Week Ending: Jan. 25, 2018

Week Ending: Jan. 25, 2018 Market Page 1. Thurs. Close Last Thurs. Close Weekly Change Week's High Week's Low Life of Contract High Life of Contract Low NEW YORK COTTON FUTURES (Cents/Lb.) March-18 81.88 82.63-0.75 83.95 81.61 84.65 61.01 May-18 82.58 82.99-0.41 84.31 82.13 84.45 61.03 July-18 83.06 83.36-0.30 84.75 82.55 84.75 61.05 October-18 77.62 77.23 0.39 77.64 77.03 77.64 61.06 December-18 76.01 75.28 0.73 76.24 75.20 76.24 61.09 March-19 76.05 75.28 0.77 76.05 75.30 76.05 62.00 May-19 75.74 75.05 0.69 75.74 75.11 75.74 64.53 July-19 75.52 74.73 0.79 75.52 74.93 75.52 65.82 October-19 73.94 73.05 0.89 73.94 73.21 73.94 66.52 CHICAGO CORN FUTURES (Cents/Bu.) March-18 355.25 351.50 3.75 358.00 349.50 429.00 345.50 May-18 363.75 359.50 4.25 366.50 358.00 431.75 353.75 July-18 371.75 367.75 4.00 374.50 366.25 444.50 362.00 September-18 379.25 375.25 4.00 381.75 374.00 429.00 369.75 December-18 388.50 385.00 3.50 390.75 383.25 429.50 376.25 CHICAGO SOYBEAN FUTURES (Cents/Bu.) March-18 992.25 973.00 19.25 1002.00 972.00 1050.50 882.00 May-18 1003.75 984.25 19.50 1013.25 983.25 1053.00 884.75 July-18 1013.25 994.00 19.25 1023.00 992.75 1058.75 876.75 August-18 1015.25 996.75 18.50 1024.25 995.75 1055.25 890.00 September-18 1010.00 994.50 15.50 1018.25 995.75 1036.25 890.00 November-18 1007.00 994.25 12.75 1015.00 992.25 1028.75 874.25 January-19 1013.00 1001.25 11.75 1020.75 999.25 1030.25 932.50 WORLD MARKET (Cents/Lb.) CHINA WEEKLY PRICES (Cents/Lb.) Effective January 26 - February 1, '18 Week Ending January 25, 2018 This Week Year Ago % Change Current Forward A (Far East) 93.45 82.92 13% AWP 75.30 NA CnCotton A 114.72 106.07 8% 5 Lowest Far East Quotes 92.35 NA Polyester 65.46 54.47 20% USFE Low Quote 92.45 NA Source: A (FE) - Cotton Outlook; Other - China Cotton Website USFE-5 Lowest Far East Quotes 0.10 NA Fine Count CFR Far East 93.90 NA MY AVG. FARM PRICE (Cents/Lb.) U.S. WEEKLY SPOT PRICES (Cents/Lb.) Course Count CFR Far East 90.28 NA Fine Count Adj ('16 Crop) 0.45 NA 17/18 YTD (Aug - Nov) 66.53 Week Ending January 25, 2018 Fine Count Adj ('17 Crop) 0.60 NA 16/17 68.00** Coarse Count Adj 0.00 NA 17/18 Proj. 67.00-71.00** This Week Year Ago Open Quotas 2 NA **16/17 projections by USDA, 17/18 projections by 3135 82.90 75.67 LDP 0.00 NA USDA. 4134 79.66 72.26 ELS Comp Pymnt 0.00 NA

Week Ending: Jan. 25, 2018 Market Page 2. CCC LOAN STOCKS (Includes '16 & '17 Crop) U.S. COTTON EXPORTS (Thou. 480-lb. Bales) As of January 22, 2018 Week Ending January 18, 2018 Form A Form G Total Upland (Running Bales) Week Total Total Week Total Southeast 11,531 1,137,835 1,149,366 17/18 17/18 16/17 18/19 18/19 Mid-South 454,982 1,598,833 2,053,815 Sales 75.1 12,247.5 10,154.6 112.4 1,626.6 Southwest 0 1,372,248 1,372,248 Shipments 256.8 4,380.2 4,852.2 0.0 0.0 West 1,319 181,199 182,518 U.S. 467,832 4,290,115 