />
<col style="width: 12%" />
<col style="width: 0%" />
<col style="width: 13%" />
<col style="width: 11%" />
<col style="width: 0%" />
<col style="width: 0%" />
<col style="width: 12%" />
<col style="width: 11%" />
<col style="width: 0%" />
<col style="width: 13%" />
</colgroup>
<tbody>
<tr class="odd">
<td><strong>PSD Table</strong></td>
<td colspan="10"></td>
</tr>
<tr class="even">
<td><strong>Country</strong></td>
<td colspan="10"><strong>Mexico</strong></td>
</tr>
<tr class="odd">
<td><strong>Commodity</strong></td>
<td colspan="5"><strong>Oil, Sunflowerseed</strong></td>
<td colspan="5"><strong>(1000 MT)(PERCENT)</strong></td>
</tr>
<tr class="even">
<td></td>
<td colspan="3"><strong>2002 Revised</strong></td>
<td colspan="4"><strong>2003 Estimate</strong></td>
<td colspan="3"><p id="forecast" class="heading">2004 Forecast</p></td>
</tr>
<tr class="odd">
<td></td>
<td colspan="2">USDA Official [Old]</td>
<td>Post Estimate [New]</td>
<td>USDA Official [Old]</td>
<td colspan="3">Post Estimate [New]</td>
<td>USDA Official [Old]</td>
<td colspan="2">Post Estimate [New]</td>
</tr>
<tr class="even">
<td>Market Year Begin</td>
<td colspan="3"><strong>10/2002</strong></td>
<td colspan="4"><strong>10/2003</strong></td>
<td colspan="3"><strong>10/2004</strong></td>
</tr>
<tr class="odd">
<td>Crush</td>
<td>105</td>
<td colspan="2">105</td>
<td colspan="3">37</td>
<td>87</td>
<td colspan="2">0</td>
<td>76</td>
</tr>
<tr class="even">
<td>Extr. Rate, 999.9999</td>
<td>0.3333333</td>
<td colspan="2">0.3333333</td>
<td colspan="3">0.3243243</td>
<td>0.3218390</td>
<td colspan="2">0</td>
<td>0.3289473</td>
</tr>
<tr class="odd">
<td>Beginning Stocks</td>
<td>4</td>
<td colspan="2">4</td>
<td colspan="3">2</td>
<td>2</td>
<td colspan="2">2</td>
<td>5</td>
</tr>
<tr class="even">
<td>Production</td>
<td>35</td>
<td colspan="2">35</td>
<td colspan="3">12</td>
<td>28</td>
<td colspan="2">0</td>
<td>25</td>
</tr>
<tr class="odd">
<td>MY Imports</td>
<td>15</td>
<td colspan="2">52</td>
<td colspan="3">35</td>
<td>55</td>
<td colspan="2">0</td>
<td>55</td>
</tr>
<tr class="even">
<td>MY Imp. from U.S.</td>
<td>15</td>
<td colspan="2">13</td>
<td colspan="3">35</td>
<td>35</td>
<td colspan="2">0</td>
<td>35</td>
</tr>
<tr class="odd">
<td>MY Imp. from the EC</td>
<td>0</td>
<td colspan="2">0</td>
<td colspan="3">0</td>
<td>0</td>
<td colspan="2">0</td>
<td>0</td>
</tr>
<tr class="even">
<td><strong>TOTAL SUPPLY</strong></td>
<td><strong>54</strong></td>
<td colspan="2"><strong>91</strong></td>
<td colspan="3"><strong>49</strong></td>
<td><strong>85</strong></td>
<td colspan="2"><strong>2</strong></td>
<td><strong>85</strong></td>
</tr>
<tr class="odd">
<td>MY Exports</td>
<td>0</td>
<td colspan="2">0</td>
<td colspan="3">0</td>
<td>0</td>
<td colspan="2">0</td>
<td>0</td>
</tr>
<tr class="even">
<td>MY Exp. to the EC</td>
<td>0</td>
<td colspan="2">0</td>
<td colspan="3">0</td>
<td>0</td>
<td colspan="2">0</td>
<td>0</td>
</tr>
<tr class="odd">
<td>Industrial Dom. Consum</td>
<td>0</td>
<td colspan="2">0</td>
<td colspan="3">0</td>
<td>0</td>
<td colspan="2">0</td>
<td>0</td>
</tr>
<tr class="even">
<td>Food Use Dom. Consump.</td>
<td>52</td>
<td colspan="2">89</td>
<td colspan="3">47</td>
<td>80</td>
<td colspan="2">0</td>
<td>82</td>
</tr>
<tr class="odd">
<td>Feed Waste Dom. Consum</td>
<td>0</td>
<td colspan="2">0</td>
<td colspan="3">0</td>
<td>0</td>
<td colspan="2">0</td>
<td>0</td>
</tr>
<tr class="even">
<td>TOTAL Dom. Consumption</td>
<td>52</td>
<td colspan="2">89</td>
<td colspan="3">47</td>
<td>80</td>
<td colspan="2">0</td>
<td>82</td>
</tr>
<tr class="odd">
<td>Ending Stocks</td>
<td>2</td>
<td colspan="2">2</td>
<td colspan="3">2</td>
<td>5</td>
<td colspan="2">0</td>
<td>3</td>
</tr>
<tr class="even">
<td><strong>TOTAL DISTRIBUTION</strong></td>
<td><strong>54</strong></td>
<td colspan="2"><strong>91</strong></td>
<td colspan="3"><strong>49</strong></td>
<td><strong>85</strong></td>
<td colspan="2"><strong>0</strong></td>
<td><strong>85</strong></td>
</tr>
<tr class="odd">
<td>Calendar Year Imports</td>
<td>0</td>
<td colspan="2">17</td>
<td colspan="3">0</td>
<td>66</td>
<td colspan="2">0</td>
<td>65</td>
</tr>
<tr class="even">
<td>Calendar Yr Imp. U.S.</td>
<td>0</td>
<td colspan="2">17</td>
<td colspan="3">0</td>
<td>27</td>
<td colspan="2">0</td>
<td>30</td>
</tr>
<tr class="odd">
<td>Calendar Year Exports</td>
<td>0</td>
<td colspan="2">0</td>
<td colspan="3">0</td>
<td>0</td>
<td colspan="2">0</td>
<td>0</td>
</tr>
<tr class="even">
<td>Calndr Yr Exp. to U.S.</td>
<td>0</td>
<td colspan="2">0</td>
<td colspan="3">0</td>
<td>0</td>
<td colspan="2">0</td>
<td>0</td>
</tr>
</tbody>
</table>

## TRADE MATRIX OIL SUNFLOWERSEED

  ------------------------------ -------- ------- --------------------- ---------- -------
  [**Oil,                                         **UNITS: [Thousand               
  Sunflowerseed**]{.smallcaps}                    metric                           
  H.S. 1512.1101 & 1512.1999                      tons]{.smallcaps}**              

  **EXPORTS FOR MY 2002/2003                      **IMPORTS FOR MY                 
  TO:**                                           2002/2003 FROM:**                

  U.S.                           34               U.S.                  13         

  OTHER                                           OTHER                            

  TOTAL OF OTHER                 1                ARGENTINA             38         

  OTHERS NOT LISTED              1                OTHERS NOT LISTED     0          

  GRAND TOTAL                    35               GRAND TOTAL           51         
  ------------------------------ -------- ------- --------------------- ---------- -------

Source: Global Trade Information Services, Inc. "World Trade Atlas"
Mexico Edition, December 2003.

