GENERAL

The economy is estimated to have grown by 0.4% during the first quarter of 2010, further to the 0.4% growth during the last quarter of 2009. The Bank of England has maintained the interest rate level at 0.5% and has stopped the programme of quantitative easing. Analysts expect U.K. interest rates to remain low for the foreseeable future.

CURRENCY

As at April 8th, 2010. Against the $ - Sterling opened the month at 1.50 and is now at 1.53. Against the Euro - Sterling opened the month at 1.10 and has since increased to 1.14.

CRUDE OIL

Crude Oil has increased 8% on the London exchange, influenced by increased global consumption and OPEC holding quotas unchanged. This may have also influenced Continental wholesale diesel prices to rise by 9%.

FATS AND OILS

Vegetable Oil - Prices remain firm.

Rapeseed Oil - Prices are slightly up in Rotterdam, as winter losses of Rapeseed in some C.I.S. countries were greater than expected.

Soyabean Oil - Prices fell sharply on C.B.O.T. and in Argentina, as the southern hemisphere harvest improved total supply. World dependence on the Soyabean and related products is expected to increase next month, when the South American supply becomes available.

Palm Oil - Prices fell slightly in Rotterdam and Malaysia.

Sunflower Oil - Prices rose 1% on average, given limited supply.

Palm Kernel Oil - Prices rose 3% in Rotterdam.

Coconut Oil - Prices rose 10% in the Philippines as dry conditions are stressing the coconut and palm trees there.

Olive Oil - Prices continue to fall in Spain, as this season’s world supplies will be sufficient.

DRIED FRUIT

Sultanas - Prices increased in late March, as extremely cold weather followed warm weather in the growing regions at the beginning of March. The vines had begun to bud, which is when they are most vulnerable to frost which has caused damage, although some areas are more affected than others. Growers used this as an excuse to push prices up but the increase is likely to be short lived.

Raisins - The U.S. export programme has still not been signed off. If this year’s new crop is of only average size, it is very unlikely that there will be an export programme from California next year.

Currants - The Market remains flat, with slow demand. The strike by dock workers and government officials has created many delays in the Currant supply. Supplies of fruit will be enough to cover this year’s requirement, but packers are looking to add carrying charges to compensate for storage and finance costs. We may see some small future increases as a result.

DAIRY

Dairy product prices continued to recover throughout March after the dip seen at the start of the year but there remains great uncertainty in terms of all dairy products, because of the late Spring and prices continue to increase.

Butter - Prices rose 5% on average, mainly because lower milk supplies experienced in the first months of 2010 affected milk production.

Skimmed Milk Powder - Prices rose 6% on average during March, given limited availability.

Whole Milk Powder - Price increases have been more moderate than those for Skimmed.

Whey Powder - Prices remain fairly stable.