TABLE 6
SOYBEANS: WORLD SUPPLY AND DISTRIBUTION
(MILLION METRIC TONS)
PRELIM MAY JUN
1993/94 1994/95 1995/96 1996/97 1997/98 1997/98
PRODUCTION
UNITED STATES 50.92 68.49 59.24 64.84 74.22 74.22
BRAZIL 24.70 25.90 24.15 26.80 30.70 30.70
ARGENTINA 12.40 12.50 12.43 11.20 16.00 17.00
CHINA 15.31 16.00 13.50 13.22 13.80 14.70
EUROPEAN UNION 0.81 1.03 0.94 1.14 1.43 1.57
PARAGUAY 1.80 2.20 2.40 2.77 2.70 2.70
OTHER 11.89 11.59 12.30 11.67 13.75 13.80
TOTAL 117.83 137.72 124.96 131.64 152.60 154.69
EXPORTS
UNITED STATES 16.03 22.81 23.17 24.00 24.90 24.36
BRAZIL 5.43 3.57 3.45 8.42 8.25 8.40
ARGENTINA 3.07 2.50 2.09 0.75 1.80 2.00
PARAGUAY 1.20 1.45 1.60 2.15 2.10 2.10
CHINA 1.10 0.39 0.22 0.20 0.18 0.18
OTHER 1.35 1.43 1.42 1.44 1.80 2.03
TOTAL 28.18 32.16 31.95 36.95 39.03 39.07
IMPORTS
EUROPEAN UNION 13.11 16.05 14.24 15.20 15.89 15.57
GERMANY 2.79 2.96 3.21 3.48 3.46 3.75
NETHERLANDS 4.14 4.62 4.20 4.30 4.48 4.51
SPAIN 1.72 2.85 2.34 2.71 3.03 2.82
ITALY 1.17 1.30 0.99 0.83 0.70 0.50
BEL-LUX 1.22 1.37 1.22 1.14 1.24 1.26
PORTUGAL 0.53 0.95 0.68 0.66 0.77 0.77
OTHER W EUROPE 0.29 0.40 0.38 0.38 0.38 0.38
EASTERN EUROPE 0.28 0.24 0.20 0.21 0.31 0.29
FSU-12 0.10 0.10 0.17 0.14 0.18 0.26
RUSSIA 0.07 0.04 0.04 0.00 0.14 0.02
UKRAINE 0.03 0.02 0.02 0.02 0.02 0.02
CHINA 0.13 0.16 0.80 2.27 3.00 3.00
JAPAN 4.86 4.84 4.78 5.04 4.90 4.90
KOREA, REP OF 1.16 1.38 1.42 1.62 1.40 1.40
TAIWAN 2.50 2.60 2.65 2.63 2.50 2.50
INDONESIA 0.71 0.62 0.72 0.68 0.60 0.68
MEXICO 2.20 1.87 2.40 2.68 3.00 3.00
BRAZIL 0.11 1.20 1.05 0.90 1.70 1.70
OTHER 2.97 3.33 3.60 4.68 5.16 5.28
TOTAL 28.41 32.78 32.39 36.44 39.01 38.96
CRUSH
UNITED STATES 34.72 38.24 37.27 39.08 42.18 42.73
LATIN AMERICA 31.90 33.28 36.47 35.59 38.16 38.26
BRAZIL 18.44 20.19 21.57 19.90 20.40 20.40
ARGENTINA 8.77 8.59 10.29 11.05 12.60 12.70
MEXICO 2.64 2.33 2.44 2.69 3.13 3.13
EUROPEAN UNION 12.24 14.43 13.65 14.61 15.50 15.40
OTHER W EUROPE 0.28 0.39 0.38 0.38 0.38 0.38
FSU-12 0.53 0.43 0.44 0.35 0.30 0.48
EASTERN EUROPE 0.42 0.41 0.41 0.46 0.60 0.58
ASIA 19.56 20.18 20.50 21.79 23.04 23.75
JAPAN 3.70 3.76 3.70 3.81 3.80 3.80
CHINA 7.61 8.59 7.47 8.69 9.85 10.55
TAIWAN 2.24 2.34 2.36 2.36 2.19 2.19
OTHER 2.42 2.89 3.01 3.36 3.66 3.67
TOTAL 102.07 110.24 112.12 115.63 123.82 125.24
ENDING STOCKS
UNITED STATES 5.69 9.11 4.99 3.58 6.52 6.52
BRAZIL 5.46 7.20 5.80 3.40 5.15 5.00
ARGENTINA 3.77 4.67 4.22 3.40 5.20 5.90
OTHER 2.43 2.71 2.53 2.50 2.81 2.64
TOTAL 17.35 23.69 17.54 12.87 19.68 20.06
NOTE: TOTALS MAY NOT ADD DUE TO ROUNDING.
