Week Ending: Jun. 24, 2010 Market Page 1.

Life of Life of
Thurs. Last Thurs. Weekly Contract Contract
Close Close Change Week's High Week's Low High Low

NEW YORK COTTON FUTURES (Cents/lb.)

July-10 84.48 80.80 3.68 84.80 79.84 101.72 51.19
October-10 80.01 79.16 0.85 80.57 77.96 101.92 52.69
December-10 78.72 79.42 -0.70 79.57 77.48 101.72 53.51
March-11 79.81 80.53 -0.72 80.60 78.52 103.30 57.57
May-11 80.04 80.85 -0.81 80.79 79.19 96.52 50.02
July-11 80.25 80.75 -0.50 81.00 79.25 94.96 58.57
October-11 78.35 78.65 -0.30 78.81 77.83 81.42 59.70
December-11 76.18 76.60 -0.42 76.68 75.74 81.28 61.07
March-12 77.23 77.60 -0.37 77.68 76.78 102.03 56.32

CHICAGO CORN FUTURES (Cents/Bu.)

July-10 344.75 357.50 -12.75 367.00 342.50 714.50 335.50
September-10 353.75 367.00 -13.25 376.00 351.00 484.00 344.50
December-10 364.50 378.25 -13.75 386.50 361.50 703.00 346.00
March-11 377.50 391.25 -13.75 399.25 377.50 480.00 367.75
May-11 386.50 400.00 -13.50 407.25 386.50 477.75 376.50

CHICAGO SOYBEAN FUTURES (Cents/Bu.)

July-10 955.50 952.00 3.50 972.00 955.00 1570.00 817.50
August-10 939.75 944.25 -4.50 964.00 939.75 1075.00 817.50
September-10 920.25 931.25 -11.00 947.00 920.00 1059.50 817.50
November-10 912.00 925.00 -13.00 947.00 911.00 1332.00 812.00
January-11 921.50 934.00 -12.50 955.00 921.00 1063.00 817.00
March-11 926.50 939.25 -12.75 952.25 926.50 1067.00 822.00
May-11 927.75 939.75 -12.00 953.00 927.75 1021.50 852.00

ON-CALL COTTON (Thousand Running Bales) CERTIFICATED STOCKS (Running Bales)

As of June 18, 2010
Call Week's Call Week's As of June 24, 2010
Contract Sales Change Purch. Change Stocks Review
July '10 3,179 -2,740 198 -1,315 Galveston 36,085 -
October '10 1,316 60 224 188 Greenville 104,693 -
December '10 17,255 1,544 7,534 -387 Houston 556 -
March '11 13,221 1,746 488 -123 Memphis 324,087 -
May '11 8,723 620 94 -25 N. Orleans 13 -
July '11 13,020 1,416 870 39 TOTAL 465,434 -
October '11 345 -50 0 0
December '11 6,297 426 1,639 19 U.S. WEEKLY PRICES (cents/lb.)
March '12 1,152 -15 23 0
May '12 729 82 99 0 Week ending June 24, 2010
July '12 313 0 0 0 3135 4134
December '12 235 0 3,015 0 Spot Market 80.27 76.22
March '13 185 0 0 0 US Mill Del. NQ NQ
* Indicates changes from previous week based on revised data for last week.
 Week Ending: Jun. 24, 2010 Market Page 2.
SPEC AND HEDGE REPORT (Contracts)

As of June 18, 2010

Longs Accounts % Shorts Accounts %
SPECS 75,205 1,293 45.1% 57,953 764 34.8%
HEDGES 91,419 297 54.9% 108,671 315 65.2%
TOTAL 166,624 1,590 100.0% 166,624 1,079 100.0%

Net Spec Position 10.4% Spec Share of O.I. 40.0%

WORLD MARKET (Cents/Lb.) U.S. COTTON EXPORTS (Thou. 480-lb. Bales)

