MP_CN002 Memphis, TN Cotton Program, MNB 27-Mar-06 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. American Pima quotations are FOB warehouse and do not include compression 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. 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 -275 May-06 50.35 52.60 1,844 127,966 North Delta -250 May-06 50.60 53.60 0 147,693 South Delta -250 May-06 50.60 53.60 0 109,402 East TX-OK -635 May-06 46.75 50.50 0 237,770 West Texas -535 May-06 47.75 52.50 1,688 928,483 Desert SW -375 May-06 49.35 56.60 0 40,937 SJ Valley -175 May-06 51.35 62.60 0 10,291 Upland total Average -356 May-06 49.54 54.57 3,532 1,602,542 Previous -332 May-06 49.18 54.21 AMERICAN PIMA SPOT PRICE QUOTATIONS Grade 2 Grade 3 Grade 3 SPOT TRANSACTIONS Staple 46 Staple 44 Staple 46 AP total American Pima 0.00 0.00 0.00 0 9,630 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 2/14/2006 53.25 May-06 53.10 52.50 0.60 Season low Jul-06 54.51 54.08 0.43 8/15/2005 43.46 Oct-06 56.65 56.20 0.45 Dec-06 58.18 57.76 0.42 EFFECTIVE Mar 24 - Mar 30 Mar-07 59.70 59.30 0.40 AWP 42.92 May-07 60.30 59.95 0.35 CC ADJ. 0.00 Jul-07 60.95 60.55 0.40 LDP 9.08 Oct-07 61.50 61.15 0.35 EFFECTIVE Mar 24 - Mar 30 Dec-07 61.50 61.55 -0.05 PCP 9.04 Mar-08 62.45 AVERAGE PREMIUMS AND DISCOUNTS - TENDERABLE QUALITIES 3/ COLOR COLOR COLOR COLOR COLOR 11 21 31 41 51 STAPLE 33 LEAF 1 & 2 18 18 -13 -125 -268 3 13 13 -23 -140 -290 4 -93 -93 -138 -220 -315 5 -228 -228 -250 -290 -445 STAPLE 34 LEAF 1 & 2 255 255 195 85 -158 3 220 220 170 60 -185 4 110 110 75 0 -230 5 -53 -53 -128 -193 -338 STAPLE 35 LEAF 1 & 2 540 540 450 170 -108 3 485 485 420 145 -125 4 298 298 250 108 -175 5 145 145 85 -95 -288 COLOR COLOR COLOR 12 22 32 STAPLE 33 LEAF 1 & 2 -65 -65 -148 3 -80 -80 -163 4 0 5 0 STAPLE 34 LEAF 1 & 2 105 105 -15 3 93 93 -30 4 0 5 0 STAPLE 35 LEAF 1 & 2 230 230 75 3 205 205 43 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 www.ams.usda.gov/cotton/mncs/index.htm