Week Ending: Oct. 26, 2017

Week Ending: Oct. 26, 2017 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.) December-17 68.19 67.31 0.88 70.22 66.84 75.75 59.30 March-18 68.06 67.01 1.05 69.46 66.75 75.57 61.01 May-18 69.10 68.02 1.08 70.40 67.75 75.46 61.03 July-18 69.83 68.74 1.09 70.99 68.47 75.20 61.05 October-18 69.34 67.60 1.74 69.34 67.37 74.26 61.06 December-18 68.92 67.98 0.94 69.81 67.76 74.25 61.09 March-19 68.93 68.07 0.86 69.55 67.84 74.25 62.00 May-19 69.00 68.14 0.86 69.53 67.93 74.25 64.53 July-19 69.03 68.20 0.83 69.56 67.99 73.17 65.82 CHICAGO CORN FUTURES (Cents/Bu.) December-17 350.50 349.00 1.50 355.25 343.00 432.00 342.50 March-18 364.50 362.75 1.75 369.25 357.00 429.00 356.25 May-18 373.25 371.25 2.00 377.75 365.75 431.75 364.75 July-18 380.50 378.25 2.25 384.75 373.25 444.50 371.00 September-18 387.25 385.25 2.00 391.00 380.50 429.00 375.75 CHICAGO SOYBEAN FUTURES (Cents/Bu.) November-17 971.25 986.50-15.25 994.25 970.25 1150.50 867.75 January-18 982.50 997.00-14.50 1004.75 981.75 1054.25 877.25 March-18 993.00 1007.00-14.00 1014.25 992.00 1050.50 882.00 May-18 1002.25 1016.00-13.75 1023.25 1001.25 1053.00 884.75 July-18 1010.00 1024.00-14.00 1031.00 1009.25 1058.75 876.75 August-18 1010.75 1024.25-13.50 1031.25 1010.50 1055.25 890.00 September-18 1001.50 1013.00-11.50 1018.75 1001.00 1036.25 890.00 WORLD MARKET (Cents/Lb.) CHINA WEEKLY PRICES (Cents/Lb.) Effective October 27 - November 2, '17 Week Ending October 26, 2017 This Week Year Ago % Change Current Forward A (Far East) 79.21 78.45 1% AWP 61.01 NA CnCotton A 111.46 104.55 7% 5 Lowest Far East Quotes 78.06 NA Polyester 61.24 47.66 28% USFE Low Quote 78.30 NA Source: A (FE) - Cotton Outlook; Other - China Cotton Website USFE-5 Lowest Far East Quotes 0.24 NA Fine Count CFR Far East 79.73 NA MY AVG. FARM PRICE (Cents/Lb.) U.S. WEEKLY SPOT PRICES (Cents/Lb.) Course Count CFR Far East 77.05 NA Fine Count Adj ('16 Crop) 0.33 NA 17/18 YTD (Aug) 64.70 Week Ending October 26, 2017 Fine Count Adj ('17 Crop) 0.48 NA 16/17 Proj. 68.00** Coarse Count Adj 0.00 NA 17/18 Proj. 55.00-65.00** This Week Year Ago Open Quotas 10 NA **16/17 projections by USDA, 17/18 projections by 3135 69.72 71.98 LDP 0.00 NA USDA. 4134 66.91 68.08 ELS Comp Pymnt 0.00 NA

Week Ending: Oct. 26, 2017 Market Page 2. CCC LOAN STOCKS (Includes '16 & '17 Crop) U.S. COTTON EXPORTS (Thou. 480-lb. Bales) As of October 23, 2017 Week Ending October 19, 2017 Form A Form G Total Upland (Running Bales) Week Total Total Week Total Southeast 0 102,885 102,885 17/18 17/18 16/17 18/19 18/19 Mid-South 31,897 277,813 309,710 Sales 314.5 8,715.7 6,408.0 48.2 863.8 Southwest 0 236,099 236,099 Shipments 102.7 1,789.5 2,134.1 0.0 