Note: MY starts on October 2002 and ends September 2003.

## PS&D OIL, RAPESEED

  ---------------- ------------- ----------- ------------- ---------------- ------------- ----------
  **PSD Table**                                                                           

  **Country**      **Mexico**                                                             

  **Commodity**    **Oil,                                  **(1000                        
                   Rapeseed**                              MT)(PERCENT)**                 

                   **2002                    **2003                         **2004        
                   Revised**                 Estimate**                     Forecast**    

                   USDA Official Post        USDA Official Post Estimate    USDA Official Post
                   \[Old\]       Estimate    \[Old\]       \[New\]          \[Old\]       Estimate
                                 \[New\]                                                  \[New\]

  Market Year      **10/2002**               **10/2003**                    **10/2004**   
  Begin                                                                                   

  Crush            770           770         835           1000             0             1000

  Extr. Rate,      0.3870129     0.3870129   0.3880239     0.388            0             0.388
  999.9999                                                                                

  Beginning Stocks 0             0           0             0                0             0

  Production       298           298         324           388              0             388

  MY Imports       80            80          90            50               0             70

  MY Imp. from     65            53          30            30               0             35
  U.S.                                                                                    

  MY Imp. from the 0             0           0             0                0             0
  EC                                                                                      

  **TOTAL SUPPLY** **378**       **378**     **414**       **438**          **0**         **458**

  MY Exports       0             0           0             0                0             0

  MY Exp. to the   0             0           0             0                0             0
  EC                                                                                      

  Industrial Dom.  0             0           0             0                0             0
  Consum                                                                                  

  Food Use Dom.    378           378         414           438              0             458
  Consump.                                                                                

  Feed Waste Dom.  0             0           0             0                0             0
  Consum                                                                                  

  TOTAL Dom.       378           378         414           438              0             458
  Consumption                                                                             

  Ending Stocks    0             0           0             0                0             0

  **TOTAL          **378**       **378**     **414**       **438**          **0**         **458**
  DISTRIBUTION**                                                                          

  Calendar Year    50            62          75            85               0             45
  Imports                                                                                 

  Calendar Yr Imp. 20            28          30            62               0             20
  U.S.                                                                                    

  Calendar Year    0             0           0             0                0             0
  Exports                                                                                 

  Calndr Yr Exp.   0             0           0             0                0             0
  to U.S.                                                                                 
  ---------------- ------------- ----------- ------------- ---------------- ------------- ----------

## TRADE MATRIX OIL RAPESEED

+------------------+-------+------+-----------------+---------+------+
| #### [Oil, Rapes |       |      | **UNITS:        |         |      |
| eed]{.smallcaps} |       |      | [Thousand       |         |      |
|                  |       |      | metric          |         |      |
| H.S. 1514.1001,  |       |      | tons            |         |      |
| 1514.1101,       |       |      | ]{.smallcaps}** |         |      |
| 1514.9099 &      |       |      |                 |         |      |
| 1514.9999        |       |      |                 |         |      |
+------------------+-------+------+-----------------+---------+------+
| **EXPORTS FOR MY |       |      | **IMPORTS FOR   |         |      |
| 2002/2003 TO:**  |       |      | MY 2002/2003    |         |      |
|                  |       |      | FROM:**         |         |      |
+------------------+-------+------+-----------------+---------+------+
| U.S.             | 0     |      | U.S.            | 53      |      |
+------------------+-------+------+-----------------+---------+------+
| OTHER            |       |      | OTHER           |         |      |
+------------------+-------+------+-----------------+---------+------+
|                  |       |      | CANADA          | 27      |      |
+------------------+-------+------+-----------------+---------+------+
| TOTAL OF OTHER   | 0     |      | TOTAL OF OTHER  | 27      |      |
+------------------+-------+------+-----------------+---------+------+
| OTHERS NOT       | 0     |      | OTHERS NOT      | 0       |      |
| LISTED           |       |      | LISTED          |         |      |
+------------------+-------+------+-----------------+---------+------+
| GRAND TOTAL      | 0     |      | GRAND TOTAL     | 80      |      |
+------------------+-------+------+-----------------+---------+------+

Source: Global Trade Information Services, Inc. "World Trade Atlas"
Mexico Edition, December 2002.

Note: MY starts on October 2002 and ends September 2003.

## PS&D OIL, COCONUT

  ---------------- ------------- ----------- ------------- ---------------- ------------- -----------
  **PSD Table**                                                                           

  **Country**      **Mexico**                                                             

  **Commodity**    **Oil,                                  **(1000                        
                   Coconut**                               MT)(PERCENT)**                 

                   **2002                    **2003                         **2004        
                   Revised**                 Estimate**                     Forecast**    

                   USDA Official Post        USDA Official Post Estimate    USDA Official Post
                   \[Old\]       Estimate    \[Old\]       \[New\]          \[Old\]       Estimate
                                 \[New\]                                                  \[New\]

  Market Year      **01/2003**               **01/2004**                    **01/2005**   
  Begin                                                                                   

  Crush            165           165         165           166              0             166

  Extr. Rate,      0.6424242     0.6424242   0.6424242     0.6445783        0             0.6445783
  999.9999                                                                                

  Beginning Stocks 0             0           0             0                0             0

  Production       106           106         106           107              0             107

  MY Imports       5             8           6             14               0             18

  MY Imp. from     0             0           0             0                0             0
  U.S.                                                                                    

  MY Imp. from the 0             0           0             0                0             0
  EC                                                                                      

  **TOTAL SUPPLY** **111**       **114**     **112**       **121**          **0**         **125**

  MY Exports       0             0           0             0                0             0

  MY Exp. to the   0             0           0             0                0             0
  EC                                                                                      

  Industrial Dom.  76            69          77            73               0             75
  Consum                                                                                  

  Food Use Dom.    35            45          35            48               0             50
  Consump.                                                                                

  Feed Waste Dom.  0             0           0             0                0             0
  Consum                                                                                  

  TOTAL Dom.       111           114         112           121              0             125
  Consumption                                                                             

  Ending Stocks    0             0           0             0                0             0

