OIL CROPS OUTLOOK January 14, 2002 January 2002, OCS-0102 Approved by the World Agricultural Outlook Board ------------------------------------------------------------------------------- OIL CROPS OUTLOOK is issued 11 times a year by the Economic Research Service, U.S. Department of Agriculture, Washington, DC 20036-5831. Electronic release only; no published copies are available. OIL CROPS OUTLOOK is supplemented by an annual OIL CROPS YEARBOOK. The yearbook summary for 2001 will be released on October XX, 2002. Yearbooks are available in print from USDA Order Desk. For the 2001 issue, call 1-800-999-6779 (703-605-6220) and ask for stock #ERS-OCS-2002, $21. -------------------------------------------------------------------------------- Big U.S., South American Crops Depress Soybean Prices In its Crop Production 2001 Summary report, the U.S. Department of Agriculture (USDA) reported a 2001 U.S. soybean crop estimate of 2,891 million bushels. Soybean production declined 32 million bushels from the previous estimate because of a downward revision in harvested acreage, from 74.1 million acres to 73.0 million. The 2001 harvest surpasses the previous 2000 record by 133 million bushels. The 2001 national average yield was 39.6 bushels per acre. Record U.S. soybean exports of 1,010 million bushels (up 10 million from the December forecast) are seen for 2001/02. U.S. sales have been particularly active to Indonesia, Canada, and the Middle East. Current export shipments are 77 million bushels ahead of last years pace, although the difference is expected to narrow by spring as trade begins to slow. A key variable for the U.S. export outlook will be China. Cumulative export shipments to China have caught up and passed last years pace, although current outstanding sales do not suggest much of a year-to-year increase. Outstanding soybean sales to the European Union have similarly slowed from their swift early pace. The sooner China begins switching its soybean purchases between the United States and Brazil, the sharper the slowdown in U.S. shipments will likely be next March. Similarly, U.S. soybean crush demand has recently flourished, but the duration of the boom could be short-lived. Domestic crushing is anticipated rising to 1,675 million bushels in 2001/02, up 5 million from the previous forecast and 34 million from 2000/01. U.S. soybean stocks on December 1 were a record 2,276 million bushels, which were 36 million higher than a year earlier. USDA trimmed its forecast of season ending stocks this month to 285 million bushels, although they are expected 37 million bushels higher than the 2000/01 carryout. Despite very strong soybean use, U.S. farm prices weakened in late December and early January. Good South American new-crop prospects and comparatively steady Brazilian old-crop exports pressured prices. Ever larger harvests have allowed Brazil to extend its export season, which in the past were nearly exhausted by December. Brazilian exports are also beginning sooner in the year, as soybean area is expanding into the earlier-harvesting northern states. Consequently, over time U.S. exports and crush have become even more concentrated in the October-March period, with the competition forcing U.S. post-harvest prices lower. USDA forecast the 2001/02 average soybean price at $3.90-$4.70 per bushel, versus last months $4.00-$4.80. Leading the soybean price lower is a decline in the value of soybean meal. The December average soybean meal price fell to $154 per short ton, down from $166 in November and $196 a year earlier. The trend trims the 2001/02 average price forecast to $150-$165 per ton. Supplies of soybean meal are quite ample because of a record domestic crushing pace. Low meal prices are encouraging a robust foreign demand. Purchases of U.S. supplies by Indonesia, Canada, and Mexico have been especially solid. U.S. soybean meal exports are expected to rise to 7.9 million short tons in 2001/02, second only to the 1997/98 volume of 9.3 million. But the static size of the hog herd is tempering domestic consumption of soybean meal. Domestic disappearance is