Daily Spot Cotton Quotations

Volume 1, No. 111 Cotton and Tobacco Program 3275 Appling Road, Memphis, TN 38133 (91) 384-316 Daily Spot Cotton Quotations 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 (1.5 to 1.7), mike 3.5, 3.6 and 4.3 to 4.9, strength 27. to 28.9 grams per tex and uniformity 81. to 81.9. 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 Areas Basis Leaf 4 Leaf 3 to Cotton Program N.Y. Futures 34 35 Today Season Points Cents per pound Bales Bales Southeast 75 Mar-18 78.89 81.64 21,13 North Delta -75 Mar-18 77.39 79.14 1,23 2,35 South Delta -75 Mar-18 77.39 79.14 12,468 East TX-OK -289 Mar-18 75.25 77. 4,468 366,946 West Texas -439 Mar-18 73.75 75.75 8,425 518,488 Desert SW -5 Mar-18 73.14 77.14 3,173 SJ Valley -4 Mar-18 74.14 83.4 76 Upland Total Average -243 Mar-18 75.71 78.98 14,96 943,288 Previous day -24 Mar-18 75.61 78.89 AMERICAN PIMA SPOT PRICE QUOTATIONS Color 2, Leaf 2-46 Color 3, Leaf 3-44 Color 3, Leaf 3-46 AP Total American Pima 147.25 124.75 132.5 2,627 ICE FUTURES US - CONTRACT NO. 2 1/ 7-MARKET Jan 5 - Jan 11 COLOR 41 LEAF 4, STAPLE 34, MIKE 35-49, STRENGTH 25 OR HIGHER BASE QUOTATIONS ADJ. WORLD PRICE Month Cents per pound FOR UPLAND COTTON 7.86 Today Previous Change CC ADJUSTMENT Mar-18 78.14 78.1.13 Season high. May-18 78.47 78.25.22 FC ADJUSTMENT Jul-18 78.85 78.68.17 1/4/218 76.71 216 217 Oct-18 75.34 75.14.2.35.5 Dec-18 74.64 74.36.28 LOAN DEFICIENCY PMT. Mar-19 74.84 74.52.32 Season low. May-19 74.78 74.36.42 Jul-19 74.58 74.26.32 1/2/217 65.24 Pima Competitiveness Oct-19 73.12 72.83.29 Payment Dec-19 71.2 7.97.23. PREMIUMS AND DISCOUNTS - TENDERABLE QUALITIES 2/ Color 11 21 31 41 51 12 22 32 33 Leaf 1 & 2-45 -45-85 -235-43 -175-175 -275 3-6 -6-95 -245-435 -19-19 -29 4-165 -165-215 -34-465 NOT TENDERABLE 5-28 -28-31 -42-625 NOT TENDERABLE 34 Leaf 1 & 2 13 13 7 25-22 6 6-7 3 15 15 65 2-24 55 55-85 4 5 5 25-295 NOT TENDERABLE 5-1 -1-14 -25-44 NOT TENDERABLE 35 Leaf 1 & 2 335 335 28 12-13 18 18 6 3 28 28 245 77-145 14 14 23 4 165 165 12 45-215 NOT TENDERABLE 5 4 4-2 -145-355 NOT TENDERABLE 36 Leaf 1 & 2 479 479 434 214-81 39 39 139 3 429 429 399 174-91 264 264 114 4 299 299 234 129-153 NOT TENDERABLE 5 152 152 69-51 -3 NOT TENDERABLE 1/ Settlement prices provided by ICE Futures US 2/ The average of the differences from the Southeast, North and South Delta average, East Texas-Oklahoma, West Texas, and Desert Southwest markets. MP_CN2 THIS REPORT IS AVAILABLE ON THE WORLD WIDE WEB AT:http://www.ams.usda.gov/mnreports/cnddsq.pdf

MP_CN3 SOUTHEAST DIFFERENCES 32 33 34 35 36 37 38 11 & 21 1 & 2-225 -5 15 3 475 525 525 25-26 -825 3-225 -5 15 275 45 5 5 27-29 -425 4-225 -125 75 225 325 35 35 3-32 -275 5-375 -225-125 25 75 75 75 33-34 -15 6-5 -35-3 -225-2 -2-2 Base 35-36 7-625 -475-45 -35-325 -325-325 37-42 31 1 & 2-225 -5 125 275 45 475 475 Base 43-49 3-225 -5 125 275 425 45 45 5-52 -2 4-225 -125 75 225 3 325 325 53 & Above -375 5-375 -225-125 25 5 5 5 6-5 -35-3 -275-25 -25-25 7-625 -475-45 -4-375 -375-375 41 1 & 2-275 -1 5 25 275 275 3 3-275 -1 5 225 25 25 275 4-275 -2 78.89 2 225 225 25 5-45 -35-2 -75-25 -25-25 21. - 21.9-425 6-575 -45-425 -35-325 -325-325 22. - 22.9-35 7-675 -575-55 -5-475 -475-475 23. - 23.9-3 51 1 & 2-475 -3-175 -175-15 -15-15 24. - 24.9-25 3-55 -325-25 -225-175 -175-175 25. - 25.9-2 4-575 -325-275 -275-25 -25-25 26. - 26.9-25 5-675 -55-45 -4-375 -375-375 Base 27. - 28.9 6-75 -575-525 -525-5 -5-5 29. - 29.9 7-825 -7-675 -675-65 -65-65 3. - 3.9 25 61 1-5 -775-7 -625-6 -6-6 -6 31. - 32.9 5 6-95 -875-825 -8-8 -8-8 33. & Above 5 7-175 -95-9 -875-875 -875-875 71 1-6 -175-1 -95-95 -95-95 -95 7-11 -125-975 -975-975 -975-975 12 & 22 1 & 2-275 -1 5 15 275 275 3 Extraneous Matter 3-275 -1 5 125 25 25 275 Prep 4-275 -125 1 225 225 25 Level 1-2 5-425 -325-2 25 25 25 Level 2-8 6-55 -425-425 -35-325 -325-325 7-65 -55-55 -5-475 -475-475 Other 32 1 & 2-325 -175-25 5 5 5 Level 1-4 3-35 -2-5 25 25 25 Level 2-8 4-45 -2-15 -1-5 -5-5 5-525 -35-3 -275-25 -25-25 6-6 -45-45 -425-4 -4-4 7-7 -575-575 -55-525 -525-525 42 1-3 -625-425 -225-2 -175-175 -175 4-675 -425-275 -275-25 -25-25 Unit Points 5-775 -65-425 -375-35 -35-35 77.9 & Below -125 6-825 -775-625 -625-6 -6-6 78. - 78.9-11 7-925 -8-775 -75-725 -725-725 79. - 79.9-1 52 1-4 -825-7 -575-5 -5-5 -5 8. - 8.9-25 5-85 -85-675 -65-65 -65-65 Base 81. - 81.9 6-925 -9-85 -825-825 -825-825 82. - 82.9 7-175 -1-95 -925-925 -925-925 83. - 83.9 2 62 1-5 -95-875 -825-825 -825-825 -825 84. - 84.9 3 6-1125 -15-1 -1-1 -1-1 85. - 85.9 4 43 1-3 -9-85 -8-75 -725-725 -725 86. & Above 5 4-925 -9-85 -775-75 -75-75 5-95 -9-85 -825-825 -825-825 6-1 -925-875 -85-85 -85-85 7-1125 -1-95 -925-925 -925-925 53 1-4 -1-9 -85-8 -8-8 -8 5-1125 -175-975 -975-975 -975-975 6-115 -11-1 -1-1 -1-1 7-125 -12-11 -11-11 -11-11 63 1-5 -1125-175 -975-975 -975-975 -975 6-125 -12-11 -11-11 -11-11 Page 2

MP_CN4 NORTH DELTA DIFFERENCES 32 33 34 35 36 37 38 11 & 21 1 & 2-225 -75 125 25 475 5 5 25-26 -1 3-225 -75 1 2 4 425 425 27-29 -65 4-275 -2 25 75 3 325 325 3-32 -325 5-45 -325-75 25 5 5 33-34 -125 6-5 -475-35 -3-3 -3-3 Base 35-36 7-6 -575-45 -4-4 -4-4 37-42 25 31 1 & 2-225 -1 75 2 45 475 475 Base 43-49 3-225 -1 75 175 4 425 425 5-52 -225 4-275 -25 25 75 25 275 275 53 & Above -375 5-45 -325-125 -5-25 6-5 -475-35 -3-3 -3-3 7-6 -575-45 -4-4 -4-4 41 1 & 2-35 -25 5 1 225 25 25 3-35 -25 25 5 2 225 225 4-375 -275 77.39 125 15 15 5-525 -4-225 -125-75 -75-75 21. - 21.9-3 6-575 -5-4 -325-3 -3-3 22. - 22.9-25 7-7 -675-55 -45-45 -45-45 23. - 23.9-2 51 1-2 -675-475 -35-25 -25-25 -25 24. - 24.9-175 3-725 -475-375 -275-275 -275-275 25. - 25.9-15 4-75 -5-4 -35-35 -35-35 26. - 26.9-25 5-825 -725-525 -475-45 -45-45 Base 27. - 28.9 6-85 -825-675 -6-6 -6-6 29. - 29.9 7-1 -975-825 -7-7 -7-7 3. - 3.9 25 61 1-5 -85-75 -65-575 -575-575 -575 31. - 32.9 5 6-925 -85-775 -75-75 -75-75 33. & Above 5 7-125 -1-875 -85-85 -85-85 71 1-6 -1225-1175 -175-125 -125-125 -125 7-1275 -1225-175 -175-175 -175-175 12 & 22 1 & 2-275 -125 5 1 25 275 275 Extraneous Matter 3-275 -125 25 5 2 25 25 Prep 4-3 -25 15 175 175 Level 1-2 5-5 -375-2 -1-75 -5-5 Level 2-8 6-625 -55-425 -325-3 -3-3 7-675 -65-525 -45-425 -425-425 Other 32 1 & 2-4 -25-1 5 5 5 Level 1-375 3-4 -25-1 -25 25 25 25 Level 2-785 