""""""

Required Report - public distribution **Date:** 1/27/2003

**GAIN Report Number:** MX3015

MX3015

**Mexico**

**Fresh Deciduous Fruit**

**Semi-Annual**

**2003**

**Approved by:**

![](media/image1.wmf)William L. Brant

#### U. S. Embassy

**Prepared by:**

Dulce Flores/Gabriel Hernandez

**Report Highlights:**

Mexico\'s apple production for MY 2002/03 remained unchanged at 465,000
MT. Imports of U.S. apples are expected to continue decreasing, due to
the 46.85 percent antidumping duties for the Red and Golden Delicious
varieties. Pear production for MY 2002/03 remained unchanged at 33,500
MT. Imports of U.S. apples are forecast to be slightly lower than
expected, due to shorter supplies. Table grape production for MY 2003
remains unchanged at 189,800 MT. U.S. grape imports are expected to keep
growing.

Includes PSD Changes: Yes

Includes Trade Matrix: Yes

Semi-Annual Report

Mexico \[MX1\], \[MX\]

TABLE OF CONTENTS

[**SECTION I. SITUATION AND OUTLOOK
3**](#section-i.-situation-and-outlook)

[APPLES 3](#apples)

[Production 3](#production)

[Consumption 3](#consumption)

[Trade 3](#trade)

[Policy 4](#policy)

[Marketing 4](#marketing)

[PEARS 4](#pears)

[Production 4](#production-1)

[Consumption and Trade 4](#consumption-and-trade)

[Marketing 4](#marketing-1)

[TABLE GRAPES 5](#table-grapes)

[Production and Consumption 5](#production-and-consumption)

[Trade and Marketing 5](#trade-and-marketing)

[SECTION II. STATISTICAL TABLES 6](#section-ii.-statistical-tables)

[Apples, PS&D Table 6](#apples-psd-table)

[Pear, PS&D Table 7](#pear-psd-table)

[Table Grapes, PS&D Table 8](#table-grapes-psd-table)

[Fruit Prices 9](#fruit-prices)

[Monthly Exchange Rates 14](#monthly-exchange-rates)

#### 

#  

# SECTION I. SITUATION AND OUTLOOK 

# APPLES 

## Production

The MY 2002/03 (August/July) forecast of total Mexican apple production
remains unchanged as does all other data. Sources indicate that weather
conditions for production in Chihuahua, the main apple producing state,
and Durango, the second-largest producing state, were very good.
However, some hailstorms in Chihuahua affected the quality of the fruit
during the harvesting season. Yields in Chihuahua are estimated at
approximately 13.8 MT/ha, while overall yields are estimated at about
7.3 MT/ha. The production estimate for MY 2001/02 was revised downward
based on official data, but still reflected a larger volume compared to
MY 2000/01 production. Area planted for MY 2001/02 was revised downward
and area harvested was revised upward based on official estimates. Data
for MY 2000/01 remains unchanged.

## Consumption

The forecast for apple consumption for MY 2002/03 remains unchanged.
Although a good demand is expected, the anti-dumping duties imposed on
U.S. Red and Golden Delicious apples have resulted in less U.S. apples
available at the market for the October-December months. A larger volume
of imported apples is expected by January 2003 as the 20 percent duty on
U.S. apples becomes zero. Domestic consumption estimates for MY 2001/02
were revised slightly upward based on available industry data. Data for
MY 2000/01 remains unchanged.

The main domestic apple producing regions from September through
December are Chihuahua and Durango. Wholesale prices for domestic apples
in Mexico City for Red Delicious apples began at US\$23.30/kg per box in
September 2002, and ended at US\$21.15/kg per box in December 2002.
Golden Delicious prices began at US\$24.27 in September 2002, and ended
at US\$28.84 in December 2002. Domestic prices for both apples were
higher during the last quarter of 2002 compared to last year's prices,
due to the absence of imported apples in the market.