forecast rising just 2 percent in 2001/02 to 32.35 million tons. Despite an increase in forecast crush, 2001/02 output of soybean oil will moderate because of a lower observed oil extraction rate. The January forecast of total demand was unchanged, so season ending stocks were projected lower to 2,430 million pounds. The range for the 2001/02 average soybean oil price was narrowed to 14.5-16.5 cents this month. Smaller Than Expected Acreage Trims Minor Oilseed Crops U.S. canola production increased negligibly in 2001, to 1,999 million pounds from 1,998 million in 2000. However, the crop was 245 million pounds less than the previous estimate. The main reason for the reduction was a downward revision in planted area by 117,000 acres to 1.49 million. Given tight Canadian supplies, 2001/02 canola seed imports are expected to drop to around 276 million pounds versus 479 million in 2000/01. The minimal growth in canola supplies should moderate domestic crushing in 2001/02. Similarly, 2001 U.S. sunflower acreage also failed to meet expectations. Sunflower plantings fell to 2.65 million acres, down 97,000 from the previous estimate and 187,000 from the previous year. Most of the decline was in North Dakota, where oil-type plantings dropped 140,000 acres and confection-type acreage fell 100,000 acres. Despite above-average yields, national sunflowerseed production fell 64 million pounds to 3,481 million. Tight foreign sunflowerseed supplies are favoring strong export interest, but the smaller crop and carryover stocks will limit U.S. exports of sunflowerseed and sunflowerseed oil. Current prices for sunflowerseed, which have surged nearly $3 per hundredweight from a year earlier, reflect its relative scarcity. While larger than last Junes estimate, U.S. safflower acreage fell to 188,000 acres in 2001. Below average yields also contributed to a cut in safflowerseed production to 242 million pounds, which is the smallest crop since 1983. Conversely, U.S. flax area rebounded to 585,000 acres in 2001, raising flaxseed production to 11.5 million bushels. Farmers Harvest Bumper Peanut Crop Buoyed by record yields, 2001 peanut production is estimated at 4,239 million pounds (farmer stock equivalent), the largest since 1994/95 and up almost a billion pounds from the previous seasons 3,266 million pounds. The yield estimate, at 3,027 pounds per acre, is revised up from Decembers 2,990 pounds, and represents the first time national average yields have exceeded 3,000 pounds per acre. The strong 2001/02 crop yields are attributed to good weather (and continued gains in the use of technology to determine ideal harvest time). Although abandonment (at 142,000 acres or 9.2 percent of planted acres) was still high by historical standards, it was down about one-half from last years weather-impacted crop. Harvested acreage is up slightly (10,000 acres) from Decembers estimate. Domestic food use of peanuts in 2001/02 is projected up only 3.2 percent from the previous year, to 2,250 million pounds. Exports and crush are both expected to rise just over 200 million pounds from the previous years levels, with exports projected at 750 million pounds and crush at 725 million pounds. Most of the upward revision from Decembers production estimate is allocated to ending stocks which, at 1,450 million pounds, are expected to be the highest on record. Brazilian Soybean Crop Progressing Well USDA raised its estimate of Brazilian soybean area this month to 15.65 million hectares. Consequently, the 2001/02 forecast of Brazilian soybean production increased 1 million metric tons to a record 42.5 million, and more than offsetting the reduction in U.S. output. Growing conditions are largely favorable in each of Brazils major producing states, except for some minor dryness that has developed in the southern state of Rio Grande do Sul. The larger harvest is anticipated raising Brazilian soybean exports to 18.0 million tons, up from last months forecast of 17.5 million. The remainder of the increase was seen pushing September ending stocks to 7.0 million tons. The weather has been less ideal in Argentina