4-425 -275-2 -1-75 -75-75 5-6 -425-25 -225-2 -2-2 6-7 -65-475 -425-4 -4-4 7-8 -75-575 -525-525 -525-525 42 1-3 -55-425 -35-225 -225-225 -225 4-575 -45-375 -3-3 -3-3 Unit Points 5-725 -575-45 -4-375 -375-375 77.9 & Below -9 6-85 -75-6 -55-525 -525-525 78. - 78.9-8 7-9 -8-7 -65-65 -65-65 79. - 79.9-7 52 1-4 -75-575 -525-5 -5-5 -5 8. - 8.9 5-825 -725-65 -6-6 -6-6 Base 81. - 81.9 6-975 -875-8 -775-775 -775-775 82. - 82.9 7-1 -975-9 -875-875 -875-875 83. - 83.9 3 62 1-5 -125-925 -85-825 -825-825 -825 84. - 84.9 4 6-1175 -175-95 -925-925 -925-925 85. - 85.9 5 43 1-3 -9-675 -5-475 -475-475 -475 86. & Above 6 4-925 -7-525 -5-5 -5-5 5-95 -85-775 -75-75 -75-75 6-15 -95-875 -85-85 -85-85 7-12 -11-125 -1-1 -1-1 53 1-4 -1-9 -825-8 -8-8 -8 5-175 -1-925 -9-9 -9-9 6-125 -11-125 -1-1 -1-1 7-1275 -1225-1125 -11-11 -11-11 63 1-5 -1225-1175 -11-175 -175-175 -175 6-1275 -1225-11 -175-175 -175-175 Page 3

MP_CN5 SOUTH DELTA DIFFERENCES 32 33 34 35 36 37 38 11 & 21 1 & 2-225 -75 125 25 475 5 5 25-26 -11 3-225 -75 1 2 4 425 425 27-29 -75 4-275 -2 25 75 3 325 325 3-32 -325 5-45 -325-75 25 5 5 33-34 -125 6-5 -475-35 -3-3 -3-3 Base 35-36 7-6 -575-45 -4-4 -4-4 37-42 25 31 1 & 2-225 -1 75 2 45 475 475 Base 43-49 3-225 -1 75 175 4 425 425 5-52 -225 4-275 -25 25 75 25 275 275 53 & Above -375 5-45 -325-125 -5-25 6-5 -475-35 -3-3 -3-3 7-6 -575-45 -4-4 -4-4 41 1 & 2-35 -25 5 1 225 25 25 3-35 -25 25 5 2 225 225 4-375 -275 77.39 125 15 15 5-525 -4-225 -125-75 -75-75 21. - 21.9-275 6-575 -5-4 -325-3 -3-3 22. - 22.9-225 7-7 -675-55 -45-45 -45-45 23. - 23.9-2 51 1-2 -675-475 -35-25 -25-25 -25 24. - 24.9-175 3-725 -475-375 -275-275 -275-275 25. - 25.9-15 4-75 -5-4 -35-35 -35-35 26. - 26.9-25 5-825 -725-525 -475-45 -45-45 Base 27. - 28.9 6-925 -825-675 -6-6 -6-6 29. - 29.9 7-1 -975-825 -7-7 -7-7 3. - 3.9 25 61 1-5 -85-75 -65-575 -575-575 -575 31. - 32.9 5 6-925 -85-775 -75-75 -75-75 33. & Above 5 7-125 -1-875 -85-85 -85-85 71 1-6 -1225-1175 -175-125 -125-125 -125 7-1275 -1225-1125 -175-175 -175-175 12 & 22 1 & 2-275 -125 5 1 25 275 275 Extraneous Matter 3-275 -125 25 5 2 25 25 Prep 4-3 -25 15 175 175 Level 1-2 5-5 -375-2 -1-75 -5-5 Level 2-8 6-625 -55-425 -325-3 -3-3 7-675 -65-525 -45-425 -425-425 Other 32 1 & 2-4 -25-1 5 5 5 Level 1-375 3-4 -25-1 -25 25 25 25 Level 2-785 4-425 -275-2 -1-75 -75-75 5-6 -425-25 -225-2 -2-2 6-7 -65-475 -425-4 -4-4 7-8 -75-575 -525-525 -525-525 42 1-3 -55-425 -35-225 -225-225 -225 4-575 -45-375 -3-275 -275-275 Unit Points 5-725 -575-45 -4-375 -375-375 77.9 & Below -9 6-85 -75-6 -525-5 -5-5 78. - 78.9-8 7-9 -8-7 -65-65 -65-65 79. - 79.9-7 52 1-4 -75-575 -525-5 -5-5 -5 8. - 8.9 5-825 -725-65 -6-6 -6-6 Base 81. - 81.9 6-975 -875-8 -775-775 -775-775 82. - 82.9 7-1 -975-9 -875-875 -875-875 83. - 83.9 3 62 1-5 -125-925 -85-825 -825-825 -825 84. - 84.9 4 6-1175 -175-95 -925-925 -925-925 85. - 85.9 5 43 1-3 -9-675 -475-45 -45-45 -45 86. & Above 6 4-925 -7-525 -5-5 -5-5 5-95 -85-775 -75-75 -75-75 6-15 -95-875 -85-85 -85-85 7-12 -11-125 -1-1 -1-1 53 1-4 -1-9 -825-8 -8-8 -8 5-175 -1-925 -9-9 -9-9 6-125 -11-125 -1-1 -1-1 7-1275 -1225-1125 -11-11 -11-11 63 1-5 -1225-1175 -11-175 -175-175 -175 6-1275 -1225-11 -175-175 -175-175 Page 4