Effective June 25 - July 1, '10 Week ending June 17, 2010
Week Total Total Week Total
Current Forward 09/10 09/10 08/09 10/11 10/11
AWP 77.84 NA Sales 86.9 13,479.5 13,908.1 177.6 2,162.3
5 Lowest Far East Quotes 94.88 86.45 Shipments 326.5 10,207.9 11,423.5 0.0 0.0
USFE Low Quote 93.30 88.40
USFE-5 Lowest Far East Quotes -1.58 NA TOP 10 CUSTOMERS OF U.S. RAW COTTON (Thou. 480-Lb. Bales)
Fine Count Adj ('09 Crop) 0.71 NA
Fine Count Adj ('10 Crop) 0.81 NA Country 09/10 09Share 10/11 10Share
Coarse Count Adj 0.00 NA CHINA 4,386 33% 292 14%
Open Quotas 7 NA TURKEY 2,364 18% 230 11%
LDP 0.00 NA MEXICO 1,616 12% 394 18%
ELS Comp Pymnt 0.00 NA THAILAND 627 5% 137 6%
INDONESIA 623 5% 215 10%
CHINA WEEKLY PRICES (cents/lb.) VIETNAM 560 4% 123 6%
Week ending June 24, 2010 TAIWAN 453 3% 14 1%
This Week Year Ago % Change KOREAN REPUBLIC 423 3% 198 9%
A (Far East) 95.63 60.10 59% BANGLADESH 394 3% 65 3%
CnCotton A 121.85 87.07 40% PERU 331 2% 60 3%
Polyester 64.10 53.60 20% TOTAL 13,480 2,162
Source: A (FE) - Cotton Outlook; Other - China Cotton Website
Weighted MY Avg. Farm Price STATE OF THE ECONOMY
09/10 Year-to-date (Aug - Apr) 61.75 cents* Week ending June 24, 2010
09/10 proj. 61.50 - 63.50 cents**
10/11 proj. 60.00 - 74.00 cents** Thursday Last % Change
* August - July price used in determination of counter-cyclical payment. Settlement Thursday YTD
**09/10 projections by USDA, 10/11 projections by USDA. Dow Jones Ind. Avg. 10,153 10,434 -3%
CCC LOAN INTEREST RATES S&P 500 1,074 1,116 -4%
1995* 1996** 10-Yr Treas. Bond Rate 3.141% 3.191% -18%
May 0.500% 1.500% NASDAQ Composite 2,217 2,307 -2%
June 0.375% 1.375% Russell 2000 633 666 1%
* Applies to 1995 and prior crop loans.
** Applies to 1996 and subsequent crop loans. Japanese Nikkei Stock Avg 9,928 9,999 -6%
CCC LOAN STOCKS (Includes '08 & '09 Crop) Hong Kong Hang Seng 20,733 20,138 -5%
As of June 22, 2010 Singapore Straits Times 2,848 2,844 -2%
Form A Form G Total
Upland (Running Bales) Euro (in U.S.$) 1.23 1.24 -14%
Southeast 2,121 566,499 568,620 Japanese Yen (per U.S.$) 89.49 90.97 -4%
Mid-South 77,560 282,807 360,367
Southwest 22,074 122,454 144,528 WTx Int Crude Oil ($/barrel) 76.16 76.79 -4%
West 1,238 59,463 60,701 Diesel, Ultra-low ($/gal) 2.10 2.20 -1%
U.S. 102,993 1,031,223 1,134,216 Natural Gas ($/million btu) 4.89 5.14 -16%
ELS
U.S. 1,071 6,211 7,282
 Week Ending: Jun. 24, 2010 Market Page 3.
COTTON SUPPLY AND DEMAND (Million 480-lb. Bales) U.S. MILL CONSUMPTION (480-lb. bales)
Estimates for June 2010
US World May 10 Apr 10
09/10 10/11p 09/10 10/11p Daily (Thou.) 14.24 13.53
Beginning Stocks 6.3 2.9 62.7 52.2 Annualized (Mil.) 3.58 3.48
Production 12.2 16.7 102.9 114.3
Imports 0.0 0.0 35.7 36.1 US COTTONSEED SUPPLY AND DISAPPEARANCE
Total Supply 18.5 19.6 201.3 202.6 (000 Short Tons)
Mill Use 3.4 3.3 116.4 119.5 Marketing Year
Exports 12.3 13.5 35.3 36.1 09/10 10/11
Total Use 15.7 16.8 151.7 155.6 Beg. Stocks 514 425
Ending Stocks 2.9 2.8 52.2 49.6 Imports 0 0
Stocks/Use Ratio 18.5% 16.7% 44.8% 41.5% Production 4,149 5,610
*09/10 estimates by USDA, 10/11 projections by USDA. Total Supply 4,663 6,035
Crush 1,850 2,150
MAY US COTTON PRODUCTION ESTIMATE, 09/10 CROP Exports 270 400
Other 2,118 2,910