4,757,947 TOP 10 CUSTOMERS OF U.S. RAW COTTON (Thou. 480-Lb. Bales) ELS U.S. 3,943 141,311 145,254 Country 17/18 17Share 18/19 18Share CHINA 2,056 17% 305 19% CCC LOAN INTEREST RATES VIETNAM 1,997 16% 83 5% Borrowing Rate Interest Rate* PAKISTAN 1,231 10% 245 15% December 1.500% 2.500% TURKEY 1,169 10% 0 0% January 1.625% 2.625% INDONESIA 1,086 9% 50 3% MEXICO 1,064 9% 520 32% INDIA 627 5% 48 3% * Interest rate for crop year commodity loans less than one year. BANGLADESH 612 5% 102 6% THAILAND 529 4% 35 2% CERTIFICATED STOCKS (Running Bales) KOREAN REPUBLIC 519 4% 37 2% TOTAL 12,248 0% 1,627 0% Stocks Review CFTC DISAGGREGATED COMMITMENTS OF TRADERS Dallas/Ft. W - - Options and Futures Combined Galveston - - As of January 23, 2018 Greenville - - Houston - - Total Open Commercial Swap Dealers Memphis - - Interest Net Position Net Position Total 408,986 (191,903) 56,625 TOTAL - - Weekly Change 18,064 (4,604) (488) Non Commercial Net Position 135,279 5,092 ON-CALL COTTON (100 Bale Contracts) As of January 19, 2018 STATE OF THE ECONOMY Week Ending January 25, 2018 Thursday Last % Change Call Week's Call Week's Settlement Thurs. YTD Contract Sales Change Purch. Change Dow Jones Ind. Avg. 26,393 26,018 7% S&P 500 2,839 2,798 6% March '18 38,366-4,727 5,992 88 10-Yr Treas. Bond Rate 2.622% 2.610% 9% May '18 35,825 308 1,243-8 NASDAQ Composite 7,411 7,296 7% July '18 38,941 2,106 3,057-8 Russell 2000 1,602 1,577 4% October '18 0 0 0 0 December '18 22,194 2,154 13,423 2,293 Japanese Nikkei Stock Avg 23,669 23,763 4% March '19 10,651 375 577-66 Hong Kong Hang Seng 32,654 32,122 9% May '19 3,264 53 10 0 Singapore Straits Times 3,573 3,521 5% July '19 3,570 23 617 0 Shanghai Composite 3,548 3,475 7% December '19 4,111 886 6,229 598 March '20 1,273 0 146 0 Euro (in U.S.$) 1.24 1.22 3% Japanese Yen (per U.S.$) 109.41 111.11-3% WTx Int Crude Oil ($/barrel) 63.66 63.82 5% Diesel, Ultra-low ($/gal) 2.05 2.06-1% * Indicates changes from previous week based on revised data for last week. Natural Gas ($/million btu) 3.13 5.46-15%

Week Ending: COTTON SUPPLY AND DEMAND (Million 480-lb. Bales) Estimates for January 2018 US World Jan. 25, 2018 Market Page 3. U.S. COTTON TEXTILE TRADE YTD_Nov17 YTD_Nov16 (Million 480-lb. Bale Equiv.) 16/17 17/18p 16/17 17/18p Imports 16.64 16.50 Beginning Stocks 3.8 2.8 95.4 87.6 Exports 3.29 3.34 Production 17.2 21.3 106.6 121.0 Imports 0.0 0.0 37.6 38.4 US COTTONSEED SUPPLY AND DISAPPEARANCE Total Supply 21.0 24.0 239.5 247.0 (000 Short Tons) Mill Use 3.3 3.4 114.8 120.8 Marketing Year Exports 14.9 14.8 37.2 38.4 16/17 17/18 Total Use 18.2 18.2 152.0 159.2 Beg. Stocks 391 399 Ending Stocks 2.8 5.7 87.6 87.8 Production 5,369 6,725 Stocks/Use Ratio 15.1% 31.4% 76.4% 72.7% Imports 51 0 *16/17 estimates by USDA, 17/18 projections by USDA. Total Supply 5,811 7,124 Crush 1,769 2,300 U.S. COTTON PLANTINGS, PRODUCTION, AND