so far. Earlier, it was too wet in the southern part of Buenos Aires province. And, in the northern part of the province, there was a dry spell throughout December, but showers late in the month had bolstered soil moisture again. Most soybean fields were just planted in the last 6 weeks, so future weather will largely determine their yield potential. Virtually all planting will be completed by the end of January. The forecast 2001/02 Argentine soybean production was unchanged this month at 28.75 million tons. Foreign Exchange Developments Shape World Trade in Oilseeds The current trade outlook for oilseeds and oilseed products is being influenced by exchange rate changes for several major exporters and importers. In Argentina, the peso had been pegged since 1991 at a one-to-one rate to the U.S. dollar. But Argentinas default on its large public debt in December forced a controlled devaluation starting January 6 of 28.5 percent for export and import transactions. Devaluation instantly improves Argentinas competitiveness of producing exportable agricultural commodities and their returns from even marginal cropland. It will also raise costs of applying farm inputs next year, which might discourage production of other crops more than soybeans. In the current economic climate, producers see dollar-based soybeans as a hard asset with a superior store of value. Many Argentine farmers likely anticipated the probability of a devaluation and have planted as many soybeans as they could. About 94 percent of farmers intended soybean acreage had already been sown before the official devaluation date in early January. Prior to devaluation, forward marketing of new-crop soybeans was negligible, and there is little old-crop left to sell. The exchange rate was allowed to float for other transactions, which depreciated to 1.7 pesos per dollar in initial trading. Government officials indicated that the peso might be allowed to float within 4-5 months for foreign trade, approximately when farmers will harvest their new crops. Even if Argentina is able to defend the new exchange rate in the interim, farmers may be encouraged to postpone marketing, although abundant on-farm storage is generally lacking in Argentina. Many small farms will be insulated from the need to immediately service debt, because the government is converting dollar-based bank loans of less than $100,000 into pesos at a one-to-one rate. Although the record crop will push 2001/02 Argentine soybean exports higher than last season, they were forecast modestly lower this month to 8.75 million tons. Brazilian farmers faced similar circumstances when their country abandoned its dollar peg in January 1999. The Brazilian action subsequently contributed to an overvalued exchange rate for Argentina (a major trading partner) and worsened their neighbors poor export earnings. Brazils exchange rate weakened further throughout 2001, as foreign investors feared its economy would likewise suffer from Argentinas financial problems. But the fallout in Brazil from Argentinas default is less severe than previously expected and the real has recovered some strength since November. Currently, the value of the Brazilian real is 22 percent less than a year ago. However, farmers locked in favorable domestic prices before they softened with a large amount of forward sales, so they were not deterred from planting a record 2001/02 soybean area. The economic strength of the major agricultural importers of Europe and Asia will help determine how well Argentina can export its way out of financial difficulty. On January 1, 12 countries of the European Union fully replaced their national currencies and made the euro legal tender for all commercial transactions. However, since its introduction in 1999, the euro has depreciated about one-fourth against the dollar, making imports of foreign soybeans and soybean meal relatively more expensive. The Japanese yen (a benchmark that other Asian countries compare their currencies with) has currently weakened to its lowest level against the dollar in 3 years. A depreciating currency worsens returns