Voluntary Report - public distribution

**Date:** 12/7/2004

**GAIN Report Number:** PO5001

PO5001

**Portugal**

**Oilseeds and Products**

**Voluntary**

**2004**

**Approved by:**

![](media/image1.wmf)Stephen Hammond

U.S. Embassy

**Prepared by:**

Leonor Ramos

**Report Highlights:**

Without this new potential outlet for soybean oil derived from
genetically modified (GMO) soybeans, U.S. export potential to Portugal
was due to diminish further, because of local resistance to GMO labeling
of food products. (LR40SH3)

Includes PSD Changes: No

Includes Trade Matrix: No

Unscheduled Report

Madrid \[SP1\]

\[PO\]

**[TABLE OF CONTENTS]{.underline}**

[**Executive Summary 3**](#executive-summary)

[Commodity Name: Oilseed, Soybeans 4](#commodity-name-oilseed-soybeans)

[Production, Supply & Distribution Table
4](#production-supply-distribution-table)

[Trade Matrix 6](#trade-matrix)

[Commodity Name: Oilseed, Sunflowerseed
7](#commodity-name-oilseed-sunflowerseed)

[Production, Supply & Distribution Table
7](#production-supply-distribution-table-1)

[Trade Matrix 8](#trade-matrix-1)

[Commodity Name: Meal, Soybean 9](#commodity-name-meal-soybean)

[Production, Supply & Distribution Table
9](#production-supply-distribution-table-2)

[Trade Matrix 10](#trade-matrix-2)

[Commodity Name: Meal, Sunflowerseed
11](#commodity-name-meal-sunflowerseed)

[Production, Supply & Distribution Table
11](#production-supply-distribution-table-3)

[Trade Matrix 12](#trade-matrix-3)

[Commodity Name: Oil, Soybean 13](#commodity-name-oil-soybean)

[Production, Supply & Distribution Table
13](#production-supply-distribution-table-4)

[Trade Matrix 14](#trade-matrix-4)

[Commodity Name: Oil, Sunflowerseed
15](#commodity-name-oil-sunflowerseed)

[Production, Supply & Distribution Table
15](#production-supply-distribution-table-5)

[Trade Matrix 16](#trade-matrix-5)

[Commodity Name: Oil, Olive 17](#commodity-name-oil-olive)

[Production, Supply & Distribution Table
17](#production-supply-distribution-table-6)

[Trade Matrix 18](#trade-matrix-6)

# Executive Summary

Portugal's medium-to-long-term potential demand for soybeans will likely
expand due to implementation of the European Union's directive
2003/30/CE regarding required use of bio-fuels. In addition, this
additional non-food outlet for GMO oil produced at crushing may increase
the potential for U.S. exports to the Portuguese market. Local
authorities are finalizing the implementing regulations that will be
transposed into national law.

A local investor has already announced that he will start building
Portugal's first bio-fuel plant shortly, with the goal of starting
production before the end of CY-2005. The investor is well positioned as
he already owns an oilseed crushing plant, a feed mill, and is a
feed-ingredients trader. Margins permitting, the plant will use up to
550,000 metric tons of soybeans per year in the production of bio-fuels.
The plant will be able to produce about 100,000 Mt of bio-fuels per
year, in addition to 8,000 Mt of glycerin for export.

During 2004/05, FAS/Lisbon expects soybean imports to recover, if
international soybean prices fall because of the record 2005 Brazilian
harvest, and freight rates decline. We forecast Portuguese 2004/05
soybean imports may be up by six percent or more relative to 2003/04
levels, to at least 880,000 Mt. U.S. share, however, may tend lower if
U.S. prices vis-à-vis South American don't improve. The U.S. share of
the Portuguese market has dropped from about 50 percent in 2002/03 to
about 25 percent.

The implementation of the EU traceability and labeling regulation in
April 2004 may have a negative near-term trade effect for food-use
soybeans and products. The local food industry has generally adopted the
policy of using "GMO-free" soybeans in order to avoid "contains GMO"
labels. Continued soybean without labeling use since April 2004, has
been facilitated by crushing South American soybeans with
IP-certificates, which, according to trade sources, were easily
obtainable at lower prices than U.S. soybeans containing GMOs. However,
whenever IP soybeans from South America are not available, the food
industry will likely substitute rather than use GMO beans.

# Commodity Name: Oilseed, Soybeans

## Production, Supply & Distribution Table

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

  **Country**           **Portugal**                                               

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

                        2002           Revised    2003       Estimate   2004       Forecast

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

  **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      74             74         50         52         55         55

  Production            0              0          0          0          0          0

  MY Imports            972            975        904        830        854        880

  MY Imp. from U.S.     473            473        220        220        235        235

  MY Imp. from the EC   3              5          4          35         4          40

  TOTAL SUPPLY          1046           1049       954        882        909        935

  MY Exports            11             12         6          4          7          4

  MY Exp. to the EC     5              6          6          4          7          4

  Crush Dom.            875            875        803        718        772        780
  Consumption                                                                      

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

  Feed,Seed,Waste       110            110        90         105        80         100
  Dm.Cn.                                                                           

  TOTAL Dom.            985            985        893        823        852        880
  Consumption                                                                      

  Ending Stocks         50             52         55         55         50         51

  TOTAL DISTRIBUTION    1046           1049       954        882        909        935
  --------------------- -------------- ---------- ---------- ---------- ---------- ----------

Use:

We expect 2003/04 soybean imports to be down some 15% relative to
2002/03 levels, to estimated 830,000 Mt, due to deteriorated crushing
margins.