YIELD Exports 342 450 2017 2017 Other 3,301 3,950 Production 480-2017 Yield 2016 Actual Estimated Total Demand 5,412 6,700 Lb. Bales per Harv. Acreage Plantings End. Stocks 399 424 (Thou.) 1/ Acre (Lb.) 1/ (Thou.) 1/ (Thou.) 2/ Change UPLAND USDA-ERS January Oil Crops Outlook. SOUTHEAST 4,620 888 2,171 2,523 16.2% Alabama 810 904 345 435 26.1% US COTTONSEED MEAL SUPPLY AND DISAPPEARANCE Florida 160 784 103 99-3.9% (000 Short Tons) Georgia 2,250 850 1,180 1,280 8.5% Marketing Year North Carolina 735 961 280 375 33.9% 16/17 17/18 South Carolina 470 910 190 250 31.6% Beg. Stocks 20 28 Virginia 195 1,128 73 84 15.1% Production 805 1,035 MID-SOUTH 4,365 1,093 1,490 1,945 30.5% Imports 0 0 Arkansas 1,100 1,205 380 445 17.1% Total Supply 825 1,063 Louisiana 410 907 140 220 57.1% Consumption 687 933 Mississippi 1,400 1,075 435 630 44.8% Exports 110 90 Missouri 725 1,172 280 305 8.9% Demand 797 1,023 Tennessee 730 1,031 255 345 35.3% End. Stocks 28 40 SOUTHWEST 10,745 807 5,987 7,578 26.6% Kansas 185 987 32 93 190.6% USDA-ERS January Oil Crops Outlook. Oklahoma 1,060 917 305 585 91.8% Texas 9,500 793 5,650 6,900 22.1% US COTTONSEED OIL SUPPLY AND DISAPPEARANCE WEST 840 1,376 230 314 36.5% (Million Pounds) Arizona 500 1,509 120 160 33.3% Marketing Year California 240 1,324 63 88 39.7% 16/17 17/18 New Mexico 100 1,021 47 66 40.4% Beg. Stocks 42 44 TOTAL UPLAND 20,570 889 9,878 12,360 25.1% Production 542 725 TOTAL ELS 693 1,342 195 252 29.3% Imports 0 5 Arizona 26 861 15 15 3.4% Total Supply 583 774 California 630 1,420 155 215 38.7% Domestic Consumption 435 594 New Mexico 14 908 8 8-6.3% Exports 104 130 Texas 23 849 17 14-17.6% Total Demand 539 724 ALL COTTON 21,263 899 10,073 12,612 25.2% End. Stocks 44 50 1/ USDA-NASS January Annual Crop Production Report. 2/ Revised from USDA-NASS June Acreage Report. USDA-ERS January Oil Crops Outlook.

Week Ending: Jan. 25, 2018 GINNINGS REPORT Market Page 4. As of January 15, 2018 (Running Bales) 2016 2017 UPLAND SOUTHEAST 3,580,400 4,242,750 Alabama 666,700 715,550 Florida 144,350 114,050 Georgia 2,112,850 2,112,950 North Carolina 353,700 740,200 South Carolina 211,300 389,100 Virginia 91,500 170,900 MID-SOUTH 3,247,700 4,189,100 Arkansas 858,950 1,120,950 Louisiana 266,100 407,850 Mississippi 991,250 1,260,300 Missouri 565,800 681,450 Tennessee 565,600 718,550 SOUTHWEST 6,976,300 7,804,850 Kansas 50,050 1/ Oklahoma 359,200 385,400 Texas 6,567,050 7,419,450 WEST 575,850 538,150 Arizona 309,100 331,450 California 235,750 206,700 New Mexico 31,000 1/ TOTAL UPLAND 14,380,250 16,865,850 TOTAL ELS 459,550 564,300 Arizona 15,850 23,300 California 409,300 508,450 New Mexico 11,550 1/ Texas 22,850 1/ ALL COTTON 14,839,800 17,430,150 Note: Regions may not add to total to avoid disclosure of individual gins. 1/ Not published to avoid disclosing individual gins, but included in U.S. totals.