for Japanese livestock producers, who are already burdened by higher costs because of the ban on feeding meat and bone meal and the easing of barriers on meat imports. The next release of the Oil Crops Outlook is scheduled at 4:00 p.m. ET Monday, February 11, 2002. The report may be accessed from ERS Soybean Briefing Room at http://www.ers.usda.gov/briefing/soybeansoilcrops/ or via http://usda.mannlib.cornell.edu/. Information Contacts: Mark Ash--Soybeans, minor oilseeds, oils (202) 694-5289 mash@ers.usda.gov Erik Dohlman--Peanuts (202) 694-5308 edohlman@ers.usda.gov Table 1--Soybeans: U.S. supply and disappearance ------------------------------------------------------------------------------ Supply Disappearance ------------------------------ ------------------------------------ Year Seed, begin. Beg. Produc- Im- Total Crush Ex- feed, Total End. Sept. 1 stocks tion ports ports residual stocks ------------------------------------------------------------------------------ -------------------------- Million bushels--------------------------- 1999/00 348 2,654 4 3,006 1,578 973 165 2,716 290 2000/01 1/ 290 2,758 4 3,052 1,641 998 164 2,804 248 2001/02 2/ 248 2,891 5 3,143 1,675 1,010 173 2,858 285 2000/01 Sep-Nov 290.2 2,757.8 0.9 3,048.9 421.1 315.5 72.2 808.9 2,240.0 Dec-Feb 2,240.0 --- 0.8 2,240.8 417.9 338.4 80.5 836.9 1,403.9 Mar-May 1,403.9 --- 0.8 1,404.7 405.4 228.4 62.7 696.5 708.2 Jun-Aug 708.2 --- 1.1 709.2 397.0 116.1 -51.6 461.5 247.7 Total 2,757.8 3.6 3,051.5 1,641.5 998.4 163.9 2,803.8 2001/02 Sep-Nov3/ 247.7 2,890.6 0.5 3,138.8 427.7 185.4 NA 863.1 2,275.7 ------------------------------------------------------------------------------ 1/ Estimated. 2/ Forecast 3/ Trade data through October. Table 2--Soybean meal: U.S. supply and disappearance ----------------------------------------------------------------- Supply Disappearance Year------------------------------------------------------------------ begin. Beg. Produc- Im- Total Domestic Ex- Total End. Oct. 1 stocks tion ports ports stocks -------------------------------------------------------------------------------- ------------1,000 short tons-------------------------- 1999/00 330 37,591 49 37,970 30,346 7,331 37,678 293 2000/01 1/ 293 39,386 51 39,730 31,711 7,636 39,347 383 2001/02 2/ 383 40,092 50 40,525 32,350 7,900 40,250 275 2000/01 October 292.9 3,573.9 2.5 3,869.3 2,925.8 626.1 3,551.9 317.4 November 317.4 3,432.8 2.2 3,752.3 2,805.0 603.5 3,408.5 343.8 December 343.8 3,399.4 3.0 3,746.2 2,763.6 558.9 3,322.5 423.7 January 423.7 3,524.2 6.2 3,954.1 2,799.4 820.6 3,620.0 334.0 February 334.0 3,085.2 4.5 3,423.8 2,346.0 751.9 3,097.9 325.8 March 325.8 3,412.0 4.9 3,742.7 2,502.2 931.3 3,433.5 309.2 April 309.2 3,151.5 4.5 3,465.2 2,485.8 666.0 3,151.9 313.4 May 313.4 3,180.4 5.8 3,499.6 2,638.6 574.0 3,212.6 287.0 June 287.0 3,091.1 6.6 3,384.7 2,522.0 521.3 3,043.3 341.4 July 341.4 3,256.2 2.8 3,600.4 2,780.0 482.3 3,262.3 338.1 August 338.1 3,203.1 6.1 3,547.3 2,720.6 552.7 3,273.3 274.0 September 274.0 3,076.3 2.1 3,352.3 2,421.5 547.5 2,968.9 383.4 Total 39,386.0 51.1 39,730.0 31,710.5 7,636.0 39,346.6 2001/02 October 383.4 3,538.7 7.0 3,929.1 2,917.8 705.2 3,616.2 306.1 November 306.1 3,541.1 NA 3,847.2 NA NA 3,549.2 297.9 Total to date 7,079.8 7.0 7,470.2 2,917.8 705.2 7,172.3 ------------------------------------------------------------------------------ 1/ Estimated. 2/ Forecast. Table 3--Soybean oil: U.S. supply and disappearance ------------------------------------------------------------------------------ Supply Disappearance Year -------------------------------- ---------------------------------- begin. Beg. Produc- Im- Total Domestic Ex- Total End. Oct. 1 stocks tion ports ports stocks ------------------------------------------------------------------------------ -------------------------- Million pounds--------------------------- 1999/00 1,520 17,825 83 19,427 16,056 1,376 17,432 1,995 2000/01 1/ 1,995 18,433 73 20,502 16,223 1,402 17,624 2,877 2001/02 2/ 2,877 18,675 78 21,630 16,700 2,500 19,200 2,430 2000/01 October 1,995.3 1,672.7 6.7 3,674.7 1,569.0 44.9 1,613.9 2,060.8 