The market is active these days as the buyers are covering their final needs out of crop 2010. There is not much sultanas left out of crop 2010 in the market as most of the product is already exported or traded internally. The raw material price of Type 9 sultanas in Izmir Bourse is stabilized at 3,40 - 3,45 TL/Kg levels for a while without so much interest from suppliers as most of the packers have sufficient stocks in their inventories for the rest of the season.

US$ currency is increased to the levels of 1,64 against TL this week. The actual level is supporting export prices in a positive way therefore the tendency of the currency will have a major effect on apricot prices in the coming days.

The quality of sultanas is quite stabile at this stage of the season. The colors are getting slightly darker which is quite normal late in the season. Type 10 and Type 11 sultanas are almost finished in the market therefore we are suggesting the buyers of these types to rush their bookings for the current crop. Small and Medium sizes are becoming hard to find in the market step by step as the production speed of the factories are decreasing as we are approaching to the end of the season.

Thompson raisins are quite limited in the market this season therefore it is becoming more and more difficult to find this item in the market. The price of Thompson raisins is around US$ 2.500.-/Mt. presently.

Organic sultanas are also becoming less available everyday. There are small lots traded in the market at raftly %10 higher prices than conventional sultanas this week.

Total exported quantity reached 165.628 mtons as of today. The subject quantity is about 1.500 mtons higher than last season’s quantity. On the other hand, the export has been realized as 3.541 mtons in week 23 where it was 3.945 mtons at the same period of last year. In conclusion, there is an increase on the total exported quantities so far although we have a shorter crop this season. You can find below a table showing the actual figures.

We are in a position to offer the following prices to refresh our businesses together.

• Std 8 Grade A Sultanas at US$ 2.365.-/Mt.

• Std 9 Grade A Sultanas at US$ 2.375.-/Mt.

• Std 10 Grade A Sultanas at US$ 2.475.-/Mt.

Above prices are FOB Izmir, Prompt shipment, Crop 2010, Usual terms and conditions and subject to final confirmation by us.

The new crop sultanas has started to develop positively by the beginning of May as the productivity at the vineyards was very good. The first estimations about new crop quantity to be above 300.000 mtons therefore the new crop businesses started to be booked in the range of US$ 2.150 - 2.350.-/Mt. levels during May - June period. Unfortunately there were some serious problems on new crop sultanas during June 2011 depending on excessive rains and hails at Aegean area. Effective rains and some hails increased the risks of sicknesses "mildeu" due to high humidity and temperature differences during the daytime. Therefore the crop estimations decreased to the levels of 280.000 mtons under current conditions.

The investigation committee of Aegean Exporters Union, Izmir Trade Bourse and Agricultural Ministry will start controlling the vineyards next week and announce their estimation around 22nd of July 2011. Their estimation of last season was quite successful therefore their new report will determine the market direction for the new season.

The weather was quite fine during the last 10-15 days time therefore sultanas are recovering the rain damages during June. We hope to have a good drying conditions during the second half of July and August months as an additional damage may decrease the quantity of the crop too much.

Ramadan will create some problems during September 2011 where all buyers will be expecting prompt shipments from the new crop product. Everywhere in Turkey like factories, ports, customs, etc... will be closed between 26.08.2011 and 05.09.2011 therefore the first goods of new crop can not be shipped before 10th of September 2011 this year. We are expecting a huge congestion at Izmir port right after the Ramadan holidays therefore the departures of the first containers from Izmir port will be like 15-16th of September with a very optimistic estimate.

We suggest our customers to cover up their urgent needs for current and new crop to be on the safe side.

Our new crop prices are available if you have concrete inquiries. We do not want to publish our new crop prices in this report due to our company principles.

We are at your assistance anytime you need to offer our very best prices to refresh our businesses. Please forward your concrete inquiries to us for our very best pricing. As you know that above prices are just indicative to update your information.

Looking forward to hear from you soon.