  **TOTAL          **111**       **114**     **112**       **121**          **0**         **125**
  DISTRIBUTION**                                                                          

  Calendar Year    12            8           0             14               0             18
  Imports                                                                                 

  Calendar Yr Imp. 0             0           0             0                0             0
  U.S.                                                                                    

  Calendar Year    0             0           0             0                0             0
  Exports                                                                                 

  Calndr Yr Exp.   0             0           0             0                0             0
  to U.S.                                                                                 
  ---------------- ------------- ----------- ------------- ---------------- ------------- -----------

## TRADE MATRIX OIL COCONUT

  ------------------------ -------- ------- --------------------------- ---------- -------
  **[Oil,                                   **UNITS: [Thousand metric              
  Coconut]{.smallcaps}**                    tons]{.smallcaps}**                    
  H.S. 1513.1101 1513.2101                                                         
  1513.2999 & 1513.1999                                                            

  **EXPORTS FOR MY                          **IMPORTS FOR MY 2002/2003             
  2002/2003 TO:**                           FROM:**                                

  U.S.                     0                U.S.                        5          

  OTHER                                     OTHER                                  

                                            [Philippines]{.smallcaps}   3          

  TOTAL OF OTHER           0                TOTAL OF OTHER              3          

  OTHERS NOT LISTED        0                OTHERS NOT LISTED                      

  GRAND TOTAL              0                GRAND TOTAL                 8          
  ------------------------ -------- ------- --------------------------- ---------- -------

Source: Global Trade Information Services, Inc. "World Trade Atlas"
Mexico Edition, December 2003.

Note: MY starts on January 2003 and ends December 2003.

## PS&D OIL, COTTONSEED

  ---------------- -------------- ----------- ------------- ---------------- ------------- -----------
  **PSD Table**                                                                            

  **Country**      **Mexico**                                                              

  **Commodity**    **Oil,                                   **(1000                        
                   Cottonseed**                             MT)(PERCENT)**                 

                   **2002                     **2003                         **2004        
                   Revised**                  Estimate**                     Forecast**    

                   USDA Official  Post        USDA Official Post Estimate    USDA Official Post
                   \[Old\]        Estimate    \[Old\]       \[New\]          \[Old\]       Estimate
                                  \[New\]                                                  \[New\]

  Market Year      **08/2002**                **08/2003**                    **08/2004**   
  Begin                                                                                    

  Crush            315            315         297           297              0             310

  Extr. Rate,      0.1682539      0.1682539   0.1649831     0.1649831        0             0.1677419
  999.9999                                                                                 

  Beginning Stocks 0              0           0             0                0             0

  Production       53             53          49            49               0             52

  MY Imports       8              5           8             4                0             3

  MY Imp. from     8              5           8             4                0             3
  U.S.                                                                                     

  MY Imp. from the 0              0           0             0                0             0
  EC                                                                                       

  **TOTAL SUPPLY** **61**         **58**      **57**        **53**           **0**         **55**

  MY Exports       0              0           0             0                0             0

  MY Exp. to the   0              0           0             0                0             0
  EC                                                                                       

  Industrial Dom.  0              0           0             0                0             0
  Consum                                                                                   

  Food Use Dom.    61             58          57            53               0             55
  Consump.                                                                                 

  Feed Waste Dom.  0              0           0             0                0             0
  Consum                                                                                   

  TOTAL Dom.       61             58          57            53               0             55
  Consumption                                                                              

  Ending Stocks    0              0           0             0                0             0

  **TOTAL          **61**         **58**      **57**        **53**           **0**         **55**
  DISTRIBUTION**                                                                           

  Calendar Year    0              8           0             3                0             2
  Imports                                                                                  

  Calendar Yr Imp. 0              8           0             3                0             2
  U.S.                                                                                     

  Calendar Year    0              0           0             0                0             0
  Exports                                                                                  

  Calndr Yr Exp.   0              0           0             0                0             0
  to U.S.                                                                                  
  ---------------- -------------- ----------- ------------- ---------------- ------------- -----------

## PS&D OIL, PALM

  ---------------- ------------- ---------- ------------- ------------- ---------- ------------- ----------
  **PSD Table**                                                                                  

  **Country**      **México**                                                                    

  **Commodity**    **Oil, Palm**                          **(1000                                
                                                          HA)(1000                               
                                                          TREES)(1000                            
                                                          MT)**                                  

                   **2002                   **2003                                 **2004        
                   Revised**                Estimate**                             Forecast**    

                   USDA Official Post       USDA Official               Post       USDA Official Post
                   \[Old\]       Estimate   \[Old\]                     Estimate   \[Old\]       Estimate
                                 \[New\]                                \[New\]                  \[New\]

  Market Year      **01/2003**              **01/2004**                            **01/2005**   
  Begin                                                                                          

  Area Planted     0             6          0                           7          0             8

  Area Harvested   0             6          0                           7          0             8

  Trees            0             0          0                           0          0             0

  Beginning Stocks 0             0          0                           0          0             0

  Production       14            10         18                          12         0             14

  MY Imports       210           187        230                         201        0             208

  MY Imp. from     0             0          0                           0          0             0
  U.S.                                                                                           

  MY Imp. from the 0             0          0                           0          0             0
  EC                                                                                             

  **TOTAL SUPPLY** **224**       **197**    **248**                     **213**    **0**         **222**

  MY Exports       0             0          0                           0          0             0

  MY Exp. to the   0             0          0                           0          0             0
  EC                                                                                             

  Industrial Dom.  224           197        248                         213        0             222
  Consum                                                                                         

  Food Use Dom.    0             0          0                           0          0             0
  Consump.                                                                                       

  Feed Waste       0             0          0                           0          0             0
  Consumption                                                                                    

  TOTAL Dom.       224           197        248                         213        0             222
  Consumption                                                                                    

  Ending Stocks    0             0          0                           0          0             0

  **TOTAL          **224**       **197**    **248**                     **213**    **0**         **222**
  DISTRIBUTION**                                                                                 

  Calendar Year    0             187        0                           201        0             208
  Imports                                                                                        

  Calendar Yr Imp. 0             0          0                           0          0             0
  U.S.                                                                                           

  Calendar Year    0             0          0                           0          0             0
  Exports                                                                                        

  Calndr Yr Exp.   0             0          0                           0          0             0
  to U.S.                                                                                        
  ---------------- ------------- ---------- ------------- ------------- ---------- ------------- ----------

## TRADE MATRIX OIL PALM

  --------------------- -------- ------- --------------------- ---------- -------
  **[Oil,                                **UNITS: [Thousand               
  Palm]{.smallcaps}**                    metric                           
  H.S. 15111001 &                        tons]{.smallcaps}**              
  1511.9099                                                               

  **EXPORTS FOR MY                       **IMPORTS FOR MY                 
  2002/2003 TO:**                        2002/2003 FROM:**                

  U.S.                  0                U.S.                  0          

  OTHER                                  OTHER                            

                                         [Costa                77         
                                         Rica]{.smallcaps}                

  TOTAL OF OTHER        0                TOTAL OF OTHER        77         

  OTHERS NOT LISTED     0                OTHERS NOT LISTED     110        

  GRAND TOTAL           0                GRAND TOTAL           187        
  --------------------- -------- ------- --------------------- ---------- -------

Source: Global Trade Information Services, Inc. "World Trade Atlas"
Mexico Edition, December 2003.