DATE: JUNE 1998
TABLE 7
SOYBEAN MEAL: WORLD SUPPLY AND DISTRIBUTION
(MILLION METRIC TONS)
PRELIM MAY JUN
1993/94 1994/95 1995/96 1996/97 1996/97 1997/98
PRODUCTION
UNITED STATES 27.68 30.18 29.51 31.04 33.23 33.73
LATIN AMERICA 25.30 26.45 29.09 28.42 30.55 30.63
BRAZIL 14.50 15.87 17.04 15.72 16.10 16.10
ARGENTINA 7.15 7.00 8.38 9.01 10.27 10.35
MEXICO 2.06 1.86 1.95 2.15 2.60 2.60
EUROPEAN UNION 9.85 11.49 10.91 11.60 12.35 12.01
OTHER W EUROPE 0.22 0.30 0.29 0.29 0.29 0.29
EASTERN EUROPE 0.33 0.33 0.32 0.36 0.41 0.39
FSU-12 0.43 0.51 0.35 0.28 0.25 0.38
ASIA 15.55 15.98 16.28 17.27 18.26 18.83
JAPAN 2.85 2.88 2.87 2.94 2.95 2.95
CHINA 6.16 6.96 6.05 6.95 7.88 8.44
TAIWAN 1.75 1.80 1.84 1.88 1.71 1.72
INDIA 2.88 2.20 3.20 2.92 3.54 3.54
OTHER 1.91 2.27 2.36 2.66 2.91 2.92
TOTAL 81.28 87.50 89.10 91.92 98.25 99.17
EXPORTS
UNITED STATES 4.86 6.09 5.45 6.35 7.67 7.99
BRAZIL 10.31 10.45 11.94 10.66 10.45 10.45
ARGENTINA 6.76 6.73 8.22 8.68 9.60 9.68
EUROPEAN UNION 3.85 3.67 4.07 4.46 4.06 4.34
CHINA 1.05 1.28 0.10 0.02 0.00 0.01
INDIA 2.20 1.58 2.60 2.50 2.80 2.50
OTHER 0.92 1.13 1.39 1.31 1.30 1.30
TOTAL 29.95 30.92 33.77 33.99 35.88 36.26
IMPORTS
EUROPEAN UNION 16.47 16.80 15.79 14.75 15.65 15.96
FRANCE 3.80 3.79 3.34 3.27 3.38 3.80
GERMANY 2.12 1.99 1.64 1.50 1.71 1.70
NETHERLANDS 1.37 1.78 1.75 1.70 1.78 1.68
ITALY 1.75 1.90 1.93 1.73 1.85 1.80
EASTERN EUROPE 1.61 2.00 1.89 1.86 1.89 1.89
FSU-12 0.57 0.52 0.38 0.29 0.26 0.33
RUSSIA 0.20 0.21 0.04 0.13 0.09 0.16
UKRAINE 0.25 0.23 0.25 0.10 0.11 0.11
ASIA & OCEANIA 4.59 5.32 7.26 9.91 9.99 9.82
CHINA 0.00 0.05 1.55 3.75 4.50 4.30
MID-EAST/N AFR 2.69 3.01 3.21 3.33 3.57 3.57
LATIN AMERICA 2.49 2.55 3.16 3.17 3.44 3.44
OTHER 1.01 1.18 1.12 1.07 1.02 1.02
TOTAL 29.47 31.43 32.88 34.41 35.85 36.07
CONSUMPTION
UNITED STATES 22.94 24.08 24.14 24.78 25.58 25.76
LATIN AMERICA 9.91 11.04 11.26 11.52 12.58 12.59
BRAZIL 4.18 5.38 5.21 5.40 5.60 5.60
ARGENTINA 0.30 0.36 0.38 0.38 0.39 0.39
MEXICO 2.41 2.22 2.30 2.35 2.80 2.80
