MP_CN002 Memphis, TN Cotton Program, MNB 03-Jul-08 Spot quotations and differences are for cotton equal to the official standards, net weight, in mixed lots. Upland quotations are FOB car/truck, which includes compression and any brokerage charges. The upland base quality is color 41, leaf grade 4, staple 34 (1.05 to 1.07), mike 3.5, 3.6 and 4.3 to 4.9, strength 26.5 to 28.4 grams per tex and uniformity 80.5 to 81.4. American Pima quotations are UD free, FOB warehouse, and brokerage fees included. UPLAND SPOT PRICE QUOTATIONS SPOT TRANSACTIONS Color 41 Color 31 Usuable sales provided Growth Basis Leaf 4 Leaf 3 to Cotton Programs Area N.Y. Futures Staple 34 Staple 35 Today Season Points Month cents/lb. cents/lb. bales bales Southeast -700 Oct-08 65.20 66.20 0 167,237 North Delta -800 Oct-08 64.20 65.70 0 150,120 South Delta -800 Oct-08 64.20 65.70 0 29,191 East TX-OK -995 Oct-08 62.25 64.25 0 174,792 West Texas -995 Oct-08 62.25 65.25 0 1,156,584 Desert SW -1300 Oct-08 59.20 64.70 0 38,618 SJ Valley -1150 Oct-08 60.70 69.45 0 9,481 Upland total Average -963 Oct-08 62.57 65.89 0 1,726,023 Previous -965 Oct-08 62.61 65.94 AMERICAN PIMA SPOT PRICE QUOTATIONS Grade 2 Grade 3 Grade 3 SPOT TRANSACTIONS Staple 46 Staple 44 Staple 46 AP total American Pima 104.50 84.00 89.00 0 12,553 NEW YORK FUTURES - CONTRACT NO. 2 2/ 7-MARKET AVERAGE COLOR 41 LEAF 4, STAPLE 34, MIKE 35-49, BASE QUOTATIONS STRENGTH 25 OR GREATER. FOR UPLAND COTTON Month Cents per pound Season high Today Previous Change 3/5/2008 79.16 Jul-08 68.02 68.12 -0.10 Season low Oct-08 72.20 72.26 -0.06 8/16/2007 50.34 Dec-08 75.35 75.29 0.06 Mar-09 80.77 80.73 0.04 EFFECTIVE Jun 27 - Jul 03 May-09 82.43 82.31 0.12 AWP 66.60 Jul-09 83.63 83.46 0.17 CC ADJ. 0.00 Oct-09 85.32 85.15 0.17 LDP 0.00 Dec-09 86.88 86.46 0.42 EFFECTIVE Jun 27 - Jul 03 Mar-10 88.38 87.96 0.42 PCP 0.00 May-10 89.38 88.96 0.42 AVERAGE PREMIUMS AND DISCOUNTS - TENDERABLE QUALITIES 3/ COLOR COLOR COLOR COLOR COLOR 11 21 31 41 51 STAPLE 33 LEAF 1 & 2 13 13 -8 -135 -280 3 8 8 -18 -145 -293 4 -95 -95 -135 -215 -323 5 -213 -213 -235 -290 -445 STAPLE 34 LEAF 1 & 2 205 205 155 60 -160 3 170 170 130 45 -188 4 120 120 75 0 -243 5 -53 -53 -103 -193 -343 STAPLE 35 LEAF 1 & 2 340 340 285 158 -110 3 285 285 260 133 -133 4 228 228 185 93 -188 5 130 130 85 -95 -298 COLOR COLOR COLOR 12 22 32 STAPLE 33 LEAF 1 & 2 -80 -80 -170 3 -95 -95 -185 4 0 5 0 STAPLE 34 LEAF 1 & 2 80 80 -18 3 65 65 -43 4 0 5 0 STAPLE 35 LEAF 1 & 2 195 195 55 3 170 170 23 4 0 5 0 1/ Settlement prices provided by New York Cotton Exchange. 2/ The average of the differences from the Southeast, North and South Delta average, East Texas-Oklahoma, West Texas, and Desert Southwest markets. Cotton Program, Market News Branch 3275 Appling Rd Memphis, TN 38133 (901) 384-3016 http://www.ams.usda.gov/cnmnreports