MP_CN6 EAST TEXAS-OKLAHOMA DIFFERENCES 26-31 32 33 34 35 36 37 38 11 & 21 1 & 2-3 -25-75 15 275 425 45 475 3-35 -3-1 1 225 35 375 4 4-425 -3-125 25 25 25 275 275 5-475 -35-3 -1 25 225 225 225 6-625 -475-475 -275-275 -75-75 -75 7-7 -575-575 -35-35 -15-15 -15 31 1 & 2-35 -275-75 5 225 325 4 425 3-375 -3-1 5 175 3 35 375 4-475 -375-175 25 15 15 15 5-525 -375-325 -1 15 15 15 6-65 -5-5 -275-275 -125-125 -125 7-725 -6-6 -35-35 -225-225 -225 41 1 & 2-45 -275-1 25 1 25 275 275 3-475 -3-125 25 5 125 15 15 4-525 -375-275 75.25 1 125 125 5-6 -425-375 -15-1 1 125 125 6-75 -55-525 -3-3 -125-125 -125 7-85 -65-625 -4-375 -3-3 -3 51 1 & 2-575 -425-325 125 15 15 3-575 -45-325 125 15 15 4-625 -475-35 -75-5 75 1 1 5-675 -55-5 -175-125 -5-25 -25 6-85 -65-65 -325-325 -25-25 -25 7-95 -675-675 -4-4 -325-325 -325 61 1-5 -7-55 -5-175 -175-1 -1-1 6-875 -675-65 -35-325 -25-25 -25 7-975 -775-75 -45-425 -35-35 -35 71 1-6 -9-8 -75-425 -425-35 -35-35 7-1 -85-825 -5-5 -425-425 -425 12 & 22 1 & 2-5 -3-125 75 125 25 25 25 3-525 -35-175 75 75 175 175 175 4-575 -375-2 25 25 175 175 175 5-65 -55-5 -25-15 75 75 75 6-825 -65-65 -4-35 -275-275 -275 7-95 -775-75 -5-45 -375-375 -375 32 1 & 2-525 -45-275 -25 75 2 2 2 3-55 -45-3 -25-25 125 125 125 4-6 -475-375 -1-1 -25-25 -25 5-7 -6-575 -275-225 -25-25 -25 6-875 -7-7 -45-425 -35-35 -35 7-125 -825-825 -55-525 -45-45 -45 42 1-3 -575-5 -425-75 -5 5 5 5 4-625 -525-45 -1-1 -25-25 -25 5-775 -65-6 -325-3 -25-25 -25 6-1 -75-725 -475-45 -4-4 -4 7-1125 -875-85 -6-55 -5-5 -5 52 1-4 -775-6 -525-35 -35-3 -3-3 5-85 -7-6 -4-4 -35-35 -35 6-175 -9-825 -55-525 -475-475 -475 7-1175 -125-95 -675-65 -55-55 -55 62 1-5 -9-775 -75-475 -45-4 -4-4 6-1125 -975-95 -675-65 -575-575 -575 Page 5

EAST TEXAS-OKLAHOMA (Continued) 26-31 32 33 34 35 36 37 38 13 & 23 1 & 2-7 -575-5 -175-125 25 25 3-725 -6-525 -2-15 -25 4-775 -675-575 -25-2 -75-5 -5 5-9 -775-7 -375-325 -2-175 -175 6-125 -85-75 -475-425 -3-275 -275 7-1125 -95-875 -6-55 -425-4 -4 33 1 & 2-8 -65-575 -225-2 -75-5 -5 3-8 -65-575 -225-2 -75-5 -5 4-875 -725-625 -275-25 -125-1 -1 5-125 -825-725 -4-375 -25-225 -225 6-11 -9-825 -525-5 -375-35 -35 7-12 -125-925 -65-625 -5-475 -475 43 1-3 -85-725 -625-275 -25-125 -1-1 4-925 -8-675 -3-275 -15-125 -125 5-15 -9-775 -425-4 -275-25 -25 6-115 -975-875 -575-55 -425-4 -4 7-125 -175-975 -675-65 -525-5 -5 53 1-4 -975-9 -8-475 -475-375 -35-35 5-175 -975-9 -55-55 -45-425 -425 6-1175 -175-1 -7-675 -575-55 -55 7-1275 -1175-1125 -8-75 -65-625 -625 63 1-5 -1175-15 -95-65 -55-45 -425-425 6-1275 -1175-15 -75-7 -6-575 -575 34 1 & 2-875 -775-725 -45-425 -35-325 -325 3-875 -775-725 -45-425 -35-325 -325 4-1 -9-825 -55-525 -45-425 -425 5-11 -1-95 -675-65 -575-55 -55 6-1275 -1175-1125 -85-825 -75-725 -725 44 1-3 -975-875 -825-55 -525-45 -425-425 4-15 -975-875 -6-575 -5-475 -475 5-1125 -15-975 -7-675 -6-575 -575 6-13 -12-115 -875-85 -775-75 -75 54 1-4 -175-1 -95-625 -625-55 -55-55 5-1175 -11-125 -7-7 -625-625 -625 24 & Below -115 25-26 -175 19. - 19.9-25 27-29 -85 2. - 2.9-25 3-32 -6 21. - 21.9-225 33-34 -475 22. - 22.9-2 Base 35-36 23. - 23.9-175 37-42 24. - 24.9-175 Base 43-49 25. - 25.9-15 5-52 -225 26. - 26.9-1 53 & Above -35 Base 27. - 28.9 29. - 29.9 3. - 3.9 31. - 32.9 33. & above 25 25 25 Unit 77.9 & Below Points -9 Extraneous Matter Prep 78. - 78.9 79. - 79.9-75 -6 Level 1-2 8. - 8.9 Level 2-5 Base 81. - 81.9 82. - 82.9 Bark Level 1-35 83. - 83.9 1 Level 2-525 84. - 84.9 85. - 85.9 1 2 Other Level 1-55 86. & Above 3 Level 2-6 Page 6