Imports:

Portugal: Total Soybean Imports

  ----------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
  **Year:**   **1998/99**   **1999/00**   **2000/01**   **2001/02**   **2002/03**   **2003/04**   **2004/05**

  From US     155,395       309,620       209,888       460,398       472,962       220,000       235,000

  Other       380,771       312,455       699,184       749,323       501,734       610,000       645,000

  Total       536,166       622,075       909,072       1,209,721     974,696       830,000       880,000
  ----------- ------------- ------------- ------------- ------------- ------------- ------------- -------------

Policy:

This EU bio-fuel directive requires all EU members to incorporate at
least two percent bio-fuels in gasoline and diesel used in public
transportation by December 31, 2005, increasing to 5.75 percent by the
end of 2010. In its national regulation, the GOP will institute a tax
break for bio-fuels with certain specifications that facilitate use of
soybean oil as raw material. The energy tax break will be allocated on a
case-by-case basis over a six-years, renewable for up to 12 years.

## Trade Matrix

  --------------- ---------- ------------- ---------- ------------- ----------
  **Import Trade                                                    
  Matrix**                                                          

  **Country**     Portugal                                          

  **Commodity**   Oilseed,                            **Units:**    Metric
                  Soybean                                           Tons

  Time Period     Oct/Sep                  Oct/Aug                  Oct/Sep

  Imports for:    2002                     **2003**                 **2004**

  U.S.            472962     U.S.          202752     U.S.          235000

  Others                     Others                   Others        

  EU              5476       EU            33640      EU            40000

  Brazil          451649     Brazil        481466     Brazil        556000

  Paraguay        16876      Uruguay       23009      Uruguay       27000

  Argentina       16420      Argentina     18718      Argentina     22000

  Uruguay         11268                                             

                                                                    

                                                                    

                                                                    

                                                                    

                                                                    

  Total for       501689                   556833                   645000
  Others                                                            

  Others not      45                       24                       0
  Listed                                                            

  Grand Total     974696                   759609                   880000
  --------------- ---------- ------------- ---------- ------------- ----------

+--------------+-------+--------------+-------+-------------+-------+
| Export Trade |       |              |       |             |       |
| Matrix       |       |              |       |             |       |
+--------------+-------+--------------+-------+-------------+-------+
| **Country**  | #     |              |       |             |       |
|              | ##### |              |       |             |       |
|              | # Por |              |       |             |       |
|              | tugal |              |       |             |       |
+--------------+-------+--------------+-------+-------------+-------+
| *            | Oil   |              |       | **Units:**  | M     |
| *Commodity** | seed, |              |       |             | etric |
|              | So    |              |       |             | Tons  |
|              | ybean |              |       |             |       |
+--------------+-------+--------------+-------+-------------+-------+
| Time Period  | Oc    |              | Oc    |             | Oc    |
|              | t/Sep |              | t/Aug |             | t/Sep |
+--------------+-------+--------------+-------+-------------+-------+
| Exports for: | 2002  |              | **2   |             | **2   |
|              |       |              | 003** |             | 004** |
+--------------+-------+--------------+-------+-------------+-------+
| U.S.         | 0     | U.S.         | 0     | U.S.        | 0     |
+--------------+-------+--------------+-------+-------------+-------+
| Others       |       | Others       |       | Others      |       |
+--------------+-------+--------------+-------+-------------+-------+
| Spain        | 5777  | Spain        | 3403  | Spain       | 3950  |
+--------------+-------+--------------+-------+-------------+-------+
| Morocco      | 5880  | Cape Verde   | 30    |             |       |
+--------------+-------+--------------+-------+-------------+-------+
| Angola       | 1     | S. Tome &    | 10    |             |       |
|              |       | Prince       |       |             |       |
+--------------+-------+--------------+-------+-------------+-------+
|              |       | Angola       | 6     |             |       |
+--------------+-------+--------------+-------+-------------+-------+
|              |       |              |       |             |       |
+--------------+-------+--------------+-------+-------------+-------+
|              |       |              |       |             |       |
+--------------+-------+--------------+-------+-------------+-------+
|              |       |              |       |             |       |
+--------------+-------+--------------+-------+-------------+-------+
|              |       |              |       |             |       |
+--------------+-------+--------------+-------+-------------+-------+
|              |       |              |       |             |       |
+--------------+-------+--------------+-------+-------------+-------+
|              |       |              |       |             |       |
+--------------+-------+--------------+-------+-------------+-------+
| Total for    | 11658 |              | 3449  |             | 3950  |
| Others       |       |              |       |             |       |
+--------------+-------+--------------+-------+-------------+-------+
| Others not   | 0     |              | 0     |             | 50    |
| Listed       |       |              |       |             |       |
+--------------+-------+--------------+-------+-------------+-------+
| Grand Total  | 11658 |              | 3449  |             | 4000  |
+--------------+-------+--------------+-------+-------------+-------+