November 2,060.8 1,590.8 5.5 3,657.1 1,374.5 115.1 1,489.6 2,167.5 December 2,167.5 1,579.0 5.8 3,752.2 1,198.0 256.2 1,454.2 2,298.0 January 2,298.0 1,642.8 6.3 3,947.1 1,437.0 130.4 1,567.4 2,379.7 February 2,379.7 1,436.0 5.4 3,821.0 1,155.5 191.6 1,347.1 2,474.0 March 2,474.0 1,602.8 9.1 4,085.8 1,439.4 142.4 1,581.9 2,504.0 April 2,504.0 1,485.5 7.3 3,996.7 1,385.2 105.8 1,490.9 2,505.8 May 2,505.8 1,489.0 9.5 4,004.3 1,297.2 51.0 1,348.1 2,656.1 June 2,656.1 1,449.2 4.7 4,110.0 1,223.4 109.9 1,333.3 2,776.7 July 2,776.7 1,526.0 4.7 4,307.5 1,322.6 89.4 1,412.0 2,895.5 August 2,895.5 1,506.5 5.0 4,407.0 1,440.8 96.3 1,537.1 2,869.9 September2,869.9 1,452.9 3.2 4,326.0 1,380.1 68.8 1,448.9 2,877.2 Total 18,433.3 72.9 20,501.6 16,222.6 1,401.8 17,624.4 2001/02 October 2,877.2 1,682.3 4.9 4,564.4 1,603.8 235.7 1,839.5 2,724.9 November 2,724.9 1,629.6 NA 4,354.5 NA NA 1,560.6 2,793.9 Total to date 3,312.0 4.9 6,194.0 1,603.8 235.7 3,400.1 ------------------------------------------------------------------------------ 1/ Estimated. 2/ Forecast. Table 4--Cottonseed: U.S. supply and disappearance ------------------------------------------------------------------------------ Supply Disappearance -------------------------------- ------------------------------------ Year begin. Beg. Im- Produc- Total Crush Ex- Other Total End. Aug. 1 stocks ports tion ports stocks ------------------------------------------------------------------------------ -------------------------- 1,000 Short tons-------------------------- 1999/00 393 308 6,354 7,055 3,079 198 3,505 6,781 274 2000/01 1/ 274 374 6,436 7,084 2,674 235 3,751 6,660 424 2001/02 2/ 424 196 7,533 8,153 3,150 250 4,110 7,510 643 ------------------------------------------------------------------------------ 1/ Estimated. 2/ Forecast. Table 5--Cottonseed meal: U.S. supply and disappearance ------------------------------------------------------------------------------ Supply Disappearance -------------------------------- ------------------------------------ Year begin. Beg. Im- Produc- Total Domestic Ex- Total End. Oct. 1 stocks ports tion ports stocks ------------------------------------------------------------------------------ -------------------------1,000 Short tons--------------------------- 1999/00 24 0 1,390 1,414 1,289 104 1,393 21 2000/01 1/ 21 0 1,291 1,312 1,119 154 1,272 40 2001/02 2/ 40 0 1,420 1,460 1,254 175 1,429 31 ------------------------------------------------------------------------------ 1/ Estimated. 2/ Forecast. Table 6--Cottonseed oil: U.S. supply and disappearance ------------------------------------------------------------------------------ Supply Disappearance ----------------------------- -------------------------------- Year begin. Beg. Im- Produc- Total Domestic Ex- Total End. Oct. 1 stocks ports tion ports stocks ------------------------------------------------------------------------------ -------------------------- Million pounds--------------------------- 1999/00 76 8 939 1,023 833 141 974 49 2000/01 1/ 49 0 818 867 644 131 775 92 2001/02 2/ 92 5 990 1,087 853 145 998 89 ------------------------------------------------------------------------------ 1/ Estimated. 2/ Forecast. Table 7--Peanuts: U.S. supply and disappearance ------------------------------------------------------------------------------ Supply Disappearance ------------------------- ---------------------------------------- Year begin. Beg. Im- Produc- Total Dom. Crush Seed& Ex- Total End. Oct. 1 stocks ports tion Food resid. ports stocks ------------------------------------------------------------------------------ ----------------------- Million pounds--------------------------- 1999/00 1,392 178 3,829 5,400 2,233 713 493 727 4,166 1,233 2000/01 1/ 1,233 204 3,266 4,703 2,179 548 341 519 3,588 1,116 2001/02 2/ 1,116 178 4,239 5,533 2,250 750 358 725 4,083 1,450 ------------------------------------------------------------------------------ 1/ Estimated. 