0.0 West 0 23,613 23,613 U.S. 31,897 640,410 672,307 TOP 10 CUSTOMERS OF U.S. RAW COTTON (Thou. 480-Lb. Bales) ELS U.S. 600 5,480 6,080 Country 17/18 17Share 18/19 18Share CHINA 1,791 21% 73 8% CCC LOAN INTEREST RATES VIETNAM 1,471 17% 51 6% Borrowing Rate Interest Rate* MEXICO 918 11% 300 35% September 1.250% 2.250% INDONESIA 785 9% 28 3% October 1.250% 2.250% TURKEY 655 8% 0 0% BANGLADESH 542 6% 23 3% PAKISTAN 450 5% 199 23% * Interest rate for crop year commodity loans less than one year. THAILAND 399 5% 0 0% KOREAN REPUBLIC 394 5% 30 4% CERTIFICATED STOCKS (Running Bales) INDIA 300 3% 30 3% TOTAL 8,716 0% 864 0% Stocks Review CFTC DISAGGREGATED COMMITMENTS OF TRADERS Dallas/Ft. W - - Options and Futures Combined Galveston - - As of October 24, 2017 Greenville - - Houston - - Total Open Commercial Swap Dealers Non Commercial Memphis - - Interest Net Position Net Position Net Position Total 299,192 (128,952) 67,652 61,301 TOTAL - - Weekly Change (1,936) 2,301 (1,952) (349) ON-CALL COTTON (100 Bale Contracts) As of October 20, 2017 STATE OF THE ECONOMY Week Ending October 26, 2017 Thursday Last % Change Call Week's Call Week's Settlement Thurs. YTD Contract Sales Change Purch. Change Dow Jones Ind. Avg. 23,401 23,163 18% S&P 500 2,560 2,562 14% December '17 22,149-4,182 14,361-1,619 10-Yr Treas. Bond Rate 2.454% 2.320% 0% March '18 42,336 421 6,557 1,019 NASDAQ Composite 6,557 6,605 22% May '18 23,192 439 566-95 Russell 2000 1,497 1,502 10% July '18 24,404 617 1,230-1 October '18 0 0 0 0 Japanese Nikkei Stock Avg 21,740 21,449 14% December '18 14,641 726 9,768 58 Hong Kong Hang Seng 28,202 28,159 28% March '19 4,443 175 528-1 Singapore Straits Times 3,356 3,335 17% May '19 1,306 0 0 0 Shanghai Composite 3,408 3,370 10% July '19 1,614 0 0 0 December '19 2,283-1 3,500 21 Euro (in U.S.$) 1.17 1.19 11% March '20 842-1 146-1 Japanese Yen (per U.S.$) 113.99 112.54-3% WTx Int Crude Oil ($/barrel) 51.91 51.86-3% Diesel, Ultra-low ($/gal) 1.79 1.81 5% * Indicates changes from previous week based on revised data for last week. Natural Gas ($/million btu) 2.95 2.87-20%

Week Ending: COTTON SUPPLY AND DEMAND (Million 480-lb. Bales) Estimates for October 2017 US World Market Page 3. 16/17 17/18p 16/17 17/18p Imports 11.91 11.88 Beginning Stocks 3.8 2.8 96.7 89.6 Exports 2.38 2.45 Production 17.2 21.1 106.6 120.9 Imports 0.0 0.0 37.2 38.2 US COTTONSEED SUPPLY AND DISAPPEARANCE Total Supply 21.0 23.9 240.5 248.6 (000 Short Tons) Mill Use 3.3 3.4 113.7 118.0 Marketing Year Exports 14.9 14.5 37.4 38.2 16/17 17/18 Total Use 18.2 17.9 151.1 156.2 Beg. Stocks 391 399 Ending Stocks 2.8 5.8 89.6 92.4 Production 5,369 6,676 Stocks/Use Ratio 15.1% 32.5% 78.8% 78.3% Imports 