Note: MY starts on January 2003 and ends December 2003.

## FEED DEMAND STRATEGIC INDICATOR TABLE FOR MEXICO

+----------------------------+---------+---------+---------+---------+
| **FEED DEMAND**            |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
| **STRATEGIC INDICATOR      |         |         |         |         |
| TABLES FOR MEXICO**        |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
|                            |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
| MEAT PRODUCTION            |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
|                            |         | Last    | Current | Out     |
|                            |         | Year    | Year    | Year    |
|                            |         |         |         | F       |
|                            |         |         |         | orecast |
+----------------------------+---------+---------+---------+---------+
| Calendar Year:             | 2000    | 2001    | 2002    | 2003    |
+----------------------------+---------+---------+---------+---------+
| Poultry                    |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
| Poultry Meat:              | 1,      | 1,      | 2,      | 2,      |
|                            | 891,000 | 986,000 | 187,936 | 297,000 |
+----------------------------+---------+---------+---------+---------+
| Eggs:                      | 1,      | 1,      | 2,      | N/A     |
|                            | 879,000 | 898,000 | 034,436 |         |
+----------------------------+---------+---------+---------+---------+
| Pork:                      | 1,      | 1,      | 1,      | 110,000 |
|                            | 034,000 | 040,000 | 085,000 |         |
+----------------------------+---------+---------+---------+---------+
|                            |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
| COMPOUND FEED SECTOR       |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
|                            |         | Last    | Current | Out     |
|                            |         | Year    | Year    | Year    |
|                            |         |         |         | F       |
|                            |         |         |         | orecast |
+----------------------------+---------+---------+---------+---------+
| Calendar Year:             | 2000    | 2001    | 2002    | 2003    |
+----------------------------+---------+---------+---------+---------+
| Compound Feed Capacity     | 30,     | 31,     | 30,     | N/A     |
|                            | 030,000 | 531,000 | 500,000 |         |
+----------------------------+---------+---------+---------+---------+
| Total Compound Feed        | 20,     | 21,     | 22,     | N/A     |
| Produced                   | 301,000 | 316,000 | 533,000 |         |
+----------------------------+---------+---------+---------+---------+
| \-\-\-\-\-- by integrated  | 13,     | 13,     | 14,     | N/A     |
| producers                  | 319,000 | 985,000 | 538,000 |         |
+----------------------------+---------+---------+---------+---------+
| \-\-\-\-\-- by commercial  | 6,      | 7,      | 7,      | N/A     |
| producers                  | 982,000 | 331,000 | 995,000 |         |
+----------------------------+---------+---------+---------+---------+
|                            |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
| FEED GRAIN USE             |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
|                            |         | Last    | Current | Out     |
|                            |         | Year    | Year    | Year    |
|                            |         |         |         | F       |
|                            |         |         |         | orecast |
+----------------------------+---------+---------+---------+---------+
| Marketing Year:            | 2000    | 2001    | 2002    | 2003    |
+----------------------------+---------+---------+---------+---------+
| Corn (Domestic             | 8,      | 8,      | 9,      | 1,      |
| consumption: feed)         | 600,000 | 858,000 | 300,000 | 000,000 |
+----------------------------+---------+---------+---------+---------+
| Other (specify)            | N/A     | N/A     | N/A     | N/A     |
+----------------------------+---------+---------+---------+---------+
|                            |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
| PROTEIN - ENERGY USAGE     |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
|                            |         | Last    | Current | Out     |
|                            |         | Year    | Year    | Year    |
|                            |         |         |         | F       |
|                            |         |         |         | orecast |
+----------------------------+---------+---------+---------+---------+
| Marketing Year:            | 2000    | 2001    | 2002    | 2003    |
+----------------------------+---------+---------+---------+---------+
| Total Protein Meal (feed   | 4,      | 4,      | 4,      | 5,      |
| waste domestic             | 476,000 | 610,000 | 913,000 | 194,000 |
| consumption)               |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
| Soy Bean Meal (feed waste  | 3,      | 3,      | 4,      | 4,      |
| domestic consumption)      | 600,000 | 708,000 | 350,000 | 400,000 |
+----------------------------+---------+---------+---------+---------+
| Other Protein Meal, e.g.   | 876,000 | 902,000 | 823,000 | 794,000 |
| Palm Kernel Meal, Rape     |         |         |         |         |
| Meal (feed waste domestic  |         |         |         |         |
| consumption)               |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
| Fish Meal                  | N/A     | N/A     | N/A     | N/A     |
+----------------------------+---------+---------+---------+---------+
| Palm Crude Oil (feed waste | N/A     | N/A     | N/A     | N/A     |
| domestic consumption)      |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
|                            |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
| TRADE (Metric Tonnes)      |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
|                            |         | Last    | Current | Out     |
|                            |         | Year    | Year    | Year    |
|                            |         |         |         | F       |
|                            |         |         |         | orecast |
+----------------------------+---------+---------+---------+---------+
| Calendar Year:             | 2000    | 2001    | 2002    | 2003    |
+----------------------------+---------+---------+---------+---------+
| Corn                       |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
| Imports:                   | 5,      | 5,      | 5,      | 5,      |
|                            | 322,476 | 829,117 | 505,398 | 756,354 |
+----------------------------+---------+---------+---------+---------+
| Exports:                   | 3,985   | 7,334   | 157,396 | 2,059   |
+----------------------------+---------+---------+---------+---------+
| Soy Beans                  |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
| Imports:                   | 3,      | 4,      | 4,      | 4,      |
|                            | 985,000 | 486,000 | 382,507 | 175,876 |
+----------------------------+---------+---------+---------+---------+
| Exports:                   | 1,728   | 156     | 327     | 2,059   |
+----------------------------+---------+---------+---------+---------+
| Soy Bean Meal              |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
| Imports:                   | 133,298 | 284,926 | 470,947 | 684,787 |
+----------------------------+---------+---------+---------+---------+
| Exports:                   | 116     | 8,202   | 531     | 849     |
+----------------------------+---------+---------+---------+---------+
| Fish Meal                  |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
| Imports:                   | 27,286  | 22,570  | 95,184  | 14,169  |
+----------------------------+---------+---------+---------+---------+
| Exports:                   | 2,158   | 9,384   | 19,558  | 19,021  |
+----------------------------+---------+---------+---------+---------+
| Palm Crude Oil             |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
| Imports:                   | 100,102 | 162,656 | 181,330 | 187,203 |
+----------------------------+---------+---------+---------+---------+
| Exports:                   | 2       | 0       | 0       | 0       |
+----------------------------+---------+---------+---------+---------+
|                            |         |         |         |         |
+----------------------------+---------+---------+---------+---------+
| PROTEIN PRODUCTS TARIFFS   |         | Bound   | Applied | Other   |
| AND TAXES                  |         | Rate    | Rate    |         |
+----------------------------+---------+---------+---------+---------+
| Report Year:               | Product | (%)     | (%)     | Import  |
|                            |         |         |         |         |
|                            | Desc    |         |         | Tax     |
|                            | ription |         |         | es/Fees |
|                            | 1/      |         |         |         |
+----------------------------+---------+---------+---------+---------+
| 0505.90                    | FEATHER | 36      | 13      |         |
|                            | MEAL    |         |         |         |
+----------------------------+---------+---------+---------+---------+
| 1501.00.00.60              | YELLOW  | 254.0   | 260.0   | N/A     |
|                            | GREASE  |         |         |         |
+----------------------------+---------+---------+---------+---------+
| 1502.00.00.40              | I       | 18.0    | 10.0    | N/A     |
|                            | NEDIBLE |         |         |         |
|                            | TALLOW  |         |         |         |
+----------------------------+---------+---------+---------+---------+
| 1511                       | PALM    | 45.0    | 10.0    | N/A     |
|                            | OIL     |         |         |         |
+----------------------------+---------+---------+---------+---------+
| 1518                       | ANML/VG | 45.0    | 10.0    | N/A     |
|                            | FTS     |         |         |         |
|                            | &OILS   |         |         |         |
+----------------------------+---------+---------+---------+---------+
| 2301.10                    | MEAT    | 36.0    | 18.0    | N/A     |
|                            | AND     |         |         |         |
|                            | BONE    |         |         |         |
|                            | MEAL    |         |         |         |
+----------------------------+---------+---------+---------+---------+
| 2301.20                    | FISH    | 36.0    | 18.0    | N/A     |
|                            | MEAL    |         |         |         |
+----------------------------+---------+---------+---------+---------+