Yield per Total Demand 4,238 5,460

Planted Acres Harv. Acres Harv. Acre 5-Year Avg. 480-Lb. Bales End. Stocks 425 575
(Thou.) (Thou.) (Lb.) Yield (Lb.) (Thou.)
UPLAND USDA-ERS June Oil Crops Outlook.
SOUTHEAST 1,891 1,863 884 772 3,431
Alabama 255 248 668 668 345 US COTTONSEED MEAL SUPPLY AND DISAPPEARANCE
Florida 82 78 723 745 118 (000 Short Tons)
Georgia 1,000 990 902 792 1,860 Marketing Year
North Carolina 375 370 990 813 763 09/10 10/11
South Carolina 115 114 872 736 207 Beg. Stocks 17 50
Virginia 64 63 1,052 867 138 Imports 0 0
MID-SOUTH 1,627 1,555 806 945 2,610 Production 880 970
Arkansas 520 500 818 1,052 852 Total Supply 897 1,020
Louisiana 230 225 745 884 349 Consumption 747 870
Mississippi 305 290 687 910 415 Exports 100 100
Missouri 272 260 927 997 502 Total Demand 847 970
Tennessee 300 280 843 836 492 End. Stocks 50 50
SOUTHWEST 5,243 3,729 643 721 4,992
Kansas 38 34 748 543 53 USDA-ERS June Oil Crops Outlook.
Oklahoma 205 195 785 718 319
Texas 5,000 3,500 634 724 4,620 US COTTONSEED OIL SUPPLY AND DISAPPEARANCE
WEST 247 244 1,488 1,375 755 (Million Pounds)
Arizona 145 144 1,477 1,412 443 Marketing Year
California 71 70 1,646 1,414 240 09/10 10/11
New Mexico 31 30 1,172 960 72 Beg. Stocks 121 110
TOTAL UPLAND 9,008 7,391 766 829 11,788 Imports 0 0
TOTAL ELS 141 138 1,389 1,267 400 Production 610 675
Arizona 2 2 1,170 866 4 Total Supply 731 785
California 119 116 1,494 1,333 361 Domestic Consumption 516 550
New Mexico 3 3 686 845 4 Exports 105 150
Texas 18 18 836 831 31 Total Demand 621 700
ALL COTTON 9,150 7,529 777 839 12,188 End. Stocks 110 85

Source: USDA-NASS May Crop Production Report. USDA-ERS June Oil Crops Outlook.
 Week Ending: Jun. 24, 2010 Market Page 4.
US CROP PROGRESS

PERCENT SQUARING PERCENT SETTING BOLLS

6/20/10 6/13/10 6/20/09 5-Yr Avg 6/20/10 6/13/10 6/20/09 5-Yr Avg

Alabama 25 11 13 22 0 NA 1 1
Arizona 43 40 28 45 5 NA 5 7
Arkansas 82 44 19 56 1 NA 0 1
California 23 8 6 31 0 NA 2 2
Georgia 32 14 23 30 2 NA 1 2
Kansas 2 0 2 2 0 NA 0 0
Louisiana 54 47 74 62 5 NA 0 4
Mississippi 53 30 22 46 1 NA 0 2
Missouri 47 24 3 25 0 NA 0 2
North Carolina 50 12 36 33 0 NA 0 0
Oklahoma 4 0 0 7 0 NA 0 0
South Carolina 15 5 16 19 0 NA 0 0
Tennessee 26 8 23 36 0 NA 0 0
Texas 16 14 14 20 7 NA 8 9
Virginia 2 1 9 8 0 NA 0 0
US 27 17 18 27 4 NA 5 6

Southeast 33 12 23 28 1 NA 1 1
Mid-South 55 30 24 45 1 NA 0 1
Southwest 15 13 13 19 7 NA 8 9
West 31 21 15 37 2 NA 3 4

1/ These 15 states planted 99% of last year's cotton acreage.

* Revised.

US CROP CONDITION

Week Ending 6/20/10

VP P F G E
Alabama 0 0 20 75 5
Arizona 0 11 36 45 8
Arkansas 0 3 27 41 29
California 0 0 15 50 35
Georgia 1 5 28 53 13
Kansas 0 1 30 57 12
Louisiana 1 9 31 53 6
Mississippi 0 1 18 58 23
Missouri 0 7 26 64 3
North Carolina 0 2 43 50 5
Oklahoma 0 2 41 53 4
South Carolina 0 6 34 57 3
Tennessee 0 1 19 66 14
Texas 2 5 37 44 12
Virginia 0 0 24 76 0
US 1 4 33 49 13
Previous Week 0 4 34 51 11
Previous Year 7 15 34 36 8