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Strategies & Market Trends : YEEHAW CANDIDATES -- Ignore unavailable to you. Want to Upgrade?

To: EGGSHAPE who wrote (809)	1/1/2003 12:56:43 AM
From: Crossy	Read Replies (1) \| Respond to of 23958

Eggshape, first of all Happy new year and thx for your thougts. I do of course know that Agriculture policy in the US (and in Europe too !) have often perverse incentives embedded in them. And yes, it can get uneasy if you are tangled within the web on the wrong side as IPSU was in the past. But this is exactly why I like IPSU getting out of most of the upstream business. In the downstream market, Imperial cannot care less where they supply their inputs from. all matters is composition (variety), price and quality... For me the upstream part of the sugar "pipeline" is the opposite of the classic "bottleneck monopoly" (like the local loop) for example. While it'S good to own the latter it's a nuisance to own the former. Now with more schrewd owners (LEH, Swiss Re and others), Imperial seems to have learnt from its past mistakes and goes for the DOWNSTREAM part while gradually shedding upstream production. Good idea I guess.. Happy new year again CROSSY