+------------------+------------------+-------------+-----------------+
| **WHOLESALE      |                  |             |                 |
| EDIBLE VEGETABLE |                  |             |                 |
| OILS PRICES**    |                  |             |                 |
|                  |                  |             |                 |
| **(Pesos)**      |                  |             |                 |
+------------------+------------------+-------------+-----------------+
| **Variety**      | **Presentation** | **February  | **February 04** |
|                  |                  | 03**        |                 |
+------------------+------------------+-------------+-----------------+
| Sunflower        | 1lt. 12 bottle   | 106.75      | 123.98          |
|                  | box              |             |                 |
+------------------+------------------+-------------+-----------------+
| Mixed vegetables | 1lt. 12 bottle   | 107.4       | 126.83          |
|                  | box              |             |                 |
+------------------+------------------+-------------+-----------------+
| Soybean          | 1lt. 12 bottle   | 109.13      | 146.00          |
|                  | box              |             |                 |
+------------------+------------------+-------------+-----------------+
| Corn             | 1lt. 12 bottle   | 149.27      | 239.06          |
|                  | box              |             |                 |
+------------------+------------------+-------------+-----------------+
| Safflower        | 1lt. 12 bottle   | 113.73      | N/A             |
|                  | box              |             |                 |
+------------------+------------------+-------------+-----------------+
| Safflower        | 17 lt. Can       | N/A         | 164.00          |
+------------------+------------------+-------------+-----------------+

Source: Servicio Nacional de Informacion de Mercados, SNIIM-SE.

Exchange rate (March 29, 2004) US \$1.00 = 11.15 pesos

**SECTION III. NARRATIVE ON SUPPLY, DEMAND, POLICY, & MARKETING**

# OILSEEDS

## [Production]{.smallcaps}

Overall oilseed production in Mexico is expected to increase
approximately 22 percent in MY 2004, due largely to higher cottonseed
production. Increased production of cottonseed is expected to more than
offset the slight decline in soybean production within aggregate
statistics of total oilseeds production. Cottonseed production, which
last year represented approximately 30 percent of all Mexican oilseed
output, is expected to reach approximately 50 percent in MY 2004.
Mexican producers view cotton as a potentially profitable crop given the
expected higher prices than a year before and government supports (see
MX3098 & MX3131), which could encourage increases in cotton production.
Soybean production, which normally accounts for 35 to 40 percent of all
Mexican oilseed output, is expected to drop to 27 percent in 2004, due
to the substantial increase in cottonseed production. For MY 2004/05,
soybean harvested area is forecast at 67,000 ha, essentially unchanged
from MY 2003/04. Production, however, is forecast at 110,000 MT, a
reduction from last year, due to the resumption of normal weather
conditions, which contrasts with the above-normal weather conditions of
MY 2003. According to Mexico's National Association of Oils, Fats and
Shortening (ANIAME), despite higher soybean prices, it is unlikely that
planted area will increase sharply, due to farmers being more familiar
with the cultural practices of alternative crops, such as corn or
sorghum, which also have attractive prices. Moreover, soybean production
takes place primarily in non‑irrigated areas, which are subject to
unpredictable weather conditions. In addition, soybean irrigated areas
in Sinaloa have practically disappeared due to low water reservoir
levels.

MY 2004/05 peanut production is expected to remain practically unchanged
from the previous harvest. ANIAME also stated that the African palm oil
program in the states of Tabasco, Campeche and Veracruz has continued to
grow slowly, with 1,000 hectares expected to be in production for
2004/05.

On March 1, 2004, Mexico's Secretariat of Agriculture, Livestock, Rural
Development, Fisheries and Foodstuffs (SAGARPA) announced it will pay
producers of soybean, cotton, peanut and other crops 935 pesos (USD\$85)
per hectare during the 2004/05 spring/summer and the 2004/05 fall/winter
planting seasons under its domestic support program, PROCAMPO. This
payment is 3.3 percent greater than what SAGARPA paid during the same
period in 2003/04. The announcement also indicates that farmers with
producing areas between one and five hectares will receive 1,120 pesos
(USD \$102) per hectare, or 8.7 percent more than SAGARPA paid last
year.

On July 14, 2003, SAGARPA announced the specific guidelines establishing
the mechanisms to provide supports to producers of soybean, rapeseed
(canola), cotton and other products (MX3098 and MX3131). These supports
are part of the "Target Income" Program (i.e., target price) (see MX
2173 and MX 3067). These specific guidelines are based on the general
Operational Regulations (REGLAS) that SAGARPA published for several
support programs on June 17, 2003. According to these Operational
Regulations, the objective of the "Target Income" program is to provide
price certainty to farmers, increase their market competitiveness and,
consequently, their economic profitability. Other objectives are to
encourage farmer diversification and integration into agricultural food
chains, and regional development.

