Brazil sugar ICUMSA 45

                                                 9 SHIPMENT COMMENCES AS PER THE TERMS OF THE CONTRACT

       8 POP=POF BANK-TO-BANK

                                7 BUYER OPENS THE FULLY OPERATIVE LC

                                     6 SELLER ASSURE 2 % PERFORMANCE BOND

                                                 5 BUYER ACCEPTS THE TERMS OF DRAFT CONTRACT

                      4 SELLER ISSUES DRAFT CONTRACT

                     3 BUYER SIGNS AND RETURNS FCO

2 SELLER ISSUES FCO

      1 BUYER ISSUES LOI & BCL

              PROCEDURE:

Sugar ICUMSA 45
, Amount: 5. 000. 000 DE TON
Delivery: 25x 200. 000 ton
Price CIF: U $210, 00