## Trade

The forecast for apple imports for MY 2002/03 remains unchanged at
112,000 MT. It is still uncertain how the demand for imported apples
will be affected, due to the anti-dumping duties imposed on U.S. Red and
Golden Delicious apples. Almost all fruit importers stopped importing
these apples due to the 46.58 percent antidumping duty and the
20-percent out of quota duty. Now that the January 2003 NAFTA 20-percent
safeguard TRQ has been lifted, some fruit importers will try to import
Delicious variety apples and pay only the antidumping duty. Other
importers have tried to import other apple varieties not affected by
antidumping duties like the Gala. However, they did not sell as much as
expected, as consumers prefer the Delicious varieties. Another factor
affecting imports of fruit is the weakness of the Mexican Peso. The peso
slipped to 10.43 pesos to the U.S. dollar last December 30,2002, from
approximately 10.20 pesos to a dollar in the previous weeks. In the past
year, the Mexican Peso has declined over 10 percent vis-à-vis the U.S.
dollar.

The estimate for apple imports for MY 2001/02 was revised upward to
189,581 MT based on recent trade data. U.S. and Canadian apple imports
were lower compared to MY 2000/01 imports, but Chilean and South African
apple imports increased. Data for MY 2000/01 remains unchanged.

## Policy

The NAFTA safeguards for United States and Canadian apples were
completely lifted as of January 1, 2003, bringing the duty to zero. For
Chilean apples, the 2003 import quota will be 2,621.4 MT at the
low-tariff rate of 5% and a snapback of 23%. Apples from other countries
are subject to a 20% duty.

## Marketing

Despite the imposition of anti-dumping duties, the United States is
expected to remain the main apple supplier of the Mexican market. The
U.S. apple industry's continued market and in-store promotion efforts
have significantly contributed to creating a market for U.S. apples in
Mexico. However, due to the imposition of antidumping duties and the
subsequent decrease in the volume of U.S. apple imports during the last
quarter of 2002, promotion efforts were deferred until January or
February 2003, when importers hopefully will begin to import larger
volumes of U.S. apples. On the other hand, fruit importers are expecting
Chile to send larger volumes of apples now that U.S. apples will have a
lower presence in the Mexican market.

# PEARS

## Production

As pear production in Mexico is not as significant as other deciduous
fruit, periodic data is not available from the Mexican Government.
Consequently, data for production, area planted and harvested MY 2002/03
(July/June) remains unchanged from the previous report (MX2120). Data
for MY 2000/01 and 2001/02 also remains unchanged.

## Consumption and Trade

Domestic supply continues to rely on imports, mainly from the United
States, because Mexican pear production is minimal. The pear consumption
forecast for MY 2002/03 was revised downward due to expected lower
supplies. This situation could result in higher prices that will affect
domestic consumption. However, demand is expected to continue to be
good, unless the Mexican peso continues to slide further. Consumption
estimates for MY 2001/02 were revised downward, due to declining demand
resulting from a decrease in consumer purchasing power. Consumption for
MY 2000/01 remains unchanged.

According to traders, the pear import forecast for MY 2002/03 was
revised downward as lower supplies will be available from the United
States, due to lower production. Traders report that pear imports have
been steady despite slightly higher prices, and a weakness of the
Mexican peso. Other countries, like Chile and Argentina, might try to
ship larger volumes of pears to fill the void left by the decrease in
volume of U.S. apple imports. Imports for MY 2001/02 were also revised
downward because of shorter supplies from the United States. Chilean
imports for MY 2001/02 were very similar to MY 2000/01 imports, but
there was an increase of Argentinean pears from 470 MT to 2,290 MT. Data
for MY 2000/01 remains unchanged. The import duty on pears under the
different trade agreements from the United States, Chile, and Argentina
are zero.

## Marketing

The United States is expected to continue as Mexico's main supplier of
pears. Market promotion efforts for U.S. pears continue in supermarkets
and street markets of several Mexican cities. The number one pear
preference among Mexicans is the Anjou variety, followed by other
varieties like Bartlett, Bosc, and Red Anjou. Most U.S. pears come from
Washington, Oregon and California. Chilean and Argentinean pears have
fair to good quality, and have been marketed at available prices.

# TABLE GRAPES

## Production and Consumption 

Table grape data for MY 2003 (January-December) remains unchanged from
the previous report (MX2120). Consumption estimates for MY 2002 were
revised downward because of reduced demand and more grapes having been
diverted to the export market. Lower supplies resulted in higher prices,
thus reducing demand. Data for MY 2001 also remains unchanged.