## [Soybean Production]{.smallcaps} 

According to preliminary official information, soybean production
increased by almost 50 percent in the 2003 spring/summer crop compared
with the same crop a year earlier. The main part of the increase is
attributable to higher planted area, above normal weather conditions,
and timely rains across the main producing areas. In Tamaulipas, for
example, preliminary information indicates that 2003 spring/summer
soybean production reached 124,000 MT, more than double that of the 2002
spring/summer crop, due to increased planted area and favorable weather
conditions. As a result, average yields for 2003\'s spring/summer crop
in Tamaulipas have increased 45.4 percent, from 1.770 MT/ha., compared
to 1.217 MT/ha. a year ago. It should be noted, however, that despite
this huge increase, total domestic production continues to represent
less than 3 percent of Mexico's total soybean consumption. The
production estimate and the planted and harvested areas for MY 2002/03
reflect the latest SAGARPA's official information.

Production of soybeans, by state, for the 2003 and 2002 spring/summer
crop years are as follows:

**PRODUCTION OF SOYBEANS, BY STATE, FOR**

**THE 2002 & 2003 SPRING/SUMMER CROP YEARS**

+----------+---------+---------+---------+-------+---------+---------+
| State    | 2002    | 2002    | 2002    | 2003  | 2003    | 2003    |
|          |         |         |         |       |         |         |
|          | Area    | Area    | Pro     | Area  | Area    | Pro     |
|          | Planted | Ha      | duction | Pl    | Ha      | duction |
|          |         | rvested |         | anted | rvested |         |
|          | (Has)   |         | (MT)    |       |         | (MT)    |
|          |         | (Has)   |         | (Has) | (Has)   |         |
+----------+---------+---------+---------+-------+---------+---------+
| Sinaloa  | 6,007   | 5,800   | 11,112  | 153   | 144     | 376     |
+----------+---------+---------+---------+-------+---------+---------+
| <table>  | 36,018  | 33,517  | 40,804  | 4     | 48,002  | 82,839  |
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| </tbody> |         |         |         |       |         |         |
| </table> |         |         |         |       |         |         |
+----------+---------+---------+---------+-------+---------+---------+
| Chiapas  | 9,244   | 8,499   | 19,292  | 8,923 | 8,449   | 21,479  |
+----------+---------+---------+---------+-------+---------+---------+
| San Luis | 4,567   | 4,131   | 6,220   | 5,576 | 5,426   | 8,835   |
| Potosi   |         |         |         |       |         |         |
+----------+---------+---------+---------+-------+---------+---------+
| Veracruz | 2,514   | 2,259   | 4,066   | 5,561 | 4,914   | 9,828   |
+----------+---------+---------+---------+-------+---------+---------+
| Other    | 1,014   | 929     | 1,699   | 824   | 724     | 738     |
+----------+---------+---------+---------+-------+---------+---------+
| TOTAL    | 59,434  | 55,135  | 83,193  | 7     | 67,659  | 124,095 |
|          |         |         |         | 0,870 |         |         |
+----------+---------+---------+---------+-------+---------+---------+

Source: Secretariat of Agriculture, Livestock, Rural Development,
Fisheries and Foodstuffs

## [Cottonseed Production]{.smallcaps}

According to the Confederation of Mexican Cotton Associations (CMCA),
the outlook for cotton area shows that for MY 2004/05 cotton farmers
have increased their plantings intentions to approximately 117,000
hectares, a 83-percent increase above the revised MY 2003/04 planted
area figure of 64,000 ha., due to higher international prices and
government supports. It should be noted that MY 2003/04 planted area and
production were atypically low, due to the unreliability of government
supports and low international prices. CMCA's last report indicates that
the expected increase in MY 2004/05 planted area is based on the
assumption that the federal target price program for cotton will
continue in CY 2004. In CY 2003, the target price for cotton was U.S.
\$0.64 per pound of cotton lint (see MX 2173, MX 3098 and MX 3131).
Also, CMCA pointed out that farmers from La Laguna region (comprised of
the states of Coahuila and Durango) are going to plant approximately
18,000 hectares of transgenic cotton in MY 2004/05. Also, the Sinaloa
state government project to improve the hydraulic infrastructure in the
Yaqui and Mayo valleys has also contributed to the increase in cotton
planted area. Consequently, Mexican cotton production is forecast at
622,000 bales (480 lb.), an increase of approximately 75 percent from
the revised MY 2003/04 estimate. The production estimate and the planted
and harvested area estimates for MY 2002/03 have been increased,
reflecting the most recent official information from SAGARPA.

## [Peanut Production]{.smallcaps}

MY 2004 peanut production is forecast at 90,000 MT \-- the same as MY
2003 output.

Production has remained stable over the past several years and is
expected to remain unchanged in the near term, due to a lack of
financial credit and insufficient governmental supports relative to
other crops. Growers are cautiously optimistic about the expansion of
peanut demand in Mexico as a result of the economic growth in CY 2004.
Reportedly, some Mexican processors are experiencing growing demand.
These processors are facing an improvement in the economy, with
affordable retail prices for their products and relatively higher
purchasing consumer power. Growers, however, are experiencing increased
competition from low-priced imported peanuts from China, Argentina and
Nicaragua. As a result, sources see little chance for near-term
increases in production. It should be noted that SAGARPA does not
monitor peanut production regularly, but eventually publishes annual
production data.

## [Consumption Total]{.smallcaps}

Total MY 2004/05 oilseed consumption is expected to increase
approximately 2 percent, which exceeds the population growth rate (1.32
percent), due to strong feed demand and the recovering economy. The
Mexican feed millers' association, for example, expects that feed
consumption will increase approximately 3 percent in MY 2004/05, due to
strong demand from the livestock and poultry industries. The poultry
industry is a major consumer of oilseeds meals (soybean meal, mainly).
Another important end-user of oilseed meals is the swine industry.

For soybeans, industry specialists are currently estimating that MY
2004/05 soybean demand will increase approximately 2.3 percent above
that of MY 2003/04 as a result of the economic recovery and the dynamic
performance of the livestock sector, mainly the poultry sub sector. With
expectations for the hog sector to begin recovering sometime in early
2004, and for the poultry sector to continue growing, MY 2004/05
domestic consumption should increase slightly, industry sources said.
According to ANIAME, despite the increase in soybean prices, livestock
producers (hog and poultry mainly) should have to meet their protein
requirements. Consequently the Mexican crushing industry will continue
to look for imported beans from the United States or South America. The
MY 2003/04 soybean consumption estimate has been revised downward
reflecting the substitution of high-priced soybeans for more affordable
oilseeds such as rapeseed. Decreased demand led to lower-than-expected
imports.