# Commodity Name: Oilseed, Sunflowerseed

## Production, Supply & Distribution Table

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

  **Country**          **Portugal**                                                  

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

                       2002              Revised    2003       Estimate   2004       Forecast

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

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

  Area Planted         38                38         38         38         38         36

  Area Harvested       38                38         38         38         38         36

  Beginning Stocks     32                32         45         40         45         40

  Production           21                21         18         18         20         17

  MY Imports           287               219        290        245        290        260

  MY Imp. from U.S.    0                 0          0          5          0          5

  MY Imp. from the EC  67                66         40         20         30         21

  TOTAL SUPPLY         340               272        353        303        355        317

  MY Exports           3                 3          3          14         3          15

  MY Exp. to the EC    3                 3          3          14         3          15

  Crush Dom.           252               178        260        203        262        216
  Consumption                                                                        

  Food Use Dom.        10                1          10         1          10         1
  Consump.                                                                           

  Feed,Seed,Waste      30                50         35         45         35         45
  Dm.Cn.                                                                             

  TOTAL Dom.           292               229        305        249        307        262
  Consumption                                                                        

  Ending Stocks        45                40         45         40         45         40

  TOTAL DISTRIBUTION   340               272        353        303        355        317
  -------------------- ----------------- ---------- ---------- ---------- ---------- ----------

Portugal: Total Sunflowerseed Imports

  ----------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
  **Year:**   **1998/99**   **1999/00**   **2000/01**   **2001/02**   **2002/03**   **2003/04**   **2004/05**

  From US     15            0             102           14,345        264           5,000         5,000

  Other       240,899       260,935       210,835       114,176       219,068       240000        255,000

  Total       240,914       260,935       212,937       128,521       219,332       245,000       260,000
  ----------- ------------- ------------- ------------- ------------- ------------- ------------- -------------

## Trade Matrix

  --------------- --------------- ------------- ---------- --------------- ----------
  Import Trade                                                             
  Matrix                                                                   

  **Country**     Portugal                                                 

  **Commodity**   Oilseed,                                 **Units:**      Metric
                  Sunflowerseed                                            Tons

  Time Period     Oct/Sep                       Oct/Aug                    Oct/Sep

  Imports for:    2002                          **2003**                   **2004**

  U.S.            264             U.S.          4640       U.S.            5000

  Others                          Others                   Others          

  France          55375           France        9815       France          11400

  Other EU        10539           Other EU      8902       Other EU        10300

  Bulgaria        54540           Romania       76812      Romania         90000

  Uruguay         32824           Ukraine       74668      Ukraine         88000

  Ukraine         30307           Argentina     22061      Argentina       23000

  Argentina       21687           Uruguay       21136      Uruguay         24500

  Romania         13337           Bulgaria      5824       Bulgaria        6000

  Egypt           377             Egypt         475                        

                                                                           

                                                                           

  Total for       218986                        219693                     253200
  Others                                                                   

  Others not      82                            94                         1800
  Listed                                                                   

  Grand Total     219332                        224427                     260000
  --------------- --------------- ------------- ---------- --------------- ----------

+-------------+--------+-------------+-------+-------------+---------+
| Export      |        |             |       |             |         |
| Trade       |        |             |       |             |         |
| Matrix      |        |             |       |             |         |
+-------------+--------+-------------+-------+-------------+---------+
| **Country** | Po     |             |       |             |         |
|             | rtugal |             |       |             |         |
+-------------+--------+-------------+-------+-------------+---------+
| **          | ###### |             |       | **Units:**  | Metric  |
| Commodity** | # Oils |             |       |             | Tons    |
|             | eed, S |             |       |             |         |
|             | unflow |             |       |             |         |
|             | erseed |             |       |             |         |
+-------------+--------+-------------+-------+-------------+---------+
| Time Period | O      |             | Oc    |             | Oct/Sep |
|             | ct/Sep |             | t/Aug |             |         |
+-------------+--------+-------------+-------+-------------+---------+
| Exports     | 2002   |             | **2   |             | *       |
| for:        |        |             | 003** |             | *2004** |
+-------------+--------+-------------+-------+-------------+---------+
| U.S.        | 0      | U.S.        | 0     | U.S.        | 0       |
+-------------+--------+-------------+-------+-------------+---------+
| Others      |        | Others      |       | Others      |         |
+-------------+--------+-------------+-------+-------------+---------+
| Spain       | 2772   | U.K.        | 7240  | EU          | 15000   |
+-------------+--------+-------------+-------+-------------+---------+
|             |        | Spain       | 2784  |             |         |
+-------------+--------+-------------+-------+-------------+---------+
|             |        | Netherlands | 2585  |             |         |
+-------------+--------+-------------+-------+-------------+---------+
|             |        | Cape Verde  | 1     |             |         |
+-------------+--------+-------------+-------+-------------+---------+
|             |        |             |       |             |         |
+-------------+--------+-------------+-------+-------------+---------+
|             |        |             |       |             |         |
+-------------+--------+-------------+-------+-------------+---------+
|             |        |             |       |             |         |
+-------------+--------+-------------+-------+-------------+---------+
|             |        |             |       |             |         |
+-------------+--------+-------------+-------+-------------+---------+
|             |        |             |       |             |         |
+-------------+--------+-------------+-------+-------------+---------+
|             |        |             |       |             |         |
+-------------+--------+-------------+-------+-------------+---------+
| Total for   | 2772   |             | 12610 |             | 15000   |
| Others      |        |             |       |             |         |
+-------------+--------+-------------+-------+-------------+---------+
| Others not  | 0      |             | 0     |             | 0       |
| Listed      |        |             |       |             |         |
+-------------+--------+-------------+-------+-------------+---------+
| Grand Total | 2772   |             | 12610 |             | 15000   |
+-------------+--------+-------------+-------+-------------+---------+

