COTTON USA Global Fax Update - September 2010

U.S. COTTON SUPPLY & OFFTAKE

HIGHLIGHTS

(000) 480-Pound Bales
2009-10e 2010-11p
Beginning Stocks
6,340
3,000
Production
12,190
18,840
Imports
0
0
Total Supply
18,530
21,840
Mill Use
3,450
3,600
Exports
12,040
15,500
Total Offtake
15,490
19,100
Ending Stocks
3,000
2,700
Stocks-to-Use Ratio
19.4%
14.1%

• ’10-11 World production estimated at 117.0 million bales, up
100,000 bales from August.
• ’10-11 World mill use estimated at 120.5 million bales, down
340,000 bales from August.
• ’10-11 U.S. production estimated at 18.8 million bales, up
310,000 bales from August.
• ’10-11 U.S. exports estimated at 15.5 million bales, up 500,000
bales from August.

Source: USDA-WAOB September WASDE Report.
• ’10-11 U.S. mill use estimated at 3.6 million bales, up 200,000
bales from August.

e=USDA estimate, p= USDA projection.

• ’10-11 China production estimated at 32.5 million bales, down
500,000 bales from August.

DAILY PRICES
Cents/Pound
NY Nearby
"A (FE)" Index
Memphis (FE)

WORLD COTTON PRODUCTION
AND USE

NY Dec 10
Ca/Az (FE)
MOT (FE)

Million Bales

105

140
120

100

100
95

80
60

Mill Use

40

Production

90
20

85

0
80
8/12

00
8/19

8/26

9/2

9/9

01

02

03

04

05

06

07

08

09e 10p

CCI Global Fax

September 2010 Update

2010-11 WORLD COTTON SUPPLY & OFFTAKE
Million 480-Pound Bales
Beginning
Stocks
Production
World
47.0
117.0
U.S.
3.0
18.8
China
18.8
32.5
Pakistan
2.7
9.3
India
6.7
26.0
Central Asia
1.8
7.0
Australia
0.5
3.0
Brazil
4.3
7.0
Indonesia
0.4
0.0
Mexico
0.6
0.6
Turkey
1.8
2.3
Source: USDA-WAOB September WASDE Report.

Imports
38.0
0.0
12.8
1.8
0.5
0.0
0.0
0.9
2.1
1.4
3.4

Supply
163.9
21.8
64.0
13.8
33.2
8.8
3.5
12.2
2.5
2.6
7.5

Exports
38.0
15.5
0.0
0.3
5.0
5.7
2.5
2.2
0.0
0.2
0.2

Ending
Stocks
45.4
2.7
16.0
2.5
7.7
1.4
1.0
5.5
0.4
0.5
1.5

Stocks-toUse Ratio
37.7%
14.1%
32.0%
21.9%
30.1%
19.4%
39.4%
80.9%
16.5%
24.4%
23.7%

Far East
Low U.S.

"A (FE)"
Index

AWP

China
Polyester

88.90
89.42
91.65
NA
91.49

88.08
90.07
93.04
NA
90.35

Mill Use
120.5
3.6
50.0
11.0
20.5
1.7
0.0
4.6
2.1
1.9
6.0

U.S. AND WORLD FIBER PRICES
Cents/Pound
MONTH
Apr-10
May-10
Jun-10
Jul-10
Aug-10

December Futures
Near
Far

76.39
77.46
78.08
74.99
83.04

76.73
75.65
75.79
72.71
76.69

US Spot
1-1/16

Mill
Delivered
Memphis

75.46
74.70
75.19
76.16
83.24

NA
NA
NA
NA
NA

CF FAR EAST QUOTATIONS
FOR AMERICAN GROWTHS
Weekly Average in Cents/Pound
Type A (FE)
Cal/Az (FE)

Memphis
(FE)

MOT (FE)

1 3/32”
1 3/32”
1 3/32”
05-Aug-10
90.63
89.44
88.56
12-Aug-10
91.25
90.60
89.60
19-Aug-10
94.80
93.90
92.90
26-Aug-10
95.10
93.95
92.95
02-Sep-10
97.56
96.06
95.06
09-Sep-10
102.15
100.50
99.50
Source: Cotlook, Ltd. NA = Not Available

www.cottonusa.org

70.48
72.68
75.41
66.30
71.94

70.47
67.32
63.83
63.51
63.32