MP_CN7 WEST TEXAS DIFFERENCES 26-31 32 33 34 35 36 37 38 11 & 21 1 & 2-225 -125 75 1 3 35 4 425 3-3 -175 25 75 225 325 375 4 4-325 -2-75 75 2 25 3 3 5-45 -225-175 -25 125 25 25 25 6-625 -45-375 -175-15 -1-1 -1 7-7 -5-45 -25-225 -175-175 -175 31 1 & 2-375 -225-25 25 2 3 375 4 3-425 -25-5 25 2 3 35 375 4-475 -3-175 75 15 175 175 5-55 -35-275 -15-25 1 1 1 6-725 -55-425 -25-25 -225-225 -225 7-825 -6-5 -3-3 -275-275 -275 41 1 & 2-525 -35-15 1 2 225 225 3-55 -375-175 25 175 2 2 4-6 -4-325 73.75 1 125 125 5-625 -425-35 -175-75 25 25 25 6-775 -6-525 -3-275 -225-225 -225 7-9 -7-625 -4-35 -3-3 -3 51 1 & 2-65 -45-375 -75 25 75 75 75 3-65 -45-375 -75 25 75 75 75 4-675 -45-45 -15-25 25 25 25 5-725 -55-55 -3-2 -125-125 -125 6-875 -65-65 -425-35 -275-275 -275 7-975 -75-75 -525-45 -4-4 -4 61 1-5 -75-575 -575-3 -2-15 -15-15 6-875 -65-65 -5-4 -325-325 -325 7-975 -8-775 -575-475 -425-425 -425 71 1-6 -95-775 -725-575 -475-45 -45-45 7-125 -8-775 -6-55 -525-525 -525 12 & 22 1 & 2-4 -2-5 75 2 325 325 325 3-45 -25-75 75 15 275 275 275 4-475 -3-25 -1 75 25 25 25 5-6 -425-425 -275-75 -25-25 -25 6-75 -55-55 -375-3 -25-25 -25 7-825 -65-625 -45-375 -325-325 -325 32 1 & 2-45 -25-1 75 15 15 15 3-5 -3-125 -5 25 15 15 15 4-575 -375-3 -125 75 75 75 5-7 -575-525 -325-175 -125-125 -125 6-85 -65-625 -45-375 -325-325 -325 7-95 -75-675 -55-45 -4-4 -4 42 1-3 -6-4 -35-15 -75 1 1 1 4-65 -475-375 -175-1 75 75 75 5-75 -625-55 -35-2 -175-175 -175 6-95 -675-65 -475-4 -35-35 -35 7-125 -825-75 -6-475 -425-425 -425 52 1-4 -825-6 -575-45 -325-275 -275-275 5-9 -7-65 -5-375 -325-325 -325 6-11 -875-825 -625-525 -475-475 -475 7-1175 -975-925 -725-625 -575-575 -575 62 1-5 -95-775 -75-6 -5-45 -45-45 6-1125 -925-9 -75-675 -625-625 -625 Page 7

WEST TEXAS (Continued) 26-31 32 33 34 35 36 37 38 13 & 23 1 & 2-55 -35-3 -15-75 -5-5 -5 3-6 -375-325 -175-1 -75-75 -75 4-625 -45-4 -225-15 -125-125 -125 5-75 -55-525 -35-275 -225-225 -225 6-85 -625-6 -425-35 -3-3 -3 7-925 -725-675 -475-45 -4-4 -4 33 1 & 2-675 -425-375 -2-15 -125-125 -125 3-675 -425-375 -2-15 -125-125 -125 4-75 -5-45 -25-2 -175-175 -175 5-9 -625-575 -4-325 -275-275 -275 6-95 -7-7 -45-425 -375-375 -375 7-125 -8-75 -575-525 -475-475 -475 43 1-3 -725-525 -475-275 -225-175 -175-175 4-8 -6-525 -3-225 -175-175 -175 5-925 -7-625 -425-35 -3-3 -3 6-1 -775-725 -525-5 -45-45 -45 7-175 -875-8 -6-575 -525-525 -525 53 1-4 -9-775 -7-475 -425-375 -375-375 5-1 -825-775 -575-525 -475-475 -475 6-1125 -925-875 -675-65 -6-6 -6 7-12 -1-975 -8-775 -725-725 -725 63 1-5 -1125-925 -85-625 -55-5 -5-5 6-12 -125-925 -775-725 -675-675 -675 34 1 & 2-75 -55-5 -325-3 -25-25 -25 3-75 -55-5 -325-3 -25-25 -25 4-875 -675-6 -425-4 -35-35 -35 5-975 -775-725 -55-525 -475-475 -475 6-1125 -925-875 -75-725 -675-675 -675 44 1-3 -875-675 -625-45 -425-375 -375-375 4-95 -775-675 -5-475 -425-425 -425 5-15 -85-775 -6-575 -525-525 -525 6-12 -1-95 -825-8 -75-75 -75 54 1-4 -975-8 -75-575 -55-5 -5-5 5-175 -875-8 -7-675 -625-625 -625 24 & Below -165 25-26 -1475 19. - 19.9-25 27-29 -115 2. - 2.9-25 3-32 -8 21. - 21.9-225 33-34 -575 22. - 22.9-2 Base 35-36 23. - 23.9-175 37-42 24. - 24.9-175 Base 43-49 25. - 25.9-15 5-52 -225 26. - 26.9-1 53 & Above -35 Base 27. - 28.9 29. - 29.9 3. - 3.9 31. - 32.9 33. & above 25 25 25 Unit 77.9 & Below Points -1 Extraneous Matter Prep 78. - 78.9 79. - 79.9-85 -7 Level 1-2 8. - 8.9 Level 2-5 Base 81. - 81.9 82. - 82.9 Bark Level 1-35 83. - 83.9 Level 2-525 84. - 84.9 85. - 85.9 1 2 Other Level 1-55 86. & Above 3 Level 2-6 Page 8

MP_CN8 DESERT SOUTHWEST DIFFERENCES 33 34 35 36 37 38 11 & 21 1 & 2-1 125 55 635 67 695 24 & Below -1225 3-1 1 475 61 62 645 25-26 -125 4-3 5 3 335 37 37 27-29 -95 5-375 -175 25 1 185 185 3-32 -55 6-45 -35-1 -85-3 -3 33-34 -35 7-65 -375-175 -14-1 -1 35-36 31 1 & 2-175 75 5 61 645 67 37-42 25 3-175 5 4 56 57 595 43-49 4-35 25 2 285 32 345 5-52 -3 5-4 -2-5 7 7 53 & Above -55 6-475 -375-135 -12-4 -4 7-675 -4-225 -195-115 -115 41 1 & 2-575 5 11 12 145 3-575 35 85 12 145 4-625 73.14 25 35 95 95 5-625 -5-35 -34-28 -28 21. - 21.9-6 6-8 -675-45 -44-39 -39 22. - 22.9-45 7-95 -825-625 -62-585 -585 23. - 23.9-3 51 1 & 2-675 -5-25 -215-25 -25 24. - 24.9-225 3-675 -5-25 -215-25 -25 25. - 25.9-2 4-7 -575-375 -325-265 -265 26. - 26.9-125 5-8 -75-575 -55-5 -5 Base 27. - 28.9 6-95 -85-65 -65-6 -6 29. - 29.9 7-115 -15-85 -85-825 -825 3. - 3.9 25 12 & 22 1 & 2-475 5 325 385 445 445 31. - 32.9 5 3-475 5 3 36 42 42 33. & above 1 4-575 225 285 37 37 5-6 -425-125 -125-5 -5 6-75 -625-325 -325-25 -25 7-925 -8-575 -575-5 -5 32 1 & 2-575 -2 15 235 245 245 Extraneous Matter 3-575 -2 15 235 245 245 Prep 4-625 -425 85 95 95 Level 1-5 5-675 -675-4 -4-4 -4 Level 2-8 6-875 -8-525 -525-525 -525 7-125 -975-775 -775-775 -775 Other 42 1-3 -625-45 -15-1 -1-1 Level 1-35 4-65 -525-25 -2-2 -2 Level 2-8 5-725 -7-45 -45-45 -45 6-9 -825-575 -575-575 -575 7-11 -1-825 -825-825 -825 52 1-4 -85-725 -5-45 -45-45 5-9 -8-575 -575-575 -575 Unit Points 6-1 -9-675 -675-675 -675 77.9 & Below -1 7-125 -115-975 -95-95 -95 78. - 78.9-9 43 1-3 -725-65 -575-5 -5-5 79. - 79.9-8 4-825 -75-625 -575-575 -575 8. - 8.9 5-925 -825-65 -625-625 -625 Base 81. - 81.9 6-125 -925-9 -9-9 -9 82. - 82.9 7-1125 -15-125 -125-125 -125 83. - 83.9 3 53 1-4 -975-875 -8-8 -8-8 84. - 84.9 4 5-125 -925-85 -85-85 -85 85. - 85.9 5 6-1125 -125-95 -95-95 -95 86. & Above 6 7-1375 -1275-1275 -1275-1275 -1275 Page 9