#  Commodity Name: Meal, Soybean

## Production, Supply & Distribution Table

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

  **Country**           **Portugal**                                                   

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

                        2002           Revised    2003       Estimate       2004       Forecast

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

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

  Crush                 875            875        803        718            772        780

  Extr. Rate, 999.9999  0,7954         0,7954     0,7908     0,7953         0,7953     0,7949

  Beginning Stocks      71             71         61         61             55         65

  Production            696            696        635        571            614        620

  MY Imports            313            313        321        365            326        245

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

  MY Imp. from the EC   7              7          1          38             1          25

  TOTAL SUPPLY          1080           1080       1017       997            995        930

  MY Exports            181            192        128        107            113        60

  MY Exp. to the EC     169            180        115        102            100        57

  Industrial Dom.       0              0          0          0              0          0
  Consum                                                                               

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

  Feed Waste Dom.       838            827        834        825            832        820
  Consum                                                                               

  TOTAL Dom.            838            827        834        825            832        820
  Consumption                                                                          

  Ending Stocks         61             61         55         65             50         50

  TOTAL DISTRIBUTION    1080           1080       1017       997            995        930
  --------------------- -------------- ---------- ---------- -------------- ---------- ----------

Local feed is presently being labeled GMO under instructions from the
feed compounders industry association. Levels of soybean oil use in feed
have remained mostly stable during CY-2004, in spite of a slowing down
in the livestock sector.

Portugal: Total Soybean Meal Imports

  ----------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
  **Year:**   **1998/99**   **1999/00**   **2000/01**   **2001/02**   **2002/03**   **2003/04**   **2004/05**

  From US     4,330         0             0             0             0             0             0

  Other       611,596       427,164       279,988       200,068       313,452       365,000       245,000

  Total       615,926       427,164       279,988       200,068       313,452       365,000       245,000
  ----------- ------------- ------------- ------------- ------------- ------------- ------------- -------------

## Trade Matrix

  --------------- ---------- ------------ ---------- ------------- -----------
  Import Trade                                                     
  Matrix                                                           

  **Country**     Portugal                                         

  **Commodity**   Meal,                              **Units:**    Metric Tons
                  Soybean                                          

  Time Period     Oct/Sep                 Oct/Aug                  Oct/Sep

  Imports for:    2002                    **2003**                 **2004**

  U.S.            0          U.S.         0          U.S.          0

  Others                     Others                  Others        

  EU              7000       EU           35339      EU            25000

  Argentina       276254     Argentina    229283     Argentina     170000

  Brazil          30198      Brazil       68865      Brazil        50000

                                                                   

                                                                   

                                                                   

                                                                   

                                                                   

                                                                   

                                                                   

  Total for       313452                  333487                   245000
  Others                                                           

  Others not      0                       0                        0
  Listed                                                           

  Grand Total     313452                  333487                   245000
  --------------- ---------- ------------ ---------- ------------- -----------

+--------------+--------+------------+--------+------------+----------+
| Export Trade |        |            |        |            |          |
| Matrix       |        |            |        |            |          |
+--------------+--------+------------+--------+------------+----------+
| **Country**  | Po     |            |        |            |          |
|              | rtugal |            |        |            |          |
+--------------+--------+------------+--------+------------+----------+
| *            | ###    |            |        | **Units:** | Metric   |
| *Commodity** | #### M |            |        |            | Tons     |
|              | eal, S |            |        |            |          |
|              | oybean |            |        |            |          |
+--------------+--------+------------+--------+------------+----------+
| Time Period  | O      |            | O      |            | Oct/Sep  |
|              | ct/Sep |            | ct/Aug |            |          |
+--------------+--------+------------+--------+------------+----------+
| Exports for: | 2002   |            | **     |            | **2004** |
|              |        |            | 2003** |            |          |
+--------------+--------+------------+--------+------------+----------+
| U.S.         | 0      | U.S.       | 0      | U.S.       | 0        |
+--------------+--------+------------+--------+------------+----------+
| Others       |        | Others     |        | Others     |          |
+--------------+--------+------------+--------+------------+----------+
| Spain        | 180342 | Spain      | 93927  | Spain      | 57000    |
+--------------+--------+------------+--------+------------+----------+
| Algeria      | 9153   | Algeria    | 2457   |            |          |
+--------------+--------+------------+--------+------------+----------+
| Cape Verde   | 1467   | Cape Verde | 1419   |            |          |
+--------------+--------+------------+--------+------------+----------+
| Angola       | 1070   | Angola     | 425    |            |          |
+--------------+--------+------------+--------+------------+----------+
| Australia    | 38     |            |        |            |          |
+--------------+--------+------------+--------+------------+----------+
|              |        |            |        |            |          |
+--------------+--------+------------+--------+------------+----------+
|              |        |            |        |            |          |
+--------------+--------+------------+--------+------------+----------+
|              |        |            |        |            |          |
+--------------+--------+------------+--------+------------+----------+
|              |        |            |        |            |          |
+--------------+--------+------------+--------+------------+----------+
|              |        |            |        |            |          |
+--------------+--------+------------+--------+------------+----------+
| Total for    | 192070 |            | 98228  |            | 57000    |
| Others       |        |            |        |            |          |
+--------------+--------+------------+--------+------------+----------+
| Others not   | 0      |            | 0      |            | 3000     |
| Listed       |        |            |        |            |          |
+--------------+--------+------------+--------+------------+----------+
| Grand Total  | 192070 |            | 98228  |            | 60000    |
+--------------+--------+------------+--------+------------+----------+

