General Economy
Real GDP Growth Source: IMF – January 2009
W Texas Crude Oil Price Source: Department of Energy – January 2009
US $ vs Cotton Importers
US Unemployment Source: BLS – Monthly Seasonally Adj
US Federal Budget Source: CBO – January 2009
Int’l Cotton Outlook
China Cotton Supply & Use
India Cotton Supply & Use
Selected Countries 08/0909/10Change Net Imports(Million Bales) Mexico Turkey Indonesia Net Exports West Africa Brazil Australia
Int’l Cotton Supply & Use 08/0909/10Change (Million Bales) Production Mill Use Loss Ending Stocks Net Imports
US Cotton Exports
US Cotton Market
US Mill Use Apparent Retail Consumption Down Expiration of China Quotas at End of ‘08 Economic Assistance in Farm Bill
US Cotton Retail Use
US Textile Imports (2008 Jan-Nov)
US Cotton Mill Use
Southeast1,923 1, Mid-South 1,876 1, Southwest5,205 4, West ALL UPLAND 9,296 7, ALL ELS ALL COTTON9,470 8, U.S. Planting Intentions % Actual Intended Change Total may not add due to rounding. Thousand Acres
US Cotton Production * National Average Abandonment Rate: 9.4% ** National Average Yield: 834 lbs./harvested acre
US Cotton Supply & Use 08/0909/10Change (Million Bales) Production Mill Use Exports Ending Stocks
Summary
World Cotton Supply & Use
World Stocks/Use & A Index
Recap 2008/09 – Uncommon Outcomes –Lower Production –Reduced Demand due to Economic Situation –Prices Fall 2009/10 – Uncertain Opportunities –Lower Area & Production –Demand Recovery Depends on General Economy –Decline in Stocks, but…