0 MP_CN002 Memphis, TN Cotton and Tobacco Programs, 09-Feb-12 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 Number of bales provided Growth Basis Leaf 4 Leaf 3 to Cotton Program Area N.Y. Futures Staple 34 Staple 35 Today Season Points Month cents/lb. cents/lb. bales bales Southeast -575 Mar-12 84.63 86.38 1,045 65,466 North Delta -625 Mar-12 84.13 85.13 0 36,735 South Delta -625 Mar-12 84.13 85.13 4 19,466 East TX-OK -1038 Mar-12 80.00 84.75 141 137,838 West Texas -1013 Mar-12 80.25 85.75 3,147 359,300 Desert SW -675 Mar-12 83.63 89.38 130 7,037 SJ Valley -550 Mar-12 84.88 95.28 0 7,005 Upland total Average -729 Mar-12 83.09 87.40 4,467 632,847 Previous -721 Mar-12 86.41 90.71 AMERICAN PIMA SPOT PRICE QUOTATIONS Grade 2 Grade 3 Grade 3 SPOT TRANSACTIONS Staple 46 Staple 44 Staple 46 AP total American Pima 145.00 127.00 132.00 5,000 37,916 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 9/14/2011 110.14 Mar-12 90.38 93.62 -3.24 Season low May-12 91.88 95.18 -3.30 12/14/2011 81.94 Jul-12 93.45 96.85 -3.40 Oct-12 93.65 96.95 -3.30 EFFECTIVE Feb 03 - Feb 09 Dec-12 92.88 95.92 -3.04 AWP 80.57 Mar-13 94.05 97.07 -3.02 CC ADJ. 0.00 May-13 94.06 96.97 -2.91 FCA 2009 Cr 0.00 Jul-13 94.17 97.21 -3.04 FCA 2010 Cr 0.00 Oct-13 92.74 94.95 -2.21 LDP 0.00 Dec-13 93.38 94.97 -1.59 EFFECTIVE Feb 03 - Feb 09 PCP 0.00 AVERAGE PREMIUMS AND DISCOUNTS - TENDERABLE QUALITIES 3/ COLOR COLOR COLOR COLOR COLOR 11 21 31 41 51 STAPLE 33 LEAF 1 & 2 -50 -50 -98 -260 -415 3 -70 -70 -108 -270 -428 4 -180 -180 -220 -345 -458 5 -303 -303 -320 -440 -623 STAPLE 34 LEAF 1 & 2 220 220 170 38 -195 3 190 190 155 30 -223 4 105 105 73 0 -278 5 -48 -48 -103 -230 -418 STAPLE 35 LEAF 1 & 2 495 495 410 175 -100 3 410 410 375 140 -125 4 262 262 225 90 -185 5 125 125 75 -130 -320 COLOR COLOR COLOR 12 22 32 STAPLE 33 LEAF 1 & 2 -220 -220 -315 3 -235 -235 -330 4 0 5 0 STAPLE 34 LEAF 1 & 2 75 75 -53 3 60 60 -68 4 0 5 0 STAPLE 35 LEAF 1 & 2 193 193 48 3 160 160 15 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 and Tobacco Programs, Market News Division 3275 Appling Rd Memphis, TN 38133 (901) 384-3016 www.ams.usda.gov/mnreports/mp_cn002.txt