51 0 *16/17 estimates by USDA, 17/18 projections by USDA. Total Supply 5,811 7,075 Crush 1,769 2,400 U.S. COTTON PLANTINGS, PRODUCTION, AND YIELD Exports 342 360 Other 3,301 3,900 Total Demand 5,412 6,660 End. Stocks 399 415 2017 Production 480-Lb. Bales (Thou.) 1/ 2017 Yield per Harv. Acre (Lb.) 1/ 2016 Actual Acreage (Thou.) 1/ 2017 Estimated Plantings (Thou.) 2/ Change Oct. 26, 2017 U.S. COTTON TEXTILE TRADE YTD_Aug17 YTD_Aug16 (Million 480-lb. Bale Equiv.) UPLAND USDA-ERS October Oil Crops Outlook. SOUTHEAST 4,830 928 2,171 2,534 16.7% Alabama 870 976 345 435 26.1% US COTTONSEED MEAL SUPPLY AND DISAPPEARANCE Florida 190 931 103 100-2.9% (000 Short Tons) Georgia 2,400 900 1,180 1,290 9.3% Marketing Year North Carolina 700 921 280 375 33.9% 16/17 17/18 South Carolina 480 940 190 250 31.6% Beg. Stocks 20 40 Virginia 190 1,099 73 84 15.1% Production 827 1,080 MID-SOUTH 4,435 1,112 1,490 1,945 30.5% Imports 0 0 Arkansas 1,000 1,096 380 445 17.1% Total Supply 847 1,120 Louisiana 440 982 140 220 57.1% Consumption 702 990 Mississippi 1,500 1,152 435 630 44.8% Exports 105 90 Missouri 755 1,220 280 305 8.9% Demand 807 1,080 Tennessee 740 1,045 255 345 35.3% End. Stocks 40 40 SOUTHWEST 10,170 757 5,987 7,573 26.5% Kansas 190 1,002 32 93 190.6% USDA-ERS October Oil Crops Outlook. Oklahoma 980 848 305 580 90.2% Texas 9,000 745 5,650 6,900 22.1% US COTTONSEED OIL SUPPLY AND DISAPPEARANCE WEST 953 1,510 230 320 39.1% (Million Pounds) Arizona 518 1,574 120 160 33.3% Marketing Year California 330 1,760 63 91 44.4% 16/17 17/18 New Mexico 105 916 47 69 46.8% Beg. Stocks 41 50 TOTAL UPLAND 20,388 877 9,878 12,372 25.2% Production 559 755 TOTAL ELS 727 1,441 195 247 26.7% Imports 5 5 Arizona 27 894 15 15 3.4% Total Supply 605 810 California 662 1,528 155 210 35.5% Domestic Consumption 450 670 New Mexico 12 800 8 8-6.3% Exports 105 90 Texas 26 998 17 14-17.6% Total Demand 555 760 ALL COTTON 21,115 889 10,073 12,619 25.3% End. Stocks 50 50 1/ USDA-NASS October Crop Production Report. 2/ Revised from USDA-NASS June Acreage Report. USDA-ERS October Oil Crops Outlook.

Week Ending: Oct. 26, 2017 US CROP PROGRESS Market Page 4. PERCENT BOLLS OPENING PERCENT HARVESTED 10/22/17 10/15/17 10/22/16 5-Yr Avg 10/22/17 10/15/17 10/22/16 5-Yr Avg Alabama 89 86 99 95 45 33 60 42 Arizona 100 99 100 100 28 24 32 30 Arkansas 100 100 100 99 71 52 83 64 California 83 80 99 97 25 15 35 44 Georgia 97 95 97 95 37 27 45 32 Kansas 87 72 82 83 9 7 8 8 Louisiana 100 100 100 100 83 76 94 88 Mississippi 97 93 100 99 59 46 79 70 Missouri 100 97 100 92 63 42 71 48 North Carolina 94 90 96 95 31 20 19 20 Oklahoma 94 91 90 92 22 11 27 19 South Carolina 99 97 95 91 42 29 19 22 Tennessee 100 98 99 93 56 39 