# Commodity Name: Meal, Sunflowerseed

## Production, Supply & Distribution Table

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

  **Country**           **Portugal**                                                      

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

                        2002              Revised    2003       Estimate   2004           Forecast

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

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

  Crush                 252               178        260        203        262            216

  Extr. Rate, 999.9999  0,5516            0,5506     0,5577     0,5517     0,5458         0,5509

  Beginning Stocks      5                 5          3          3          5              3

  Production            139               98         145        112        143            119

  MY Imports            5                 7          1          3          1              3

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

  MY Imp. from the EC   1                 4          1          3          1              3

  TOTAL SUPPLY          149               110        149        118        149            125

  MY Exports            0                 0          1          1          1              1

  MY Exp. to the EC     0                 0          1          1          1              1

  Industrial Dom.       0                 0          0          0          0              0
  Consum                                                                                  

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

  Feed Waste Dom.       146               107        143        114        143            118
  Consum                                                                                  

  TOTAL Dom.            146               107        143        114        143            118
  Consumption                                                                             

  Ending Stocks         3                 3          5          3          5              6

  TOTAL DISTRIBUTION    149               110        149        118        149            125
  --------------------- ----------------- ---------- ---------- ---------- -------------- ----------

Portugal: Total Sunflowerseed Meal Imports

  ----------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
  **Year:**   **1998/99**   **1999/00**   **2000/01**   **2001/02**   **2002/03**   **2003/04**   **2004/05**

  From US     0             0             0             0             0             0             0

  Other       58,630        36,523        16,774        10,236        6,875         3,000         3,000

  Total       58,630        36,523        16,774        10,236        6,875         3,000         3,000
  ----------- ------------- ------------- ------------- ------------- ------------- ------------- -------------

## Trade Matrix

  --------------- --------------- ------------- ---------- -------------- ----------
  Import Trade                                                            
  Matrix                                                                  

  **Country**     Portugal                                                

  **Commodity**   Meal,                                    **Units:**     Metric
                  Sunflowerseed                                           Tons

  Time Period     Oct/Sep                       Oct/Aug                   Oct/Sep

  Imports for:    2002                          **2003**                  **2004**

  U.S.            0               U.S.          0          U.S.           0

  Others                          Others                   Others         

  U.K.            2045            Spain         3073       EU             3000

  Spain           678                                                     

  Argentina       4152                                                    

                                                                          

                                                                          

                                                                          

                                                                          

                                                                          

                                                                          

                                                                          

  Total for       6875                          3073                      3000
  Others                                                                  

  Others not      0                             0                         0
  Listed                                                                  

  Grand Total     6875                          3073                      3000
  --------------- --------------- ------------- ---------- -------------- ----------

  --------------- --------------- ------------- ---------- --------------- ----------
  Export Trade                                                             
  Matrix                                                                   

  **Country**     Portugal                                                 

  **Commodity**   Meal,                                    **Units:**      Metric
                  Sunflowerseed                                            Tons

  Time Period     Oct/Sep                       Oct/Aug                    Oct/Sep

  Exports for:    2002                          **2003**                   **2004**

  U.S.            0               U.S.          0          U.S.            0

  Others                          Others                   Others          

  Cape Verde      99              Spain         815        EU              1000

  Angola          9               Cape Verde    92                         

                                                                           

                                                                           

                                                                           

                                                                           

                                                                           

                                                                           

                                                                           

                                                                           

  Total for       108                           907                        1000
  Others                                                                   

  Others not      0                             0                          0
  Listed                                                                   

  Grand Total     108                           907                        1000
  --------------- --------------- ------------- ---------- --------------- ----------

#  Commodity Name: Oil, Soybean

## Production, Supply & Distribution Table

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

  **Country**           **Portugal**                                                   

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

                        2002           Revised    2003       Estimate   2004           Forecast

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

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

  Crush                 875            875        803        718        772            780

  Extr. Rate, 999.9999  0,1783         0,1783     0,1781     0,1783     0,1775         0,1782

  Beginning Stocks      9              9          8          7          8              4

  Production            156            156        143        128        137            139

  MY Imports            11             11         12         10         12             8

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

  MY Imp. from the EC   11             11         12         10         12             8

  TOTAL SUPPLY          176            176        163        145        157            151

  MY Exports            91             91         80         66         76             74