For The Week Ending January 25, 2018 Quality Page 1. SAMPLES CLASSED COLOR GRADE % 31 or Better % 41 or Better Classing Office Week Tenderable Season Tenderable Week Season Week Season Abilene 87,613 62.7 1,243,579 73.6 88.5 89.4 91.9 92.9 Corpus Christi 20,888 66.3 2,274,855 77.6 51.2 61.8 67.4 73.4 Dumas 6,854 78.7 1,283,944 85.3 51.8 65.0 90.3 97.1 Florence 21,048 89.0 1,322,369 85.9 36.4 36.2 95.4 94.8 Lamesa 84,619 60.5 1,539,913 69.8 92.9 87.5 95.9 90.6 Lubbock 179,568 19.0 3,286,932 28.5 68.2 80.0 69.5 81.5 Macon 93,676 81.8 2,765,268 87.5 42.5 60.7 90.6 97.4 Memphis 36,252 88.6 2,712,275 87.1 37.7 49.5 87.1 95.1 Rayville - - 431,221 84.5-54.2-94.8 Visalia 41,487 88.7 600,869 88.5 98.6 96.1 99.2 96.7 Region Southeast 114,724 83.1 4,087,637 87.0 41.4 52.8 91.5 96.6 Mid-South 43,106 87.0 4,427,440 86.3 39.9 54.5 87.6 95.7 Southwest 372,688 41.3 8,345,279 56.2 77.6 77.8 80.6 82.7 West 41,487 88.7 600,869 88.5 98.6 96.1 99.2 96.7 United States 572,005 54.4 17,461,225 69.8 69.0 66.7 84.7 89.7 STAPLE AND STRENGTH MICRONAIRE AND HVI TRASH Average Staple Average Strength Average Mike Average HVI Trash Classing Office Week Season Week Season Week Season Week Season Abilene 35.6 35.8 29.2 29.4 39.0 40.0 0.3 0.3 Corpus Christi 36.6 36.0 30.4 30.0 44.0 45.0 0.3 0.3 Dumas 37.4 37.9 30.9 31.7 43.0 44.0 0.4 0.5 Florence 36.0 36.5 28.5 30.2 44.0 45.0 0.4 0.5 Lamesa 34.4 35.2 28.3 28.9 36.0 38.0 0.3 0.3 Lubbock 35.6 36.1 29.1 29.6 32.0 33.0 0.3 0.3 Macon 36.3 36.6 28.1 29.3 43.0 44.0 0.4 0.4 Memphis 37.8 37.7 30.8 30.5 44.0 43.0 0.5 0.5 Rayville - 37.1-31.3-45.0-0.4 Visalia 37.3 37.3 32.1 32.4 42.0 44.0 0.2 0.2 Region Southeast 36.2 36.6 28.2 29.6 43.2 44.3 0.3 0.4 Mid-South 37.7 37.7 30.8 30.9 43.8 43.5 0.5 0.5 Southwest 35.4 35.9 29.0 29.6 35.2 38.2 0.3 0.3 West 37.3 37.3 32.1 32.4 42.0 44.0 0.2 0.2 United States 35.9 36.5 29.2 30.0 38.0 41.2 0.3 0.4 UNIFORMITY Average Uniformity Classing Average Uniformity Prepared by Economic Services Classing Office Week Season Office Week Season of the National Cotton Council. Abilene 80.0 80.1 Rayville - 81.5 You may contact us by mail at Corpus Christi 80.9 81.1 Visalia 81.6 81.4 7193 Goodlett Farms Parkway Dumas 81.4 81.9 Region Cordova, TN 38016 ; Florence 81.2 81.8 Southeast 81.3 81.8 by phone (901)274-9030. Lamesa 79.1 79.4 Mid-South 82.1 82.0 Lubbock 79.2 79.6 Southwest 79.5 80.0 Macon 81.3 81.8 West 81.6 81.4 Memphis 82.2 82.2 United States 80.2 81.0

