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Macroeconomic Environment

U.S. and World Cotton Economic Outlook March 2010 Prepared by: Economic Services National Cotton Council. Macroeconomic Environment. Real GDP Growth in Selected Countries. U.S. Cotton Supply. December Cotton Futures. Cents per Pound. December Corn Futures. Cents per Bushel.

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Macroeconomic Environment

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  1. U.S. and World Cotton Economic OutlookMarch 2010Prepared by:Economic ServicesNational Cotton Council

  2. Macroeconomic Environment

  3. Real GDP Growthin Selected Countries

  4. U.S. Cotton Supply

  5. December Cotton Futures Cents per Pound

  6. December Corn Futures Cents per Bushel

  7. November Soybean Futures Cents per Bushel

  8. 2010 U.S. Cotton Plantings Thousand Acres 2009 2010 % Actual Estimated* Change Southeast 1,891 2,123 12.2 Mid-South 1,627 1,764 8.4 Southwest 5,243 5,718 9.1 West 247 312 26.6 ALL UPLAND9,0089,91610.1 ALL ELS 142 176 24.4 ALL COTTON 9,149 10,093 10.3 *2010 NCC Planting Intentions Survey

  9. 2010 U.S. Cotton Plantings Thousand Hectares 2009 2010 % Actual Estimated* Change Southeast 765 859 12.2 Mid-South 658 714 8.4 Southwest 2,122 2,314 9.1 West 100 126 26.6 ALL UPLAND3,6454,01310.1 ALL ELS 57 71 24.4 ALL COTTON 3,703 4,085 10.3 *2010 NCC Planting Intentions Survey

  10. U.S. Cotton Production *e = USDA estimates, p = USDA 2010 Ag Outlook projections

  11. U.S. Cotton Supply *e = USDA estimates, p = USDA 2010 Ag Outlook projections with stocks adjusted to reflect March WASDE

  12. U.S. Cotton Demand

  13. Net Domestic Fiber Consumption

  14. Cotton’s Share of Fiber Consumption

  15. Components of Retail Cotton Consumption

  16. U.S. Cotton Textile Imports

  17. U.S. Cotton Content in Textile Imports

  18. U.S. Trade With Mexico

  19. U.S. Trade with CBI

  20. U.S. Imports from China

  21. U.S. Cotton Mill Use(Calendar Year, Million Bales)

  22. U.S. Cotton Mill Use(Crop Year, Million Bales) *e = USDA estimates, p = USDA 2010 Ag Outlook projections

  23. U.S. Cotton Production & Use *e = USDA estimates, p = USDA 2010 Ag Outlook projections

  24. The World Market & U.S. Cotton Exports

  25. China Cotton Supply & Use

  26. World Cotton Production *e = USDA estimates, p = USDA 2010 Ag Outlook projections

  27. World Fiber Mill Use *PCI

  28. Fiber Prices

  29. World Cotton Mill Use *e = USDA estimates, p = USDA 2010 Ag Outlook projections

  30. Foreign Cotton Production & Use

  31. U.S. Cotton Exports *e = USDA estimates, p = USDA 2010 Ag Outlook projections

  32. World Cotton Ending Stocks

  33. Cotton Stocks/Use(World less China)

  34. U.S. Supply and DemandMillion Bales Beginning Stocks 6.34 3.20 Production 12.40 16.00 Imports 0.01 0.00 Total Supply 18.74 19.20 Mill Use 3.50 3.40 Exports 12.00 12.60 Total Offtake 15.50 16.00 Ending Stocks 3.20 3.20 Stocks-to-Use Ratio 20.6% 20.0% 2009/10e* 2010/11p* *e = USDA estimates, p = USDA 2010 Ag Outlook projections with stocks adjusted to reflect March WASDE

  35. U.S. Supply and DemandMillion Metric Tons Beginning Stocks 1.38 0.70 Production 2.70 3.49 Imports 0.00 0.00 Total Supply 4.08 4.18 Mill Use 0.76 0.74 Exports 2.61 2.75 Total Offtake 3.38 3.49 Ending Stocks 0.70 0.70 Stocks-to-Use Ratio 20.6% 20.0% 2009/10e* 2010/11p* *e = USDA estimates, p = USDA 2010 Ag Outlook projections with stocks adjusted to reflect March WASDE

  36. World Supply and DemandMillion Bales 2009/10e* 2010/11p* Beginning Stocks 62.42 51.41 Production 102.24 113.50 Imports 34.39 37.00 Mill Use 115.70 118.50 Exports 34.40 37.00 Ending Stocks 51.41 48.91 Stocks-to-Use Ratio 44.4% 41.3% *e = USDA estimates, p = USDA 2010 Ag Outlook projections with stocks adjusted to reflect March WASDE

  37. World Supply and DemandMillion Metric Tons 2009/10e* 2010/11p* Beginning Stocks 13.60 11.20 Production 22.27 24.73 Imports 7.49 8.06 Mill Use 25.21 25.82 Exports 7.49 8.06 Ending Stocks 11.20 10.66 Stocks-to-Use Ratio 44.4% 41.3% *e = USDA estimates, p = USDA 2010 Ag Outlook projections with stocks adjusted to reflect March WASDE

  38. Producers Cooperatives Warehouses Manufacturers Ginners Cottonseed Merchants

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