U.S. and World Cotton Economic Outlook March 2010 Prepared by: Economic Services National Cotton Council

Macroeconomic Environment

Real GDP Growth in Selected Countries

U.S. Cotton Supply

December Cotton Futures Cents per Pound

December Corn Futures Cents per Bushel

November Soybean Futures Cents per Bushel

Southeast1,891 2, Mid-South 1,627 1, Southwest5,243 5, West ALL UPLAND 9,008 9, ALL ELS ALL COTTON9,149 10, Southeast1,891 2, Mid-South 1,627 1, Southwest5,243 5, West ALL UPLAND 9,008 9, ALL ELS ALL COTTON9,149 10, U.S. Cotton Plantings % Actual Estimated* Change Actual Estimated* Change % Actual Estimated* Change Actual Estimated* Change Thousand Acres *2010 NCC Planting Intentions Survey *2010 NCC Planting Intentions Survey

Southeast Mid-South Southwest2,122 2, West ALL UPLAND 3,645 4, ALL ELS ALL COTTON3,703 4, Southeast Mid-South Southwest2,122 2, West ALL UPLAND 3,645 4, ALL ELS ALL COTTON3,703 4, U.S. Cotton Plantings % Actual Estimated* Change Actual Estimated* Change % Actual Estimated* Change Actual Estimated* Change Thousand Hectares *2010 NCC Planting Intentions Survey *2010 NCC Planting Intentions Survey

U.S. Cotton Production *e = USDA estimates, p = USDA 2010 Ag Outlook projections

U.S. Cotton Supply *e = USDA estimates, p = USDA 2010 Ag Outlook projections with stocks adjusted to reflect March WASDE

U.S. Cotton Demand

Net Domestic Fiber Consumption

Cotton’s Share of Fiber Consumption

Components of Retail Cotton Consumption

U.S. Cotton Textile Imports

U.S. Cotton Content in Textile Imports

U.S. Trade With Mexico

U.S. Trade with CBI

U.S. Imports from China

U.S. Cotton Mill Use (Calendar Year, Million Bales)

U.S. Cotton Mill Use (Crop Year, Million Bales) *e = USDA estimates, p = USDA 2010 Ag Outlook projections

U.S. Cotton Production & Use *e = USDA estimates, p = USDA 2010 Ag Outlook projections

The World Market & U.S. Cotton Exports

China Cotton Supply & Use

World Cotton Production *e = USDA estimates, p = USDA 2010 Ag Outlook projections

World Fiber Mill Use *PCI

Fiber Prices

World Cotton Mill Use *e = USDA estimates, p = USDA 2010 Ag Outlook projections

Foreign Cotton Production & Use

U.S. Cotton Exports *e = USDA estimates, p = USDA 2010 Ag Outlook projections

World Cotton Ending Stocks

Cotton Stocks/Use (World less China)

U.S. Supply and Demand Million Bales Beginning Stocks Production Imports Total Supply Mill Use Exports Total Offtake Ending Stocks Stocks-to-Use Ratio20.6%20.0% 2009/10e*2010/11p* *e = USDA estimates, p = USDA 2010 Ag Outlook projections with stocks adjusted to reflect March WASDE

U.S. Supply and Demand Million Metric Tons Beginning Stocks Production Imports Total Supply Mill Use Exports Total Offtake Ending Stocks Stocks-to-Use Ratio20.6%20.0% 2009/10e*2010/11p* *e = USDA estimates, p = USDA 2010 Ag Outlook projections with stocks adjusted to reflect March WASDE

Beginning Stocks Production Imports Mill Use Exports Ending Stocks Stocks-to-Use Ratio44.4%41.3% Beginning Stocks Production Imports Mill Use Exports Ending Stocks Stocks-to-Use Ratio44.4%41.3% World Supply and Demand Million Bales 2009/10e*2010/11p* *e = USDA estimates, p = USDA 2010 Ag Outlook projections with stocks adjusted to reflect March WASDE

Beginning Stocks Production Imports Mill Use Exports Ending Stocks Stocks-to-Use Ratio44.4%41.3% Beginning Stocks Production Imports Mill Use Exports Ending Stocks Stocks-to-Use Ratio44.4%41.3% World Supply and Demand Million Metric Tons 2009/10e*2010/11p* *e = USDA estimates, p = USDA 2010 Ag Outlook projections with stocks adjusted to reflect March WASDE

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