For The Week Ending January 25, 2018 Quality Page 2. SAMPLES CLASSED COLOR GRADE % 31 or Better % 41 or Better State Week Tenderable Season Tenderable Week Season Week Season Alabama 33,025 84.7 735,588 85.2 59.7 55.7 92.9 95.7 Arizona 26,078 90.3 342,922 87.5 99.2 97.0 99.6 97.4 Arkansas - - 1,102,778 90.1-49.6-95.2 California 11,230 91.6 201,857 92.3 96.9 94.3 97.7 95.0 Florida 2,513 85.2 116,146 87.3 38.3 71.8 87.6 98.8 Georgia 64,159 80.9 2,159,705 88.1 34.3 59.6 90.0 97.6 Kansas 9,444 32.5 82,479 52.0 74.0 81.8 84.7 90.9 Louisiana - - 407,696 83.8-52.9-94.6 Mississippi 22,723 80.9 1,270,544 84.8 59.5 66.2 95.2 96.5 Missouri 1,270 87.0 681,714 89.3 16.6 50.9 58.2 96.4 New Mexico 3,103 61.5 39,068 74.2 98.9 96.8 100.0 98.9 North Carolina 8,012 84.2 751,310 82.8 33.4 29.1 94.6 94.2 Oklahoma 28,809 78.2 432,123 85.5 89.7 92.2 91.4 95.4 South Carolina 6,401 91.3 394,530 90.8 50.8 55.8 96.9 97.4 Tennessee - - 718,537 81.7-50.2-95.4 Texas 335,511 38.6 7,847,699 54.7 76.8 77.0 79.7 81.9 Virginia 6,635 92.5 176,529 88.2 26.2 22.3 95.1 90.9 United States 558,913 54.4 17,461,225 69.8 70.6 66.0 73.8 95.2 STAPLE AND STRENGTH MICRONAIRE AND HVI TRASH Average Staple Average Strength Average Mike Average HVI Trash State Week Season Week Season Week Season Week Season Alabama 36.7 37.0 28.5 29.7 42.0 43.0 0.4 0.5 Arizona 37.0 37.0 31.5 31.5 43.0 44.0 0.2 0.2 Arkansas - 37.8-30.8-43.0-0.5 California 38.0 37.9 34.5 34.7 43.0 43.0 0.2 0.2 Florida 36.6 37.2 27.3 29.7 42.0 45.0 0.4 0.4 Georgia 36.2 36.6 28.1 29.2 44.0 44.0 0.4 0.4 Kansas 35.8 35.8 28.9 29.5 35.0 36.0 0.3 0.3 Louisiana - 37.1-31.4-45.0-0.4 Mississippi 37.8 37.9 31.7 31.6 44.0 43.0 0.5 0.5 Missouri 39.1 37.9 31.7 30.5 43.0 44.0 0.8 0.5 New Mexico 37.3 37.0 29.8 29.7 36.0 39.0 0.2 0.2 North Carolina 36.0 36.5 28.8 30.5 44.0 46.0 0.5 0.5 Oklahoma 36.6 36.8 30.2 30.3 41.0 42.0 0.3 0.3 South Carolina 36.1 36.4 28.5 29.7 44.0 45.0 0.4 0.4 Tennessee - 37.3-30.5-45.0-0.5 Texas 35.3 35.8 28.9 29.5 35.0 38.0 0.3 0.3 Virginia 35.9 36.6 28.2 30.2 44.0 45.0 0.4 0.4 United States 35.8 37.0 25.5 30.6 38.1 43.3 0.3 0.4 UNIFORMITY Average Uniformity Average Uniformity Prepared by Economic Services State Week Season State Week Season of the National Cotton Council. Alabama 81.1 81.8 Missouri 82.7 82.5 You may contact us by mail at Arizona 81.3 81.0 New Mexico 81.0 80.7 7193 Goodlett Farms Parkway Arkansas - 82.1 North Carolina 81.3 81.9 Cordova, TN 38016 ; California 82.5 82.1 Oklahoma 81.0 81.1 by phone (901)274-9030. Florida 80.9 82.2 South Carolina 81.3 81.7 Georgia 81.5 81.8 Tennessee - 82.3 Kansas 79.9 80.3 Texas 79.3 80.0 Louisiana - 81.5 Virginia 81.0 82.0 Mississippi 82.1 81.9 United States 80.1 81.6