2/ Forecast. Table 8--Oilseeds prices received by U.S. farmers ------------------------------------------------------ Marketing Soy- Cotton- Sun- Flax- year beans seed flowers Peanuts seed ------------------------------------------------------ $/bu. $/ton $/cwt Cents/lb $/bu. 1994/95 5.48 101.00 10.70 28.90 4.63 1995/96 6.72 106.00 11.50 29.30 5.19 1996/97 7.35 126.00 11.70 28.10 6.37 1997/98 6.47 121.00 11.60 28.30 5.81 1998/99 4.93 129.00 10.60 28.40 5.05 1999/00 4.63 89.00 7.53 25.40 3.79 2000/01 4.54 105.00 6.89 27.40 3.30 2000/01 September 4.59 93.00 6.31 28.60 3.10 October 4.45 104.00 5.76 27.70 3.22 November 4.55 108.00 6.20 26.10 3.39 December 4.78 109.00 6.49 27.30 3.45 January 4.68 111.00 6.92 31.40 3.42 February 4.46 117.00 7.29 NA 3.43 March 4.39 NA 7.46 NA 3.90 April 4.22 NA 7.67 NA 3.68 May 4.33 NA 7.99 NA 3.91 June 4.46 NA 8.40 NA 4.10 July 4.79 NA 8.74 NA 4.28 August 4.85 NA 9.48 NA 4.09 2001/02 September 4.53 85.00 8.64 24.90 4.10 October 4.09 85.00 8.19 22.80 4.21 November 4.16 91.00 9.08 21.10 4.36 December 1/ 4.13 91.00 9.39 18.90 4.50 ------------------------------------------------------ 1/ Preliminary. NA = Not available. Table 9 U.S. vegetable oil and fats prices --------------------------------------------------------------- Cotton- Sun- Marketing Soybean seed flower Peanut Corn Lard Edible year oil 2/ oil 3/ oil 4/ oil 5/ oil 6/ tallow --------------------------------------------------------------- Cents/lb. 1994/95 27.51 29.23 28.10 44.30 26.47 20.15 21.21 1995/96 24.70 26.53 25.40 40.30 25.24 21.70 21.56 1996/97 22.50 25.58 22.64 43.70 24.05 23.02 23.01 1997/98 25.80 28.85 27.00 49.00 28.94 19.46 20.69 1998/99 19.90 27.32 20.10 39.74 25.30 14.66 15.14 1999/00 15.60 21.52 16.68 35.39 17.81 13.64 13.21 2000/01 14.15 16.65 16.20 35.00 13.75 14.61 13.43 2000/01 October 13.50 18.16 14.40 34.63 10.52 13.04 11.98 November 13.37 17.83 14.25 35.50 10.37 12.06 10.88 December 13.12 17.25 14.54 36.40 10.54 12.14 13.59 January 12.53 16.24 14.44 37.25 10.25 13.57 14.61 February 12.38 15.20 14.52 37.00 11.06 11.92 11.82 March 13.90 15.53 15.76 35.90 11.91 11.07 10.97 April 13.53 14.03 15.14 34.00 13.76 12.09 12.17 May 13.53 14.53 15.25 33.00 14.84 11.84 11.48 June 14.21 13.27 16.41 33.00 15.94 13.38 13.17 July 16.49 16.78 18.50 33.00 17.28 18.05 16.99 August 17.08 17.18 19.58 33.00 18.73 24.11 18.21 September 15.46 15.78 17.82 34.00 17.30 22.00 15.33 2001/02 October 14.38 14.44 17.40 36.25 17.18 13.04 12.67 November 15.23 15.91 19.15 37.00 18.30 13.18 12.83 December 1/ 15.10 16.07 24.15 NA 22.45 14.92 14.31 --------------------------------------------------------------- 1/ Preliminary 2/ Decatur IL 3/ PBSY Greenwood MS 4/ Minneapolis MN 5/ Southeast mills 6/ Chicago Table 10 U.S. oilseed meal prices ------------------------------------------------------------ Soy- Cotton Sun- Marketing bean seed flower Peanut Canola Linseed year meal 2/ meal 3/ meal 4/ meal 5/ meal 6/ meal 4/ ------------------------------------------------------------ $/Short ton 1994/95 162.55 112.02 62.70 128.94 128.01 95.85 1995/96 235.90 190.74 123.75 202.70 177.22 159.00 1996/97 262.00 192.00 110.60 232.00 192.02 158.75 1997/98 185.30 144.00 84.20 209.60 131.15 117.54 1998/99 138.50 109.55 65.20 104.94 112.28 84.49 1999/00 167.62 127.43 75.00 108.15 117.07 103.42 2000/01 173.62 143.35 88.50 122.00 139.20 121.92 2000/01 October 171.52 150.00 83.00 118.00 122.58 110.00 November 179.95 141.88 85.00 118.00 132.30 113.75 December 195.65 160.83 88.75 118.00 142.34 121.25 January 183.17 184.00 106.00 142.50 140.53 140.00 February 166.08 148.75 110.00 120.00 132.90 130.00 March 156.32 138.13 98.75 118.00 132.01 121.88 April 158.48 140.00 86.25 110.75 140.25 116.25 May 165.14 137.50 78.00 112.50 144.00 116.80 June 172.60 126.88 80.00 NA 149.30 110.00 July 184.43 129.69 88.00 123.50 154.29 135.00 August 178.46 130.63 95.00 130.50 142.60 135.63 September 171.67 131.25 93.75 126.25 137.27 111.25 2001/02 October 165.45 131.25 85.00 115.00 142.85 114.00 November 166.10 128.13 85.00 111.25 142.44 122.50 December 1/ 154.18 131.25 85.00 100.00 129.48 124.38 ----------------------------------------------------------------------- 1/ Preliminary 2/ Hi-pro Decatur 3/ 41% Memphis 4/ Minneapolis 5/ 50% Southeast mills 6/ 36% Pacific Northwest END_OF_FILE