MY 2004 cottonseed consumption is expected to increase over the current
year as the dairy industry's demand continues to increase. According to
industry sources, fluid milk production for CY 2004 (Jan.-Dec.) is
forecast to increase nearly three percent to 10.3 MMT. Continued
modernization and improved herd management by large dairies will
continue to boost overall production.

The MY 2003/04 consumption estimate for sunflower seed has been revised
sharply upward, due to higher demand from the oil processors (mainly
from "La Corona" company) and the more attractive prices of sunflower
seeds. For MY 2004/05, sunflower seed consumption is expected to
decrease, assuming more attractive prices for alternative oilseeds such
as soybeans. Consumption for rapeseed in MY 2004/05 is forecast at 1.0
MMT \-- a high level compared to the average of the last few years \--
as rapeseed prices continue to be favorable. MY 2004/05 peanut
consumption is forecast to increase approximately 3 percent, due to the
economic recovery in CY 2004. Peanut consumption is oriented to the
edible -- food use -- market, where it is sold mainly as a snack in
Mexico. Only a very small amount of peanut production is used for oil
and meal. Mexico\'s import decisions for oilseeds and products continue
to be based largely on price and the availability of credit, rather than
on quality or strong consumer preference.

## [Trade Total]{.smallcaps}

Imports of oilseeds are expected to increase in MY 2004/05, due to the
recovering economy and increased demand in the hog and poultry sectors.
In the case of the poultry sector, for example, poultry meat production
is forecast to increase 7 percent during CY 2004 (See MX 4013). The U.S.
market share is expected to be about the same as in MY 2003 --
approximately 74 percent. It should be noted that the MY 2004/05 import
forecast assumes that the GOM will not enforce any regulation against
transgenic soybeans. Controversy surrounding transgenic seeds and
biotechnology has risen and fallen in the last year, as anti-biotech
groups have lobbied Congress -- so far unsuccessfully \-- to include
trade-restrictive measures in a national biosafety bill. Mexican
consumers appear to be unaware or disinterested in the biotechnology
debate and its potential trade implications.

The soybean import estimate for MY 2003/04 has been adjusted downward
reflecting more recent private information. At the same time, imports
estimated from the United States for MY 2003/04 have been revised
downward, as industry sources estimated that for the end of this
marketing year the United States would practically run out of soybeans.
The lower U.S. crop size is forecast to push Mexican importers to look
for exportable supplies, such as from Brazil or Argentina. According to
industry, most of the shortfall is expected to come from Brazil.
Although industry forecasts Mexican imports of Brazilian soybeans to be
significantly higher than FAS/Mexico's more conservative forecast of
400,000, FAS/Mexico maintains its lower forecast, due to GOM
phytosanitary concerns about the Asian Rust fungus and the likely
interplay of a variety of global supply and demand factors, including
Mexican demand for more affordable oilseeds, like rapeseed, should the
price of soybeans increase dramatically. At present, given Mexico's
projected soybean needs, the GOM is not banning soybean imports from
Brazil, but is requesting that the international phytosanitary
certificate indicate that soybean shipments are free of Asian Rust and
vegetable residues.

Rapeseed imports increased from 728,000 tons in CY 2002 to approximately
780,000 MT in CY 2003, due to favorable international prices. This trend
is expected to continue in MY 2004/05 given the ample Canadian canola
supply and low international prices. Canada has continued be the primary
supplier of canola to the Mexican market. Canola is counted in the
rapeseed PSD. The MY 2003/04 rapeseed import estimate has been revised
upward to 1.0 MMT based on most recent private and official information.

# OIL MEALS

## [Production]{.smallcaps}

MY 2004/05 production is expected to increase approximately 2 percent,
due to greater bean imports and strong oil meal demand from the
livestock sector. This continues an upward trend in meal production,
which began approximately 7 years ago as a result of increased domestic
crush capacity. Soybeans accounted again for approximately 83 percent of
total meal production in MY 2003/04 and are expected to remain more or
less the same in MY 2004/05. The estimates for total meal production in
MY 2002/03 and MY 2003/04 have been revised upward based on new
information on increased crush and demand. Production of oil meal from
imported rapeseed seed is expected to account for approximately 13
percent of total meal usage in MY 2004 -- the same as in MY 2003.

According to industry sources, the Mexican crushing industry has
continued to consolidate as larger crushers expand both capacity and
market share. Crushing margins are expected to increase as the more
efficient crushers control a larger part of the market. Industry
consolidation, as well as investment and expanding infrastructure, is
expected to continue in the medium term. Currently, six leading
companies, Agydsa, Hidrogenadora Yucateca, La Corona, Aceites
Industriales El Zapote and Grupo Ragasa, account for nearly 80 percent
of total domestic production of oil meals and oils. Moreover, big
crushers have continued investing in their plants. Hidrogenadora
Yucateca and Agydsa, for example, established three new plants in 2003.
The optimistic outlook for the Mexican economy is expected to encourage
additional investment in crush plants in 2004.

## [Consumption]{.smallcaps}

A stronger economy in Mexico should spur demand for greater protein meal
consumption in MY 2004/05, although it is expected that
domestically-produced meal will meet most of the increased demand. This
projected consumption increase for oil meal products is primarily driven
by enhanced domestic demand from the poultry industry. The CY 2004
Mexican poultry meat production forecast reflects an increase of
approximately 7 percent compared to a year earlier. Demand for oil meals
by the cattle industry is also expected to increase slightly. The United
States remains the main supplier of oil meals to the Mexican market,
with negligible amounts supplied from other origins, primarily in Latin
America. The total oilseed meal consumption estimate has been increased
in MY 2003 also due to the expansion of the poultry industry.

Soybean meal consumption is expected to increase by nearly 2 percent in
MY 2004/05, due to the expanding poultry industry. Soybean meal is used
primarily by the poultry industry in feed rations.

For MY 2004/05, cottonseed consumption is expected to rise due to
increased demand from the dairy sector. Rapeseed meal consumption is
expected to reach 11 percent of total meal consumption in MY 2004/05,
which is slightly lower than a year before. Both rapeseed and cottonseed
meal continue to be used mainly by the dairy industry. For MY 2003/04,
the rapeseed meal consumption estimate has been revised upward
reflecting attractive prices. The MY 2002/03 consumption estimate has
been adjusted downward reflecting more recent private and official
information.

The MY 2002/03 and 2003/04 consumption estimates for sunflower seed meal
were revised upward, due to increased consumer demand and low prices.
For MY 2004/05, however, sunflower seed demand is expected to decrease
to 34,000 MT as the crush industry and feed manufacturers have
complained of the high fiber content and lower protein content, which
has lowered its acceptance.