  MY Exp. to the EC     9              9          10         5          10             5

  Industrial Dom.       0              0          0          0          0              0
  Consum                                                                               

  Food Use Dom.         67             62         65         60         63             58
  Consump.                                                                             

  Feed Waste Dom.       10             16         10         15         10             15
  Consum                                                                               

  TOTAL Dom.            77             78         75         75         73             73
  Consumption                                                                          

  Ending Stocks         8              7          8          4          8              4

  TOTAL DISTRIBUTION    176            176        163        145        157            151
  --------------------- -------------- ---------- ---------- ---------- -------------- ----------

Total soybean oil use in food will continue to decline (three percent
last year), as multinationals operating locally replace soybean with
other vegetable oils when IP-certified soybeans are difficult to import.
According to our sources, this could lead to a reduction in soybean oil
demand by as much as 10 to 15 Mt during 2004/05. This drop will be
largely offset by a recovery in bottled oil sales, enabled by lower
soybean prices. Local trade sources believe that the share of soybean
oil sold at retail with the "contains GMO" label will increase, because
during the winter months the local soybean industry must use U.S.
soybeans, but cannot afford U.S. IP-certificated seeds. Consumer
reaction to GMO labels will help determine the demand for GMO-soybeans.

Portugal: Total Soybean Oil Imports

  ----------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
  **Year:**   **1998/99**   **1999/00**   **2000/01**   **2001/02**   **2002/03**   **2003/04**   **2004/05**

  From US     0             17            0             0             0             0             0

  Other       26,530        9,826         7,380         12,402        11,029        10,000        8,000

  Total       26,530        9,843         7,380         12,402        11,029        10,000        8,000
  ----------- ------------- ------------- ------------- ------------- ------------- ------------- -------------

## Trade Matrix

+-------------+--------+------------+-------+--------------+---------+
| ######      |        |            |       |              |         |
| ## Import T |        |            |       |              |         |
| rade Matrix |        |            |       |              |         |
+-------------+--------+------------+-------+--------------+---------+
| **Country** | Po     |            |       |              |         |
|             | rtugal |            |       |              |         |
+-------------+--------+------------+-------+--------------+---------+
| **          | Oil,   |            |       | **Units:**   | Metric  |
| Commodity** | S      |            |       |              | Tons    |
|             | oybean |            |       |              |         |
+-------------+--------+------------+-------+--------------+---------+
| Time Period | O      |            | Oc    |              | Oct/Sep |
|             | ct/Sep |            | t/Aug |              |         |
+-------------+--------+------------+-------+--------------+---------+
| Imports     | 2002   |            | **2   |              | *       |
| for:        |        |            | 003** |              | *2004** |
+-------------+--------+------------+-------+--------------+---------+
| U.S.        | 0      | U.S.       | 0     | U.S.         | 0       |
+-------------+--------+------------+-------+--------------+---------+
| Others      |        | Others     |       | Others       |         |
+-------------+--------+------------+-------+--------------+---------+
| Spain       | 11025  | Spain      | 9349  | Spain        | 8000    |
+-------------+--------+------------+-------+--------------+---------+
| Malaysia    | 4      |            |       |              |         |
+-------------+--------+------------+-------+--------------+---------+
|             |        |            |       |              |         |
+-------------+--------+------------+-------+--------------+---------+
|             |        |            |       |              |         |
+-------------+--------+------------+-------+--------------+---------+
|             |        |            |       |              |         |
+-------------+--------+------------+-------+--------------+---------+
|             |        |            |       |              |         |
+-------------+--------+------------+-------+--------------+---------+
|             |        |            |       |              |         |
+-------------+--------+------------+-------+--------------+---------+
|             |        |            |       |              |         |
+-------------+--------+------------+-------+--------------+---------+
|             |        |            |       |              |         |
+-------------+--------+------------+-------+--------------+---------+
|             |        |            |       |              |         |
+-------------+--------+------------+-------+--------------+---------+
| Total for   | 11029  |            | 9349  |              | 8000    |
| Others      |        |            |       |              |         |
+-------------+--------+------------+-------+--------------+---------+
| Others not  | 0      |            | 0     |              | 0       |
| Listed      |        |            |       |              |         |
+-------------+--------+------------+-------+--------------+---------+
| Grand Total | 11029  |            | 9349  |              | 8000    |
+-------------+--------+------------+-------+--------------+---------+

  --------------- ---------- ------------ ---------- -------------- ----------
  **Export Trade                                                    
  Matrix**                                                          

  **Country**     Portugal                                          

  **Commodity**   Oil,                               **Units:**     Metric
                  Soybean                                           Tons

  Time Period     Oct/Sep                 Oct/Aug                   Oct/Sep

  Exports for:    2002                    **2003**                  **2004**

  U.S.            7          U.S.         0          U.S.           0

  Others                     Others                  Others         

  Spain           3489       Spain        4032       Spain          5000

  Other EU        5553       Other EU     0          Angola         23500

  Angola          17869      Angola       19020      Turkey         14000

  Tunisia         14684      Turkey       11311      Cape Verde     6700

  Turkey          12010      Cape Verde   5197       Tunisia        6200

  Morocco         10897      Tunisia      5081       Morocco        5000

  Senegal         7500       Morocco      4100       Algeria        3700

  Algeria         6472       Algeria      3007       Senegal        3600

  Cape Verde      4856       Senegal      3007       Georgia        3500

  India           3009       Georgia      2932                      

  Total for       86339                   57687                     71200
  Others                                                            

  Others not      4256                    2853                      2800
  Listed                                                            

  Grand Total     90602                   60540                     74000
  --------------- ---------- ------------ ---------- -------------- ----------