59 39 Texas 80 73 89 87 31 30 27 28 Virginia 100 99 99 98 43 19 23 22 US 87 82 92 91 37 31 38 35 Southeast 95 93 97 95 38 27 40 31 Mid-South 99 97 100 97 65 49 77 62 Southwest 81 74 89 87 30 28 27 27 West 94 92 100 99 27 21 33 35 1/ These 15 states planted 99% of last year's cotton acreage. * Revised. US CROP CONDITION Week Ending 10/22/17 VP P F G E Alabama 1 8 35 47 9 Arizona 2 3 16 55 24 Arkansas 1 3 11 46 39 California 0 0 0 10 90 Georgia 7 19 28 39 7 Kansas 3 8 29 55 5 Louisiana 1 28 45 26 0 Mississippi 0 6 30 45 19 Missouri 1 9 31 47 12 North Carolina 1 4 17 57 21 Oklahoma 0 1 8 89 2 South Carolina 0 0 15 51 34 Tennessee 0 2 9 66 23 Texas 7 9 35 36 13 Virginia 0 0 15 79 6 US 5 9 30 42 14 Previous Week 5 8 29 43 15 Previous Year 4 12 36 39 9

For The Week Ending October 26, 2017 Quality Page 1. SAMPLES CLASSED COLOR GRADE % 31 or Better % 41 or Better Classing Office Week Tenderable Season Tenderable Week Season Week Season Abilene 27,662 76.0 34,829 72.6 71.9 66.7 77.9 74.0 Corpus Christi 126,420 73.2 1,593,283 82.3 57.4 66.9 64.8 78.1 Dumas 131,579 85.9 357,027 83.6 76.9 72.8 99.8 99.2 Florence 81,042 79.9 172,794 82.6 37.4 58.0 91.9 94.2 Lamesa 47,008 63.5 65,903 59.8 46.3 40.7 50.8 44.4 Lubbock 46,370 39.7 49,661 39.1 47.1 45.6 51.5 49.9 Macon 153,672 91.3 360,496 90.8 67.1 76.2 96.7 96.0 Memphis 254,131 88.5 549,471 88.1 65.0 75.6 98.4 98.7 Rayville 43,655 88.2 165,732 85.2 54.8 42.9 97.0 93.7 Visalia 27,649 89.2 71,333 85.6 93.2 87.6 93.5 88.0 Region Southeast 234,714 87.4 533,290 88.1 56.8 70.3 95.0 95.4 Mid-South 429,365 87.7 1,072,230 86.2 67.6 69.6 98.7 98.1 Southwest 247,460 65.4 1,743,676 80.0 55.0 65.3 61.1 75.9 West 27,649 89.2 71,333 85.6 93.2 87.6 93.5 88.0 United States 939,188 79.0 3,420,529 82.3 62.3 67.9 87.7 86.2 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 36.7 36.7 29.9 29.9 42.0 42.0 0.4 0.4 Corpus Christi 36.0 36.0 30.2 30.0 45.0 45.0 0.3 0.3 Dumas 37.9 37.7 31.8 31.7 44.0 44.0 0.5 0.5 Florence 36.3 36.2 30.1 30.2 46.0 46.0 0.5 0.4 Lamesa 35.3 35.3 28.7 28.8 40.0 41.0 0.4 0.4 Lubbock 35.9 35.9 29.2 29.2 36.0 36.0 0.4 0.4 Macon 36.7 36.6 29.8 29.8 44.0 44.0 0.4 0.4 Memphis 37.7 37.5 31.2 31.2 43.0 44.0 0.5 0.5 Rayville 37.1 37.0 31.6 31.4 45.0 45.0 0.4 0.5 Visalia 37.7 37.0 33.4 32.3 44.0 45.0 0.2 0.2 Region Southeast 36.6 36.5 29.9 29.9 44.7 44.6 0.4 0.4 Mid-South 37.7 37.5 31.4 31.4 43.5 44.2 0.5 0.5 Southwest 35.9 36.0 29.7 29.9 42.0 44.5 0.4 0.3 West 37.7 37.0 33.4 32.3 44.0 45.0 0.2 0.2 United States 36.9 36.6 30.6 30.4 43.4 44.4 0.4 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 80.6 80.7 Rayville 81.5 81.5 You may contact us by mail at Corpus Christi 81.2 81.1 Visalia 82.0 81.6 7193 Goodlett Farms Parkway Dumas 82.0 81.9 Region Cordova, TN 38016 ; Florence 81.9 81.8 Southeast 81.8 81.8 by phone (901)274-9030. Lamesa 79.4 79.4 Mid-South 82.2 82.1 Lubbock 79.8 79.8 Southwest 80.5 81.0 Macon 81.7 81.8 West 82.0 81.6 Memphis 82.4 82.4 United States 81.6 81.5