EUROPEAN UNION 22.68 24.38 22.67 22.09 23.89 23.59
FRANCE 4.03 4.30 3.72 3.69 3.84 4.16
GERMANY 3.37 3.40 3.21 3.08 3.57 3.32
NETHERLANDS 2.52 3.11 2.63 2.47 2.65 2.69
ITALY 3.16 3.24 3.18 3.00 3.12 3.03
SPAIN 3.30 3.44 3.45 3.32 3.60 3.48
OTHER W EUROPE 0.15 0.17 0.17 0.17 0.18 0.18
FSU-12 1.00 1.03 0.73 0.55 0.50 0.72
EASTERN EUROPE 1.93 2.25 2.13 2.18 2.27 2.31
POLAND 0.55 0.69 0.78 0.82 0.84 0.88
ASIA & OCEANIA 16.92 18.33 20.76 24.80 25.63 26.37
JAPAN 3.73 3.70 3.63 3.59 3.66 3.74
CHINA 5.11 5.73 7.50 10.68 12.38 12.73
TAIWAN 1.88 1.86 1.86 1.89 1.72 1.72
KOREA, REP OF 1.49 1.77 1.92 2.01 1.87 1.74
MID-EAST/N AFR 3.39 3.95 4.10 4.36 4.71 4.71
OTHER 2.01 2.32 2.38 2.40 2.59 2.59
TOTAL 80.92 87.54 88.34 92.86 97.93 98.82
ENDING STOCKS
UNITED STATES 0.14 0.20 0.19 0.19 0.23 0.23
BRAZIL 0.94 0.98 0.97 0.84 0.98 0.98
ARGENTINA 0.61 0.52 0.30 0.25 0.53 0.54
OTHER 2.29 2.74 2.83 2.53 2.39 2.22
TOTAL 3.97 4.44 4.30 3.80 4.13 3.97
NOTE: TOTALS MAY NOT ADD DUE TO ROUNDING.
DATE: JUNE 1998
TABLE 8
SOYBEAN OIL: WORLD SUPPLY AND DISTRIBUTION
(MILLION METRIC TONS)
PRELIM MAY JUN
1993/94 1994/95 1995/96 1996/97 1997/98 1997/98
PRODUCTION
UNITED STATES 6.33 7.08 6.91 7.15 7.88 8.00
LATIN AMERICA 5.81 6.07 6.63 6.45 6.88 6.89
BRAZIL 3.47 3.80 4.03 3.72 3.80 3.80
ARGENTINA 1.52 1.49 1.78 1.91 2.18 2.20
MEXICO 0.45 0.40 0.42 0.46 0.53 0.53
EUROPEAN UNION 2.24 2.58 2.47 2.62 2.79 2.76
OTHER W EUROPE 0.05 0.07 0.07 0.07 0.07 0.07
FSU-12 0.08 0.06 0.07 0.05 0.05 0.07
EASTERN EUROPE 0.07 0.07 0.07 0.08 0.10 0.10
ASIA 3.26 3.32 3.45 3.70 3.95 4.07
JAPAN 0.66 0.67 0.67 0.69 0.68 0.68
CHINA 1.14 1.29 1.15 1.39 1.63 1.74
TAIWAN 0.39 0.40 0.41 0.40 0.37 0.37
INDIA 0.65 0.50 0.71 0.66 0.80 0.80
OTHER 0.42 0.50 0.51 0.58 0.64 0.64
TOTAL 18.25 19.76 20.18 20.69 22.36 22.60
EXPORTS
UNITED STATES 0.69 1.22 0.45 0.92 1.32 1.27
BRAZIL 1.35 1.49 1.60 1.29 1.33 1.33
ARGENTINA 1.45 1.41 1.56 1.79 2.13 2.13
EUROPEAN UNION 0.91 1.29 1.11 1.32 1.22 1.45
OTHER 0.46 0.52 0.56 0.57 0.49 0.50