# Commodity Name: Oil, Sunflowerseed

## Production, Supply & Distribution Table

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

  **Country**          **Portugal**                                                    

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

                       2002            Revised    2003       Estimate   2004           Forecast

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

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

  Crush                252             178        260        203        262            216

  Extr. Rate, 999.9999 0,3810          0,3820     0,3808     0,3793     0,3817         0,3796

  Beginning Stocks     4               4          4          4          4              2

  Production           96              68         99         77         100            82

  MY Imports           31              33         29         31         30             30

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

  MY Imp. from the EC  16              25         15         31         15             30

  TOTAL SUPPLY         131             105        132        112        134            114

  MY Exports           16              15         15         22         15             22

  MY Exp. to the EC    16              15         15         22         15             22

  Industrial Dom.      0               0          0          0          0              0
  Consum                                                                               

  Food Use Dom.        111             86         113        88         115            90
  Consump.                                                                             

  Feed Waste Dom.      0               0          0          0          0              0
  Consum                                                                               

  TOTAL Dom.           111             86         113        88         115            90
  Consumption                                                                          

  Ending Stocks        4               4          4          2          0              2

  TOTAL DISTRIBUTION   131             105        132        112        130            114
  -------------------- --------------- ---------- ---------- ---------- -------------- ----------

Portugal: Total Sunflowerseed Oil Imports

  ----------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
  **Year:**   **1998/99**   **1999/00**   **2000/01**   **2001/02**   **2002/03**   **2003/04**   **2004/05**

  From US     0             0             0             0             0             0             0

  Other       51,391        41,870        35,837        32,774        32,548        31,000        30,000

  Total       51,391        41,870        35,837        32,774        32,548        31,000        30,000
  ----------- ------------- ------------- ------------- ------------- ------------- ------------- -------------

## Trade Matrix

  --------------- --------------- -------------- ---------- -------------- ----------
  Import Trade                                                             
  Matrix                                                                   

  **Country**     Portugal                                                 

  **Commodity**   Oil,                                      **Units:**     Metric
                  Sunflowerseed                                            Tons

  Time Period     Oct/Sep                        Oct/Aug                   Oct/Sep

  Imports for:    2002                           **2003**                  **2004**

  U.S.            0               U.S.           0          U.S.           0

  Others                          Others                    Others         

  Spain           24928           Spain          27936      EU             30000

  Other EU        397             Other EU       398                       

  Ukraine         7223                                                     

                                                                           

                                                                           

                                                                           

                                                                           

                                                                           

                                                                           

                                                                           

  Total for       32548                          28334                     30000
  Others                                                                   

  Others not      0                              0                         0
  Listed                                                                   

  Grand Total     32548                          28334                     30000
  --------------- --------------- -------------- ---------- -------------- ----------

  --------------- --------------- -------------- ---------- -------------- ----------
  Export Trade                                                             
  Matrix                                                                   

  **Country**     Portugal                                                 

  **Commodity**   Oil,                                      **Units:**     Metric
                  Sunflowerseed                                            Tons

  Time Period     Oct/Sep                        Oct/Aug                   Oct/Sep

  Exports for:    2002                           **2003**                  **2004**

  U.S.            0               U.S.           20         U.S.           0

  Others                          Others                    Others         

  Spain           13673           Spain          18884      EU             22000

  Other EU        1148            Other EU       1637                      

  Angola          151             Angola         56                        

                                                                           

                                                                           

                                                                           

                                                                           

                                                                           

                                                                           

                                                                           

  Total for       14972                          20577                     22000
  Others                                                                   

  Others not      20                             52                        0
  Listed                                                                   

  Grand Total     14992                          20649                     22000
  --------------- --------------- -------------- ---------- -------------- ----------

#  Commodity Name: Oil, Olive

## Production, Supply & Distribution Table

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

  **Country**           Portugal                                                  

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

                        2003       Revised    2004          Estimate   2005       Forecast

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

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

  Area Planted          359        359        335           360        0          360

  Area Harvested        359        359        335           360        0          360

  Trees                 28100      28100      28100         28100      0          28100

  Beginning Stocks      0          0          0             0          0          0

  Production            32         29         40            33         0          34

  MY Imports            50         58         45            56         0          57

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

  MY Imp. from the EC   50         58         45            54         0          55

  TOTAL SUPPLY          82         87         85            89         0          91

  MY Exports            15         18         16            20         0          20

  MY Exp. to the EC     1          3          1             4          0          5

  Industrial Dom.       3          3          3             3          0          3
  Consum                                                                          

  Food Use Dom.         64         66         66            66         0          68
  Consump.                                                                        

  Feed Waste            0          0          0             0          0          0
  Consumption                                                                     

  TOTAL Dom.            67         69         69            69         0          71
  Consumption                                                                     

  Ending Stocks         0          0          0             0          0          0