## Trade and Marketing

Total imports of table grapes for MY 2002 were revised downward based on
Mexican trade data, but still reflect an increase compared to MY 2001.
U.S. and Chilean imports are zero duty and both countries are increasing
exports to the Mexican market. According to traders, U.S. promotional
efforts to export table grape varieties to Mexico other than Red Globe
or Thompson, resulted in positive buys for MY 2002. According to
traders, prices at the central wholesale market increased during the
Christmas season of 2002 as follows:

+--------------------+---------------------+--------------------------+
| #### Variety       | **November 2002**   | **December 2002**        |
+--------------------+---------------------+--------------------------+
| Globe              | US\$1.35/kg         | US\$1.73/kg              |
+--------------------+---------------------+--------------------------+
| Thompson           | US\$1.13/kg         | US\$1.38/kg              |
+--------------------+---------------------+--------------------------+

Mexican total exports for table grapes for MY 2002 were revised upward,
due to good demand from the international market. Most of the table
grapes are exported to the United States.

# SECTION II. STATISTICAL TABLES

## Apples, PS&D Table

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

  **Country**                                                                       

  **Commodity**         **Fresh                             (HA)(1000               
                        Apples**                            TREES)(MT)              

                        Revised 2000          Preliminary                Forecast   
                                              2001                       2002       

                        Old          New      Old           New          Old        New

  **Market Year Begin** 08/2000               08/2001                    08/2002    

  Area Planted          64366        64366    62869         62395        62500      62500

  Area Harvested        54023        54023    60861         60997        60600      60600

  Bearing Trees         12155        12155    13693         13724        13635      13635

  Non-Bearing Trees     2327         2327     451           314          427        427

  Total Trees           14482        14482    14144         14038        14062      14062

  Commercial Production 330245       330245   449889        434679       457000     457000

  Non-Comm. Production  8000         8000     8000          8000         8000       8000

  TOTAL Production      338245       338245   457889        442679       465000     465000

  TOTAL Imports         228063       228063   160000        189581       112000     112000

  TOTAL SUPPLY          566308       566308   617889        632260       577000     577000

  Domestic Fresh        496308       496308   527889        542260       487000     487000
  Consump                                                                           

  Exports, Fresh Only   0            0        0             0            0          0

  For Processing        70000        70000    90000         90000        90000      90000

  Withdrawal From       0            0        0             0            0          0
  Market                                                                            

  TOTAL UTILIZATION     566308       566308   617889        632260       577000     577000

                                                                                    
  --------------------- ------------ -------- ------------- ------------ ---------- --------

## Pear, PS&D Table

  --------------------- --------- -------- ------------- ------------ ---------- --------
  PSD Table             Mexico                                                   

  Country                                                                        

  Commodity             Fresh                            (HA)(1000               
                        Pears                            TREES)(MT)              

                        Revised            Preliminary                Forecast   
                        2000               2001                       2002       

                        Old       New      Old           New          Old        New

  Market Year Begin     07/2000            07/2001                    07/2002    

  Area Planted          4865      4865     4892          4892         4900       4900

  Area Harvested        4842      4842     4858          4858         4860       4860

  Bearing Trees         1007      1007     1015          1015         1018       1018

  Non-Bearing Trees     5         5        7             7            8          8

  Total Trees           1012      1012     1022          1022         1026       1026

  Commercial Production 29780     29780    31468         31468        32000      32000

  Non-Comm. Production  1500      1500     1500          1500         1500       1500

  TOTAL Production      31280     31280    32968         32968        33500      33500

  TOTAL Imports         95513     95513    98000         89436        102000     89500

  TOTAL SUPPLY          126793    126793   130968        122404       135500     123000

  Domestic Fresh        124793    124793   128968        120404       133500     121000
  Consump                                                                        

  Exports, Fresh Only   0         0        0             0            0          0

  For Processing        2000      2000     2000          2000         2000       2000

  Withdrawal From       0         0        0             0            0          0
  Market                                                                         

  TOTAL UTILIZATION     126793    126793   130968        122404       135500     123000

                                                                                 
  --------------------- --------- -------- ------------- ------------ ---------- --------

## Table Grapes, PS&D Table

  --------------------- --------- -------- ------------- ---------- ---------- --------
  PSD Table             Mexico                                                 

  Country                                                                      

  Commodity             Fresh                            (HA)(MT)              
                        Table                                                  
                        Grapes                                                 

                        Revised            Preliminary              Forecast   
                        2000               2001                     2002       

