I Cash Market Price                   Dec 21, 2004     Unit: RMB per Ton

l       *According to National Standards of the People’s Republic of China for Soybean Oil, from 1th, Oct, 2004, the appellations of the soyoil changed: “the refined soyoil” changed into “the grade 1 soyoil”; the crude soyoil which was called as “the grade 2 soyoil” changed into “the grade 4 soyoil”.

II Market Commentary

Soymeal

Today domestic soymeal prices kept steady, slightly changes in some places. In Liaoning Province, the prices were in the range of RMB2280-2320/MT, the same as last weekend; in Tianjin the prices were steady at RMB2350-2400/MT; in Shandong the prices were RMB10 lower than last Friday to RMB2350-2380/MT; Prices in Jiangsu went up because the supplies were in short temporarily; Prices in Guangzhou was quoted as RMB2450/MT, RMB30 to 50 higher than last Friday, because of the lack of supplies.

We insist the decrease of crushing will support the soymeal prices in short term. However, the strong demands from feeds producer will come to the end. We suggest the soymeal traders keep cautious, not holding too much stocks on hands.

Soyoil

Domestic soymeal prices kept steady as a whole. The price in Liaoning was quoted as RMB2280-2300/MT, the same as yesterday; the price in Shandong was RMB2350-2400/MT, the feeds producers were cautious to buy; In Guangdong the price was quoted as RMB2450/MT, the same as yesterday. Only the prices in East China went up to RMB2430-2480/MT.

Today the price for grade 1 soyoil in Tianjin went up to RMB6180-6200/MT, the trades were dealed at this level. After that, the traders rose the price for grade 1 soyoil to RMB6250/MT, RMB50 higher than yesterday. The uptrend of grade 1 soyoil boosted the crude soyoil market. Today the traders ceased to offer the prices for import crude soyoil market, unwilling to sell.

The prices for grade 1 soyoil in Shandong were quoted as RMB6220-6250/MT, the price for grade 4 soyoil was quoted as about RMB6000/MT.

Today soyoil prices in East China went up to RMB6280-6300/MT, because of the shortage of supplies. The price for import crude soyoil at Zhangjiagang port went up to RMB6000/MT.

The prices for grade 1 soyoil in Guangzhou were traded at RMB6270-6280/MT. The grade 4 soyoil prices were up to RMB5950/MT, because the soybeans supplies were in short.

III Daily Soybean Crushing Margin Statistics 21th, Dec

Unit: RMB/MT

Daily Rapeseeds & Related Products Market

I Cash Market Price                   Dec 21，2004     Unit: RMB per Ton

II Market Commentary

The purchasing prices for rapeseeds were steady higher recently. The firmer tones from rapemeal and rapeoil markets support the rapeseeds prices and the supplies of rapeseeds were limiited. Today the prices kept firm: in Anhui province the prices kept firm at about RMB2640-2700/MT; the price in Jiangsu steady at RMB2700/MT; the price in Hubei was quoted as RMB2600/MT.

Rapeoil prices were in range bound with thin trades. Today the prices were steady higher: in Hubei, the grade 2 rapeoil prices were quoted as RMB6100-6150/MT, 50; in Jiangsu, the grade 2 rapeoil prices were quoted as RMB5980-6000/MT; in Anhui the price was quoted as RMB5950-6000/MT.

The prices for rapemeal went steady gradually. The trading volume decreased obviously than last month, because the peak season for feeds producers has passed. In Jiangsu, the price was quoted as RMB1250-1300/MT; in Anhui the price was quoted as RMB1230-1250/MT, in Hubei the prices were steady at RMB1230-1260/MT.

Daily Palm Oil Market

I Cash Market Price                  Dec 21, 2004     Unit: RMB per Ton

II Market Commentary

Today China palm olein prices were steady as a whole. Followings are the prices for palm olein at the main ports: Tianjin RMB4470-4490/MT, Rizhao RMB4500/MT, Zhangjiagang RMB4480/MT, Guangzhou RMB4320/MT. The prices were at the same level as yesterday.

Yesterday BMD CPO futures went up slightly, and domestic soyoil prices increased, offering some supports to domestic cash market. However, the bearish S/D relationship still pulled the market staying in negative zone.

The current stocks level has ran to 230,000 tons totally. Now the demands for palm olein were in off-season. We think the bearish S/D relationship will pull the prices going down continuously.

III Statistics of Palm Oil Stocks Levels in Main Ports

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