TOTAL 4.85 5.92 5.28 5.90 6.47 6.67
IMPORTS
UNITED STATES 0.03 0.01 0.04 0.02 0.03 0.03
EUROPEAN UNION 0.50 0.63 0.54 0.48 0.56 0.52
FSU-12 0.08 0.05 0.05 0.08 0.07 0.09
EASTERN EUROPE 0.13 0.11 0.10 0.10 0.11 0.11
CHINA 0.64 1.70 1.45 1.67 1.80 2.00
INDIA 0.04 0.06 0.06 0.09 0.13 0.10
PAKISTAN 0.17 0.17 0.12 0.21 0.23 0.23
MID-EAST/N AFR 1.39 1.34 0.97 1.15 1.25 1.29
IRAN 0.49 0.50 0.34 0.38 0.41 0.45
MOROCCO 0.18 0.15 0.12 0.19 0.19 0.19
TURKEY 0.17 0.14 0.10 0.13 0.14 0.14
TUNISIA 0.11 0.14 0.09 0.10 0.11 0.11
LATIN AMERICA 0.91 1.02 0.88 1.06 1.16 1.16
BRAZIL 0.24 0.18 0.10 0.18 0.17 0.17
MEXICO 0.08 0.07 0.06 0.11 0.11 0.11
CHILE 0.09 0.11 0.11 0.11 0.11 0.11
PERU 0.11 0.14 0.13 0.16 0.18 0.18
COLOMBIA 0.06 0.09 0.11 0.12 0.14 0.14
OTHER 0.83 1.06 0.94 1.03 1.17 1.16
TOTAL 4.72 6.14 5.15 5.89 6.50 6.69
CONSUMPTION
UNITED STATES 5.87 5.86 6.11 6.47 6.72 6.81
LATIN AMERICA 3.73 3.99 3.98 4.22 4.47 4.47
BRAZIL 2.32 2.47 2.53 2.60 2.70 2.70
ARGENTINA 0.08 0.09 0.10 0.10 0.10 0.10
MEXICO 0.52 0.45 0.44 0.54 0.60 0.60
EUROPEAN UNION 1.85 1.93 1.93 1.81 2.13 1.84
OTHER W EUROPE 0.06 0.07 0.07 0.07 0.07 0.07
FSU-12 0.16 0.10 0.12 0.12 0.12 0.16
EASTERN EUROPE 0.20 0.18 0.17 0.18 0.21 0.21
ASIA 4.49 5.23 5.45 5.90 6.67 6.86
JAPAN 0.67 0.68 0.67 0.67 0.72 0.67
CHINA 1.76 2.53 2.60 3.01 3.42 3.70
TAIWAN 0.39 0.39 0.40 0.39 0.41 0.41
KOREA, REP OF 0.22 0.24 0.26 0.26 0.28 0.27
INDIA 0.71 0.56 0.77 0.74 0.93 0.90
PAKISTAN 0.18 0.17 0.13 0.21 0.23 0.23
BANGLADESH 0.32 0.39 0.30 0.22 0.28 0.26
MID-EAST/N AFR 1.55 1.53 1.19 1.38 1.50 1.54
IRAN 0.52 0.52 0.36 0.40 0.43 0.47
MOROCCO 0.18 0.16 0.12 0.21 0.22 0.22
TURKEY 0.18 0.19 0.15 0.17 0.18 0.18
OTHER 0.50 0.59 0.60 0.74 0.80 0.80
TOTAL 18.40 19.49 19.62 20.88 22.67 22.74
ENDING STOCKS
UNITED STATES 0.50 0.52 0.91 0.69 0.57 0.65
BRAZIL 0.35 0.37 0.38 0.38 0.32 0.32
ARGENTINA 0.16 0.15 0.28 0.30 0.25 0.27
OTHER 0.71 1.17 1.07 1.07 1.03 1.08
TOTAL 1.72 2.21 2.64 2.44 2.17 2.32
NOTE: TOTALS MAY NOT ADD DUE TO ROUNDING.