#### [Trade]{.smallcaps}

Oil meal imports are expected to increase approximately 2.5 percent in
MY 2004/05, due to the expectation of better international prices.
Relative to meal production, however, oilseed meal imports for MY
2004/05 should continue at approximately 17 percent of total meal
consumption (5.2 MMT). Import estimates for MY 2002 and 2003 were
adjusted based on official trade data and private sources. Soybean meal
imports are also expected to increase 2.7 percent, due to strong demand
for vegetable protein meals from the livestock sector. Similarly,
soybean meal for MY 2002/03 was revised upward to reflect the strong
demand from feed manufacturers and the livestock sector. According to
official Mexican data, the United States is the only supplier of soybean
meal to the Mexican market.

MY 2002/03 and 2003/04 rapeseed and sunflower seed meal import estimates
have been adjusted downward based on official information from SE and
private sources.

# OILS

## [Production]{.smallcaps}

Total MY 2004/05 oil output is forecast at 1.35 MMT, an increase of
approximately 1.4 percent from last season, due to the larger soybean
crush. Soy and rapeseed oil production are expected to reach 768,000 MT
and 388,000 MT, respectively. As discussed earlier, meal demand is
clearly the most important crush driver, while oil prices have served to
maximize output to the extent possible. Mexico also produces relatively
small quantities of cottonseed, palm, sunflower oils, and approximately
107,000 MT of coconut oil. The estimate of total Mexican oil production
for MY 2003/04 has been raised due to increased crush, mostly from
imported rapeseeds. Soybean oil remains the major oil produced
domestically, accounting for 57 percent of total production. According
to industry sources, crushers are operating between 50 to 60 percent of
capacity -- a figure that is expected to remain unchanged in MY 2004/05.

Rapeseed oil production is forecast to account for approximately 29
percent of total oil production in MY 2004/05, a similar share to a year
ago. The MY 2003/04 rapeseed oil production estimate has been revised
upward from the previous estimate, due to favorable seed prices. This
level in rapeseed oil production is expected to continue in MY 2004/05.
At the same time, the sunflower seed oil production estimate for MY
2003/04 has been revised upward based on new information provided by
industry sources. Production increased in MY 2002/03 from previous
years, and continued in MY 2003/04 due to lower seed cost relative to
higher-priced oils like soybean oils. For MY 2004/05, sunflower seed oil
production is expected to decrease, as seed prices of alternative
oilseeds return to attractive levels.

Palm oil production is forecast to increase to 14,000 MT in MY 2004/05,
due to expected higher yields. According to ANIAME, approximately 1,000
has. were planted in MY 2002/03. Yields should increase in the second
year of production, as the palms have matured. Palm oil production
estimates for MY 2002/03 and 2003/04 have been revised downward,
reflecting ANIAME information. Production of coconut oil is forecast to
remain unchanged in MY 2004. According to ANIAME information, soap
manufacturers consume approximately 60 percent of coconut oil and the
remaining 40 percent is used for margarine production.

## [Consumption]{.smallcaps}

Total oil consumption for MY 2004/05 is projected to increase
approximately 4 percent from last year. Utilization of soybean oil, at
approximately 985,00 MT, accounts for 51 percent of this increase, while
rapeseed oil accounts for 24 percent, and the remainder comes from other
refined oils such as palm, coconut, cottonseed and sunflower seed. Most
usage of soybean oil is accounted for by food processing and blending
with other oils. The forecast for MY 2004 is for oil demand to increase
due to increased demand from both the industrial and retail sectors and
population growth. Total oil consumption for MY 2002/03 and 2003/04 have
been revised upward from previous estimates, due to higher-than-expected
crush levels and more recent ANIAME information.

According to ANIAME, as a result of high international seed prices \--
mainly soybeans \-- Mexican wholesale and retail prices for vegetable
oil increased nearly 15 percent; this compares to a 5-percent increase
across all food products in CY 2003. Similarly, during the first two
months of CY 2004, retail prices for vegetable oil increased 5 percent
relative to the same period a year earlier. This trend is expected to
continue at least until the new crop- marketing year (i.e., MY 2004/05)
and assumes that worldwide production increases will rebuild the
extremely tight stocks.

Due to the low cost of sunflower seeds, companies such as La Corona, one
of the larger oil processors in Mexico, increased its bottling of
sunflower oil blended with other oils for sale in supermarkets. At the
same time, other oil processors have substituted canola oil instead of
soybean oil, due to the high cost of soybeans. As a result, canola oil
continues to account for approximately 23 percent of the oil market --
the same market share it has had for the past two years. A similar
market share is expected for MY 2004/05.

The MY 2002/03 and MY 2003/04 sunflower oil consumption estimates
increased sharply from the previous estimates, due to more favorably
priced seeds and information from ANIAME. Sunflower oil has a 4 percent
share of the Mexican market. It is mostly consumed on a retail level, as
well as by the snack and bakery industries.

The palm oil consumption estimates for MY 2002/03 and 2003/04 were
decreased based on revisions by ANIAME and SAGARPA. For MY 2004/05,
consumption is expected to increase to 222,000 MT, due to increased
usage of palm oil by margarine producers. The coconut oil consumption
estimates for MY 2002/03 and 2003/04 have been raised according to more
recent information from ANIAME. An increase of 3 percent is expected for
the MY 2004/05.

## [Trade]{.smallcaps}

Growth in vegetable oil imports is projected to rise by approximately 8
percent in MY 2004/05, due to the ongoing recovery of the Mexican
economy. Imports of soybean oil are expected to account for
approximately 39 percent of total consumption, similar to a year before,
due to market preferences and attractive prices. Undoubtedly, price
continues to be the overriding factor in marketing vegetable oils and
oilseeds in the Mexican marketplace. The United States will continue to
be the main supplier of soybean oil into the Mexican market due to its
proximity and lower freight cost, which permit Mexican importers to
purchase on an \"as needed\" basis. The MY 2003/04 soybean oil import
estimate has been adjusted upward according to revised information from
private sources. The export estimates for MY 2002/03 and 2003/04 have
been adjusted upward, according to revised information from SE and the
industry.

For rapeseed oil, the MY 2003/04 import estimate has been decreased due
to higher-than-expected domestic production. For MY 2004/05, rapeseed
oil imports are expected to increase to 70,000 MT due to attractive
international prices. For sunflower oil, import estimates for MY 2002/03
and 2003/04 were increased based on revised Mexican official data and
industry information. For MY 2004/05 sunflower seed imports are forecast
at 55,000 MT.

For palm oil, the MY 2002/03 and 2003/04 import estimates were decreased
according to revised official data. Palm oil imports are forecast to
increase approximately 3.5 percent in MY 2004/05. For coconut oil, the
import estimate has been raised for MY 2002/03 and 2003/04, reflecting
revised official data. For MY 2004/05, coconut oil imports are forecast
at 18,000 MT. The MY 2002/03 and 2003/04 cottonseed oil import estimates
were revised downward based on revised SE data and industry. For MY
2004/05, cottonseed oil imports are forecast at just 3,000 MT.