                        Old       New      Old           New        Old        New

  Market Year Begin     01/2001            01/2002                  01/2003    

  Area Planted          20178     20178    20700         20700      21000      21000

  Area Harvested        17562     17562    17600         17600      17700      17700

  Commercial Production 186375    186375   198200        198200     188000     188000

  Non-Comm. Production  1800      1800     2000          2000       1800       1800

  TOTAL Production      188175    188175   200200        200200     189800     189800

  TOTAL Imports         75060     75060    83000         79500      87000      87000

  TOTAL SUPPLY          263235    263235   283200        279700     276800     276800

  Domestic Fresh        165496    165496   159200        150820     166800     166800
  Consump                                                                      

  Exports, Fresh Only   97739     97739    124000        128880     110000     110000

  For Processing        0         0        0             0          0          0

  Withdrawal From       0         0        0             0          0          0
  Market                                                                       

  TOTAL UTILIZATION     263235    263235   283200        279700     276800     276800

                                                                               
  --------------------- --------- -------- ------------- ---------- ---------- --------

## Fruit Prices

+----------------+----------------+----------------+-----------------+
| **[Average     |                |                |                 |
| Monthly        |                |                |                 |
| Wholesale      |                |                |                 |
| Imported Grape |                |                |                 |
| Prices]        |                |                |                 |
| {.smallcaps}** |                |                |                 |
|                |                |                |                 |
| **[Globe       |                |                |                 |
| P              |                |                |                 |
| esos/kilogram] |                |                |                 |
| {.smallcaps}** |                |                |                 |
+----------------+----------------+----------------+-----------------+
| Month          | 2001           | 2002           | Change %        |
+----------------+----------------+----------------+-----------------+
| January        | 15.09          | 19.88          | 31.74           |
+----------------+----------------+----------------+-----------------+
| February       | 12.85          | 17.72          | 37.90           |
+----------------+----------------+----------------+-----------------+
| March          | 13.28          | 13.70          | 3.16            |
+----------------+----------------+----------------+-----------------+
| April          | 13.32          | 12.77          | (4.13)          |
+----------------+----------------+----------------+-----------------+
| May            | 13.31          | 12.22          | (8.19)          |
+----------------+----------------+----------------+-----------------+
| June           | 16.36          | 15.55          | (4.95)          |
+----------------+----------------+----------------+-----------------+
| July           | 14.73          | N/A            | N/A             |
+----------------+----------------+----------------+-----------------+
| August         | 15.92          | 18.33          | 15.14           |
+----------------+----------------+----------------+-----------------+
| September      | 14.44          | 15.00          | 3.88            |
+----------------+----------------+----------------+-----------------+
| October        | 15.56          | 14.59          | (6.23)          |
+----------------+----------------+----------------+-----------------+
| November       | 14.20          | 13.81          | (2.75)          |
+----------------+----------------+----------------+-----------------+
| December       | 16.60          | 17.78          | 7.11            |
+----------------+----------------+----------------+-----------------+
| CIF-Mexico     |                |                |                 |
| City           |                |                |                 |
+----------------+----------------+----------------+-----------------+

Source: Sevicio Nacional de Informacion de Mercados

2001 Exchange Rate Avg.: U.S.\$1.00 = 9.35 pesos

2002 Exchange Rate Avg.: U.S.\$1.00 = 9.82 pesos

+---------------+---------------+---------------+---------------------+
| [**Average    |               |               |                     |
| Monthly       |               |               |                     |
| Wholesale     |               |               |                     |
| Domestic      |               |               |                     |
| Grape         |               |               |                     |
| P**rices      |               |               |                     |
| ]{.smallcaps} |               |               |                     |
|               |               |               |                     |
| **[Perlette   |               |               |                     |
| Pes           |               |               |                     |
| os/kilogram]{ |               |               |                     |
| .smallcaps}** |               |               |                     |
+---------------+---------------+---------------+---------------------+
| Month         | 2001          | 2002          | Change %            |
+---------------+---------------+---------------+---------------------+
| January       |               |               |                     |
+---------------+---------------+---------------+---------------------+
| February      |               |               |                     |
+---------------+---------------+---------------+---------------------+
| March         |               |               |                     |
+---------------+---------------+---------------+---------------------+
| April         |               |               |                     |
+---------------+---------------+---------------+---------------------+
| May           |               |               |                     |
+---------------+---------------+---------------+---------------------+
| June          | 13.16         | 9.00          | (31.61)             |
+---------------+---------------+---------------+---------------------+
| July          | 7.92          | 8.75          | 10.48               |
+---------------+---------------+---------------+---------------------+
| August        | 6.94          | 8.87          | 27.81               |
+---------------+---------------+---------------+---------------------+
| September     |               |               |                     |
+---------------+---------------+---------------+---------------------+
| October       |               |               |                     |
+---------------+---------------+---------------+---------------------+
| November      |               |               |                     |
+---------------+---------------+---------------+---------------------+
| December      |               |               |                     |
+---------------+---------------+---------------+---------------------+
| CIF-Mexico    |               |               |                     |
| City          |               |               |                     |
+---------------+---------------+---------------+---------------------+