DATE: JUNE 1998
TABLE 9
SOYBEANS AND PRODUCTS: WORLD TRADE
(1000 METRIC TONS)
LOCAL MKTG YEARS
SOYBEANS SOYBEAN MEAL SOYBEAN OIL
1996/97 1997/98 1996/97 1997/98 1996/97 1997/98
EXPORTERS
UNITED STATES 1/ 23,999 24,358 6,345 7,985 924 1,270
BRAZIL 8,150 7,100 10,660 10,900 1,325 1,350
ARGENTINA 750 2,000 8,680 9,675 1,790 2,125
EUROPEAN UNION 344 501 4,463 4,337 1,324 1,452
SPAIN 2 2 84 100 224 250
PORTUGAL 7 4 19 21 83 87
PARAGUAY 2,150 2,100 342 310 90 78
OTHER 1,286 1,708 3,495 3,498 481 423
WORLD TOTAL 36,679 37,767 33,985 36,705 5,934 6,698
SELECTED IMPORTERS
EUROPEAN UNION 15,202 15,567 14,750 15,960 482 521
GERMANY 3,481 3,750 1,503 1,700 92 70
NETHERLANDS 4,300 4,511 1,700 1,675 30 101
SPAIN 2,714 2,820 1,351 1,568 6 6
ITALY 832 500 1,725 1,800 9 8
BEL-LUX 1,136 1,260 958 1,000 39 32
PORTUGAL 664 770 278 190 13 7
FRANCE 740 600 3,266 3,800 67 70
U.K. 855 900 1,330 1,500 103 115
DENMARK 70 76 1,400 1,463 40 35
OTHER W EUROPE 375 382 48 50 7 7
FSU-12 144 260 288 325 77 92
RUSSIA 4 20 131 160 36 50
UKRAINE 20 20 100 105 38 40
EASTERN EUROPE 209 288 1,856 1,888 102 112
POLAND 69 100 797 750 71 82
HUNGARY 7 5 460 520 0 0
ASIA 13,892 13,887 9,534 9,383 2,571 3,020
JAPAN 5,043 4,900 772 825 3 3
TAIWAN 2,632 2,500 11 11 42 22
KOREA, REP OF 1,622 1,400 813 800 49 65
INDONESIA 684 680 1,104 550 15 18
PHILIPPINES 160 160 965 1,060 18 15
INDIA 0 0 0 0 85 100
PAKISTAN 42 40 110 147 206 225
MID-EAST/N AFR 1,159 1,273 3,325 3,566 1,145 1,292
ISRAEL 525 525 38 38 25 27
IRAN 0 0 540 570 380 450
EGYPT 115 196 580 550 90 100
IRAQ 0 0 60 60 3 3
MOROCCO 141 150 80 100 188 190
TUNISIA 0 0 171 188 100 110
ALGERIA 0 0 325 340 120 127
TURKEY 225 250 350 450 125 135
LATIN AMERICA 5,929 5,290 3,166 3,541 1,089 1,187
MEXICO 2,680 3,000 200 200 105 105
VENEZUELA 300 360 550 650 121 150
CANADA 231 200 629 515 59 35
OTHER 552 461 817 944 385 454
WORLD TOTAL 36,343 39,008 34,413 36,072 5,892 6,690
DATE: JUNE 1998
TABLE 10
VEGETABLE OIL PRODUCTION, CONSUMPTION AND IMPORTS
FOR SELECTED COUNTRIES, 1,000 METRIC TONS
IMPORT PRELIM FORCST
MARKETING 1993/94 1994/95 1995/96 1996/97 1997/98
YEAR
INDIA
TOTAL PROD MY 5,278 5,430 5,682 6,100 5,985
TOTAL CONSUM MY 5,582 6,110 6,866 7,740 7,505
TOTAL IMPORTS MY 264 680 1,204 1,650 1,480
PALM OIL (OCT-SEP) 200 480 970 1,200 1,100
SOYBEAN OIL (OCT-SEP) 41 60 60 85 100
RAPESEED OIL (OCT-SEP) 15 20 40 30 50
FSU-12
TOTAL PROD MY 2,189 1,927 2,541 1,747 1,965
TOTAL CONSUM MY 2,488 2,274 2,578 2,479 2,639
TOTAL IMPORTS MY 720 755 793 976 1,021
PALM OIL (OCT-SEP) 83 121 133 163 168
SUNFLOWERSEED OIL (SEP-AUG) 248 317 330 379 334
SOYBEAN OIL (OCT-SEP) 80 47 50 77 92
PAKISTAN
TOTAL PROD MY 324 343 430 393 399