  TOTAL DISTRIBUTION    82         87         85            89         0          91
  --------------------- ---------- ---------- ------------- ---------- ---------- ----------

**Portugal: Total Olive Oil Production (Mt)**

  ------------ ------------- ------------- ------------- ------------- ------------- ------------- -------------
  **Year:**    **1998/99**   **1999/00**   **2000/01**   **2001/02**   **2002/03**   **2003/04**   **2004/05**

  Area (Ha)    318,663       358,470       358,470       358,751       359,268       359,862       359,870

  Production   33,063        46,923        25,861        32,014        28,439        33,175        34,833
  ------------ ------------- ------------- ------------- ------------- ------------- ------------- -------------

###### Portugal: Total Olive Oil Imports

  ----------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
  **Year:**   **1998/99**   **1999/00**   **2000/01**   **2001/02**   **2002/03**   **2003/04**   **2004/05**

  From EU     37,397        34,349        51,754        47,354        57,778        54,620        55,600

  Other       5,895         2,417         1             16            296           1,380         1,400

  Total       43,292        36,766        51,775        47,370        58,074        56,000        57,000
  ----------- ------------- ------------- ------------- ------------- ------------- ------------- -------------

## Trade Matrix

+--------------+--------+------------+--------+-------------+--------+
| Import Trade |        |            |        |             |        |
| Matrix       |        |            |        |             |        |
+--------------+--------+------------+--------+-------------+--------+
| **Country**  | Po     |            |        |             |        |
|              | rtugal |            |        |             |        |
+--------------+--------+------------+--------+-------------+--------+
| *            | ###### |            |        | **Units:**  | Metric |
| *Commodity** | # Oil, |            |        |             | Tons   |
|              |  Olive |            |        |             |        |
+--------------+--------+------------+--------+-------------+--------+
| Time Period  | O      |            | O      |             | O      |
|              | ct/Sep |            | ct/Aug |             | ct/Sep |
+--------------+--------+------------+--------+-------------+--------+
| Imports for: | 2003   |            | **     |             | **     |
|              |        |            | 2004** |             | 2005** |
+--------------+--------+------------+--------+-------------+--------+
| U.S.         | 0      | U.S.       | 0      | U.S.        | 0      |
+--------------+--------+------------+--------+-------------+--------+
| Others       |        | Others     |        | Others      |        |
+--------------+--------+------------+--------+-------------+--------+
| Spain        | 56,546 | Spain      | 47,674 | Spain       | 55,000 |
+--------------+--------+------------+--------+-------------+--------+
| Other EU     | 1,322  | Other EU   | 12     | Other EU    | 10     |
+--------------+--------+------------+--------+-------------+--------+
| Turkey       | 166    | Tunisia    | 600    |             |        |
+--------------+--------+------------+--------+-------------+--------+
| Argentina    | 40     | Morocco    | 366    |             |        |
+--------------+--------+------------+--------+-------------+--------+
|              |        | Syria      | 151    |             |        |
+--------------+--------+------------+--------+-------------+--------+
|              |        | Argentina  | 40     |             |        |
+--------------+--------+------------+--------+-------------+--------+
|              |        | Turkey     | 30     |             |        |
+--------------+--------+------------+--------+-------------+--------+
|              |        |            |        |             |        |
+--------------+--------+------------+--------+-------------+--------+
|              |        |            |        |             |        |
+--------------+--------+------------+--------+-------------+--------+
|              |        |            |        |             |        |
+--------------+--------+------------+--------+-------------+--------+
| Total for    | 58,074 |            | 48,873 |             | 55,010 |
| Others       |        |            |        |             |        |
+--------------+--------+------------+--------+-------------+--------+
| Others not   | 0      |            | 16     |             | 1,990  |
| Listed       |        |            |        |             |        |
+--------------+--------+------------+--------+-------------+--------+
| Grand Total  | 58,074 |            | 48,889 |             | 57,000 |
+--------------+--------+------------+--------+-------------+--------+

  -------------- ---------- -------------- ---------- -------------- ----------
  Export Trade                                                       
  Matrix                                                             

  **Country**    Portugal                                            

  Commodity      Oil, Olive                           **Units:**     Metric
                                                                     Tons

  Time Period    Oct/Sep                   Oct/Aug                   Oct/Sep

  Exports for:   2003                      **2004**                  **2005**

  U.S.           1949       U.S.           1489       U.S.           1,400

  Others                    Others                    Others         

  Spain          2,280      Spain          3,051      Spain          4,000

  Other EU       680        Other EU       711        Other EU       1,000

  Brazil         10,141     Brazil         9,727      Brazil         10,500

  Venezuela      690        Venezuela      840        Venezuela      900

  Angola         596        Angola         687        Angola         700

  Cape Verde     540        Cape Verde     616        Cape Verde     650

  Canada         377        Canada         392        Canada         400

  South Africa   294        South Africa   168                       

  Mozambique     271        Mozambique     153                       

  Macau          58         Macau          65                        

  Total for      15,927                    16,410                    18,150
  Others                                                             

  Others not     246                       270                       450
  Listed                                                             

  Grand Total    18,122                    18,169                    20,000
  -------------- ---------- -------------- ---------- -------------- ----------