## 

Source: Sevicio Nacional de Informacion de Mercados

2001 Exchange Rate Avg.: U.S.\$1.00 = 9.35 pesos

2002 Exchange Rate Avg.: U.S.\$1.00 = 9.82 pesos

Shaded area indicates that prices for imported grapes were not
available.

+---------------+---------------+---------------+---------------------+
| **[Average    |               |               |                     |
| Monthly       |               |               |                     |
| Wholesale     |               |               |                     |
| Imported Pear |               |               |                     |
| Prices]{      |               |               |                     |
| .smallcaps}** |               |               |                     |
|               |               |               |                     |
| **[D'anjou    |               |               |                     |
| Pes           |               |               |                     |
| os/kilogram]{ |               |               |                     |
| .smallcaps}** |               |               |                     |
+---------------+---------------+---------------+---------------------+
| Month         | 2001          | 2002          | Change %            |
+---------------+---------------+---------------+---------------------+
| January       | 10.83         | 11.26         | 3.97                |
+---------------+---------------+---------------+---------------------+
| February      | 10.83         | 10.82         | (0.09)              |
+---------------+---------------+---------------+---------------------+
| March         | 11.38         | 11.11         | (2.37)              |
+---------------+---------------+---------------+---------------------+
| April         | 11.66         | 11.80         | 1.20                |
+---------------+---------------+---------------+---------------------+
| May           | 12.12         | 12.12         | 0.00                |
+---------------+---------------+---------------+---------------------+
| June          | 13.76         | 12.05         | (12.43)             |
+---------------+---------------+---------------+---------------------+
| July          | 15.37         | 13.64         | (11.26)             |
+---------------+---------------+---------------+---------------------+
| August        | 16.11         | 14.90         | (7.51)              |
+---------------+---------------+---------------+---------------------+
| September     |               |               |                     |
+---------------+---------------+---------------+---------------------+
| October       | 11.11         | 12.78         | 15.03               |
+---------------+---------------+---------------+---------------------+
| November      | 11.38         | 12.35         | 8.52                |
+---------------+---------------+---------------+---------------------+
| December      | 11.38         | 12.11         | 6.41                |
+---------------+---------------+---------------+---------------------+
| CIF-Mexico    |               |               |                     |
| City          |               |               |                     |
+---------------+---------------+---------------+---------------------+

Source: Sevicio Nacional de Informacion de Mercados

2001 Exchange Rate Avg.: U.S.\$1.00 = 9.35 pesos

2002 Exchange Rate Avg.: U.S.\$1.00 = 9.82 pesos

Shaded area indicates that prices for imported pears were not available.