TOTAL CONSUM MY 1,607 1,706 1,496 1,672 1,719
TOTAL IMPORTS MY 1,236 1,381 1,146 1,286 1,315
PALM OIL (OCT-SEP) 1,060 1,210 1,015 1,070 1,070
SOYBEAN OIL (OCT-SEP) 172 167 124 206 225
EGYPT
TOTAL PROD MY 123 101 94 114 119
TOTAL CONSUM MY 939 1,000 843 885 944
TOTAL IMPORTS MY 816 899 749 771 825
SUNSEED OIL (OCT-SEP) 180 280 138 200 225
COTTONSEED OIL (OCT-SEP) 82 90 107 73 80
PALM OIL (OCT-SEP) 420 370 390 390 400
SOYBEAN OIL (OCT-SEP) 117 127 98 90 100
IRAN
TOTAL PROD MY 38 51 54 55 50
TOTAL CONSUM MY 697 1,117 902 946 1,001
TOTAL IMPORTS MY 659 1,066 848 891 951
PALM OIL (OCT-SEP) 113 65 77 80 85
SOYBEAN OIL (OCT-SEP) 494 500 340 380 450
SUNSEED OIL (OCT-SEP) 51 500 430 430 415
ALGERIA
TOTAL PROD MY 18 14 16 16 16
TOTAL CONSUM MY 472 522 502 544 576
TOTAL IMPORTS MY 454 508 486 528 560
SUNSEED OIL (JAN-DEC) 90 170 170 190 215
RAPESEED OIL (JAN-DEC) 40 50 60 62 60
MOROCCO
TOTAL PROD MY 75 109 74 89 91
TOTAL CONSUM MY 307 337 325 329 327
TOTAL IMPORTS MY 238 233 254 247 239
SOYBEAN OIL (OCT-SEP) 178 147 116 188 190
RAPESEED OIL (OCT-SEP) 51 77 129 50 40
NIGERIA
TOTAL PROD MY 1,019 979 1,037 1,044 1,022
TOTAL CONSUM MY 1,157 1,137 1,237 1,244 1,232
TOTAL IMPORTS MY 128 158 180 200 210
PALM OIL (OCT-SEP) 100 130 160 200 210
RAPESEED OIL (OCT-SEP) 20 20 20 0 0
VENEZUELA
TOTAL PROD MY 141 161 151 162 174
TOTAL CONSUM MY 433 505 421 431 470
TOTAL IMPORTS MY 292 336 262 259 296
SUNSEED OIL (OCT-SEP) 145 145 130 125 130
SOYBEAN OIL (OCT-SEP) 138 175 119 121 150
COTTONSEED OIL (OCT-SEP) 2 3 2 2 3
CHINA
TOTAL PROD MY 5,307 6,145 6,800 6,840 7,422
TOTAL CONSUM MY 7,330 9,627 9,369 9,997 11,289
TOTAL IMPORTS MY 2,487 4,431 2,835 3,389 3,997
PALM OIL (OCT-SEP) 1,420 1,667 1,006 1,350 1,500
SOYBEAN OIL (OCT-SEP) 640 1,702 1,445 1,674 2,000
RAPESEED OIL (OCT-SEP) 360 944 303 281 400
BANGLADESH
TOTAL PROD MY 112 109 113 113 114
TOTAL CONSUM MY 687 759 538 483 534
TOTAL IMPORTS MY 575 660 400 380 420
SOYBEAN OIL (OCT-SEP) 285 425 275 210 260
PALM OIL (OCT-SEP) 260 200 95 140 130
TOTAL OF SELECTED
IMPORTERS
TOTAL PROD MY 14,624 15,369 16,992 16,673 17,357
TOTAL CONSUM MY 21,699 25,094 25,077 26,750 28,236
TOTAL IMPORTS MY 7,869 11,107 9,157 10,577 11,314
PALM OIL MY 3,789 4,391 4,004 4,761 4,834
SOYBEAN OIL MY 2,342 3,500 2,737 3,151 3,694
SUNSEED OIL MY 715 1,482 1,303 1,623 1,506
RAPESEED OIL MY 571 1,144 623 573 772
NOTE: PRODUCTION IS OIL PROCESSED FROM DOMESTIC AND/OR
IMPORTED OILSEEDS, PLUS OIL FROM OTHER DOMESTIC
SOURCES SUCH AS PALM OIL AND FISH OIL. ANIMAL FATS
ARE NOT INCLUDED. CONSUMPTION DATA MAY INCLUDE
YEAR-TO-YEAR ADJUSTMENTS IN CASES WHERE STOCK
DATA IS NOT AVAILABLE OR RELIABLE.
DATE: JUNE 1998
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