MP_CN9 SAN JOAQUIN VALLEY DIFFERENCES 34 35 36 37 38 11 & 21 1 & 2 415 14 139 154 1765 27-29 -16 3 365 99 134 1465 1665 3-32 -1 4 75 35 4 5 5 33-34 -5 5-125 75 13 19 19 Base 35-36 6-4 -2-15 -1-1 37-42 25 7-625 -525-475 -425-425 Base 43-49 31 1 & 2 315 94 129 1415 159 5-52 -5 3 265 89 124 1365 154 4 5 3 33 41 41 5-2 55 115 115 6-5 -325-275 -225-225 7-675 -575-525 -475-475 41 1 & 2 1 35 43 44 44 3 5 25 33 34 34 4 74.14 2 28 29 29 5-425 -2-195 -185-185 24. - 24.9-5 6-625 -45-45 -45-45 25. - 25.9-4 7-825 -725-725 -725-725 26. - 26.9-3 51 1 & 2-675 -225-175 -175-175 Base 27. - 28.9 3-7 -25-2 -2-2 29. - 29.9 4-75 -3-275 -275-275 3. - 3.9 75 5-775 -375-325 -325-325 31. - 32.9 125 6-9 -8-8 -8-8 33. & Above 25 7-15 -1-1 -1-1 12 & 22 1 & 2 125 575 83 965 114 3 5 5 78 89 14 4-75 325 375 44 44 5-25 -5 5 5 6-525 -4-35 -3-3 7-775 -7-65 -6-6 32 1 & 2 25 325 375 475 Extraneous Matter 3-5 2 275 325 425 Prep 4-2 25 5 1 1 Level 1-5 5-525 -275-275 -275-275 Level 2-8 6-675 -475-475 -475-475 7-85 -75-75 -75-75 Other 42 1-3 -45-1 -75-75 -75 Level 1-35 4-5 -175-15 -15-15 Level 2-925 5-675 -35-3 -3-3 6-8 -775-775 -775-775 7-1 -95-95 -95-95 52 1-4 -825-775 -775-775 -775 5-875 -825-825 -825-825 Unit Points 6-125 -125-125 -125-125 77.9 & Below -6 7-1225 -1225-1225 -1225-1225 78. - 78.9-5 33 1 & 2-5 -5-5 -5-5 79. - 79.9-4 3-5 -5-5 -5-5 8. - 8.9 4-6 -6-6 -6-6 Base 81. - 81.9 5-8 -8-8 -8-8 82. - 82.9 5 6-175 -175-175 -175-175 83. - 83.9 8 7-1225 -1225-1225 -1225-1225 84. - 84.9 9 43 1-3 -875-875 -875-875 -875 85. - 85.9 1 4-925 -925-925 -925-925 86. & Above 11 5-175 -175-175 -175-175 6-1225 -1225-1225 -1225-1225 7-1425 -1425-1425 -1425-1425 Page 1

MP_CN11 American Pima quotations are for cotton equal to the Official Standards, net weight, in mixed lots, UD Free, FOB warehouse. 1/ AMERICAN PIMA SPOT QUOTATIONS Color 1 2 Leaf 44 46 48 1 139. 147.75 15.25 2 138.75 147.5 15. 3 131. 138.75 14.25 4 5 6 1 138.75 147.5 15. 2 138.5 147.25 149.75 3 13.75 138.5 14. 4 12.75 129. 13.5 5 6 3 1 128.5 136.25 137.75 3-32 -9 2 126. 133.75 135.25 3 124.75 132.5 134. 4 115.75 123.5 125. 5 99.75 17. 18.5 6 4 1 19.5 117.25 119.5 2 19.25 117. 118.75 3 19. 116.75 118. 4 14. 111.75 113. 5 92.75 1.5 11.75 6 5 1 37.5 & Above 6 2 88.5 98.5 99.75 3 88.5 98. 99.75 4 88.5 92.5 93.75 5 88.25 92.25 93.5 6 1 2 8.75 83.75 85. 3 8.75 83.75 85. 4 8.75 83.75 85. 5 8.5 83.5 84.75 6 8. 83. 84.25 The current Pima spot quotations represent prices from local sales, export sales, and offerings last reported on December 22, 217. 26 & Below -19 27-29 -14 33-34 -4 35 & Above 35.4 & Below -135 35.5-36.4-11 36.5-37.4-85 Extraneous Matter Prep Level 1-81 Level 2-195 Other Level 1-715 Level 2-135 1/ Pima spot quotations for color-leaf-staple combinations not quoted will be included as sales of those qualities which are reported. Page 11

MP_CN1 UNITED STATES AVERAGE DIFFERENCES 26-31 32 33 34 35 36 37 38 11 & 21 1 & 2-263 -21-5 17 424 64 655 698 3-325 -23-63 141 37 554 598 637 4-375 -255-171 5 179 39 349 349 5-463 -37-288 -1 39 119 146 146 6-625 -485-433 -314-221 -173-158 -158 7-7 -58-55 -421-346 -295-282 -282 31 1 & 2-363 -235-88 16 363 554 69 644 3-4 -245-96 95 327 518 562 598 4-475 -29-221 29 139 245 276 279 5-538 -4-313 -146-21 44 69 69 6-688 -51-45 -343-266 -228-29 -29 7-775 -65-567 -439-379 -342-324 -324 41 1 & 2-488 -32-238 39 15 245 262 269 3-513 -33-246 25 98 195 216 223 4-563 -36-329 75.71 61 141 166 169 5-613 -47-417 -271-15 -84-7 -7 6-763 -575-55 -446-354 -39-32 -32 7-875 -685-688 -586-496 -474-469 -469 51 1 & 2-613 -54-438 -34-161 -12-115 -115 3-613 -58-442 -325-179 -134-129 -129 4-65 -6-471 -375-246 -27-195 -195 5-7 -685-642 -5-375 -332-321 -321 6-863 -765-746 -625-55 -525-518 -518 7-963 -85-871 -764-682 -661-657 -657 61 1-5 -725-72 -655-48 -425-4 -4-4 6-875 -825-775 -645-65 -575-575 -575 7-975 -94-895 -735-695 -67-67 -67 71 1-6 -925-12 -965-82 -78-76 -76-76 7-113 -16-115 -855-835 -815-815 -815 12 & 22 1 & 2-45 -265-167 68 225 366 41 43 3-488 -285-179 5 179 32 359 384 4-525 -31-275 -21 17 23 259 262 5-625 -48-433 -257-86 -29-4 -4 6-788 -6-579 -457-339 -34-286 -286 7-888 -685-692 -589-5 -464-446 -446 32 1 & 2-488 -365-271 -64 79 151 16 174 3-525 -38-283 -82 43 123 131 146 4-588 -43-342 -2-54 -2 6 6 5-7 -58-496 -371-257 -211-211 -211 6-863 -67-658 -539-439 -411-411 -411 7-988 -775-767 -664-586 -564-564 -564 42 1-3 -588-525 -446-293 -146-93 -93-93 4-638 -565-467 -332-214 -161-161 -161 5-763 -7-613 -482-354 -325-325 -325 6-975 -79-758 -629-557 -532-532 -532 7-175 -885-85 -768-693 -675-675 -675 52 1-4 -8-75 -633-568 -493-471 -471-471 5-875 -78-742 -65-575 -561-561 -561 6-188 -93-883 -793-732 -718-718 -718 7-1175 -115-113 -932-879 -854-854 -854 62 1-5 -925-91 -845-72 -685-665 -665-665 6-1125 -175-11 -865-835 -81-81 -81 Page 12

UNITED STATES AVERAGES (Continued) 26-31 32 33 34 35 36 37 38 13 & 23 1 & 2-625 -463-4 -163-1 -25-13 -13 3-663 -488-425 -188-125 -5-38 -38 4-7 -563-488 -238-175 -1-88 -88 5-825 -663-613 -363-3 -213-2 -2 6-938 -738-675 -45-388 -3-288 -288 7-125 -838-775 -538-5 -413-4 -4 33 1 & 2-738 -538-475 -38-283 -233-225 -225 3-738 -538-475 -38-283 -233-225 -225 4-813 -613-538 -375-35 -3-292 -292 5-963 -725-65 -533-5 -442-433 -433 6-125 -8-763 -683-667 -68-6 -6 7-1113 -913-838 -817-792 -733-725 -725 43 1-3 -788-79 -671-55 -514-475 -471-471 4-863 -835-721 -596-546 -511-57 -57 5-988 -89-821 -736-686 -657-654 -654 6-175 -97-98 -839-818 -793-789 -789 7-1163 -195-117 -964-943 -918-914 -914 53 1-4 -938-935 -863-721 -683-658 -654-654 5-138 -115-963 -813-783 -758-754 -754 6-115 -113-15 -98-879 -854-85 -85 7-1238 -1195-1188 -138-117 -992-988 -988 63 1-5 -115-111 -145-89 -845-815 -81-81 6-1238 -12-1125 -965-935 -95-9 -9 34 1 & 2-813 -663-613 -388-363 -3-288 -288 3-813 -663-613 -388-363 -3-288 -288 4-938 -788-713 -488-463 -4-388 -388 5-138 -888-838 -613-588 -525-513 -513 6-12 -15-1 -8-775 -713-7 -7 44 1-3 -925-775 -725-5 -475-413 -4-4 4-1 -875-775 -55-525 -463-45 -45 5-188 -95-875 -65-625 -563-55 -55 6-125 -11-15 -85-825 -763-75 -75 54 1-4 -125-9 -85-6 -588-525 -525-525 5-1125 -988-913 -7-688 -625-625 -625 24 & Below -1342 25-26 -183 19. - 19.9-25 27-29 -911 2. - 2.9-25 3-32 -554 21. - 21.9-342 33-34 -329 22. - 22.9-279 Base 35-36 23. - 23.9-225 37-42 14 24. - 24.9-239 Base 43-49 25. - 25.9-2 5-52 -271 26. - 26.9-1 53 & Above -396 Base 27. - 28.9 29. - 29.9 3. - 3.9 31. - 32.9 33. & Above 32 54 79 Unit Points Extraneous Matter 77.9 & Below -94 Prep 78. - 78.9-81 79. - 79.9-7 Level 1-157 8. - 8.9-4 Level 2-714 Base 81. - 81.9 Other (ET-OK and WT not included) 82. - 82.9 7 Level 1-421 83. - 83.9 29 Level 2-756 84. - 84.9 85. - 85.9 37 47 Bark - ET-OK and WT only Level 1-35 86. & Above 57 Level 2-525 Page 13