## 

+---------------+---------------+---------------+---------------------+
| **[Average    |               |               |                     |
| Monthly       |               |               |                     |
| Wholesale     |               |               |                     |
| Imported      |               |               |                     |
| Apple         |               |               |                     |
| Prices]{      |               |               |                     |
| .smallcaps}** |               |               |                     |
|               |               |               |                     |
| **[Red        |               |               |                     |
| Delicious     |               |               |                     |
| Pes           |               |               |                     |
| os/kilogram]{ |               |               |                     |
| .smallcaps}** |               |               |                     |
+---------------+---------------+---------------+---------------------+
| Month         | 2001          | 2002          | Change %            |
+---------------+---------------+---------------+---------------------+
| January       |               |               |                     |
+---------------+---------------+---------------+---------------------+
| February      | 10.78         | 10.96         | 1.67                |
+---------------+---------------+---------------+---------------------+
| March         | 11.03         | 10.85         | (1.63)              |
+---------------+---------------+---------------+---------------------+
| April         | 11.28         | 11.77         | 4.34                |
+---------------+---------------+---------------+---------------------+
| May           | 11.90         | 13.61         | 14.37               |
+---------------+---------------+---------------+---------------------+
| June          | 11.78         | 12.38         | 5.09                |
+---------------+---------------+---------------+---------------------+
| July          | 11.37         | 13.11         | 15.30               |
+---------------+---------------+---------------+---------------------+
| August        | 11.57         | 13.16         | 13.74               |
+---------------+---------------+---------------+---------------------+
| September     | 11.25         | 13.33         | 18.49               |
+---------------+---------------+---------------+---------------------+
| October       | 11.30         |               |                     |
+---------------+---------------+---------------+---------------------+
| November      | 12.12         |               |                     |
+---------------+---------------+---------------+---------------------+
| December      | 11.00         |               |                     |
+---------------+---------------+---------------+---------------------+
| CIF-Mexico    |               |               |                     |
| City          |               |               |                     |
+---------------+---------------+---------------+---------------------+

Source: Sevicio Nacional de Informacion de Mercados

2001 Exchange Rate Avg.: U.S.\$1.00 = 9.35 pesos

2002 Exchange Rate Avg.: U.S.\$1.00 = 9.82 pesos

Shaded area indicates that prices for imported prices were not
available.

+--------------+---------------+---------------+----------------------+
| **[Average   |               |               |                      |
| Monthly      |               |               |                      |
| Wholesale    |               |               |                      |
| Domestic     |               |               |                      |
| Apple        |               |               |                      |
| Prices]{.    |               |               |                      |
| smallcaps}** |               |               |                      |
|              |               |               |                      |
| **[Red       |               |               |                      |
| Delicious    |               |               |                      |
| Pesos        |               |               |                      |
| /kilogram]{. |               |               |                      |
| smallcaps}** |               |               |                      |
+--------------+---------------+---------------+----------------------+
| Month        | 2001          | 2002          | Change %             |
+--------------+---------------+---------------+----------------------+
| January      | 10.14         | 9.13          | (9.96)               |
+--------------+---------------+---------------+----------------------+
| February     | 7.50          | 8.96          | 19.47                |
+--------------+---------------+---------------+----------------------+
| March        | 7.00          |               |                      |
+--------------+---------------+---------------+----------------------+
| April        | 7.28          |               |                      |
+--------------+---------------+---------------+----------------------+
| May          |               |               |                      |
+--------------+---------------+---------------+----------------------+
| June         |               |               |                      |
+--------------+---------------+---------------+----------------------+
| July         |               |               |                      |
+--------------+---------------+---------------+----------------------+
| August       |               |               |                      |
+--------------+---------------+---------------+----------------------+
| September    | 9.50          | 11.93         | 25.58                |
+--------------+---------------+---------------+----------------------+
| October      | 9.50          | 11.66         | 22.74                |
+--------------+---------------+---------------+----------------------+
| November     | 10.00         | 10.55         | 5.50                 |
+--------------+---------------+---------------+----------------------+
| December     | 9.50          | 11.00         | 15.79                |
+--------------+---------------+---------------+----------------------+
| CIF-Mexico   |               |               |                      |
| City         |               |               |                      |
+--------------+---------------+---------------+----------------------+

Source: Sevicio Nacional de Informacion de Mercados

2001 Exchange Rate Avg.: U.S.\$1.00 = 9.35 pesos

2002 Exchange Rate Avg.: U.S.\$1.00 = 9.82 pesos

Shaded area indicates that prices for imported prices were not
available.

## Monthly Exchange Rates

  -------------------------- -------------- -------------- --------------
  Month                      2000           2001           2002

  January                    9.02           9.76           9.16

  February                   9.43           9.70           9.10

  March                      9.28           9.60           9.07

  April                      9.37           9.33           9.14

  May                        9.50           9.14           9.49

  June                       9.81           9.09           9.75

  July                       9.43           9.15           9.79

  August                     9.27           9.12           9.83

  September                  9.33           9.40           10.05

  October                    9.52           9.45           10.09

  November                   9.50           9.25           10.19

  December                   9.44           9.16           10.21

  **Annual Avg.**            **9.40**       **9.35**       **9.82**
  -------------------------- -------------- -------------- --------------