For The Week Ending October 26, 2017 Quality Page 2. SAMPLES CLASSED COLOR GRADE % 31 or Better % 41 or Better State Week Tenderable Season Tenderable Week Season Week Season Alabama 40,558 85.4 87,287 85.7 45.8 58.8 91.0 92.6 Arizona 9,723 84.0 39,325 79.8 91.1 80.7 91.8 81.4 Arkansas 115,680 91.7 262,614 91.9 64.6 67.1 99.6 99.6 California 17,926 92.0 32,008 92.7 94.3 96.3 94.3 96.3 Florida 4,446 88.4 9,280 86.3 65.7 73.7 99.2 98.7 Georgia 128,089 91.9 299,194 91.6 67.9 76.9 97.0 96.0 Kansas - - - - - - - - Louisiana 42,069 87.8 159,755 84.7 53.7 41.6 96.9 93.5 Mississippi 116,702 85.4 306,463 82.4 80.7 78.3 99.4 99.1 Missouri 63,794 91.7 142,130 91.4 70.8 82.5 99.8 99.9 New Mexico - - - - - - - - North Carolina 45,642 75.0 95,839 78.7 30.0 50.1 91.7 93.5 Oklahoma 16,486 86.2 21,044 84.7 88.1 82.6 93.7 90.7 South Carolina 26,366 89.9 62,399 89.2 55.2 72.5 95.0 96.4 Tennessee 71,699 82.6 166,003 81.3 67.2 80.3 98.8 98.7 Texas 230,974 63.9 1,722,632 79.9 52.6 65.1 58.8 75.7 Virginia 9,034 75.0 14,556 80.4 22.7 47.8 84.0 89.0 United States 939,188 79.0 3,420,529 82.3 62.3 70.9 77.9 93.6 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 37.1 37.1 30.5 30.6 43.0 44.0 0.5 0.5 Arizona 36.9 36.1 30.9 30.1 46.0 46.0 0.2 0.2 Arkansas 37.8 37.7 31.3 31.4 42.0 43.0 0.5 0.5 California 38.1 38.1 34.8 34.9 44.0 44.0 0.2 0.2 Florida 37.2 37.0 30.4 30.3 45.0 45.0 0.5 0.5 Georgia 36.7 36.6 29.7 29.7 44.0 44.0 0.4 0.4 Kansas - - - - - - - - Louisiana 37.1 37.1 31.6 31.4 45.0 45.0 0.4 0.5 Mississippi 37.9 37.7 31.8 31.7 44.0 44.0 0.5 0.5 Missouri 37.8 37.7 31.1 31.1 44.0 44.0 0.5 0.4 New Mexico - - - - - - - - North Carolina 36.4 36.2 30.6 30.6 47.0 47.0 0.5 0.5 Oklahoma 37.4 37.5 30.6 30.6 43.0 43.0 0.4 0.4 South Carolina 36.1 36.1 29.3 29.4 45.0 45.0 0.4 0.4 Tennessee 37.3 37.1 31.2 31.1 45.0 45.0 0.5 0.4 Texas 35.8 36.0 29.6 29.9 42.0 44.0 0.4 0.3 Virginia 36.8 36.7 30.7 31.2 46.0 46.0 0.5 0.5 United States 36.9 37.0 30.3 31.0 43.5 44.6 0.4 0.4 UNIFORMITY Average Uniformity Average Uniformity Prepared by Economic Services State Week Season State Week Season of the National Cotton Council. Alabama 81.9 82.0 Missouri 82.7 82.7 You may contact us by mail at Arizona 81.0 80.9 New Mexico - - 7193 Goodlett Farms Parkway Arkansas 82.2 82.2 North Carolina 82.0 81.9 Cordova, TN 38016 ; California 82.5 82.5 Oklahoma 81.3 81.4 by phone (901)274-9030. Florida 82.2 82.1 South Carolina 81.6 81.5 Georgia 81.6 81.8 Tennessee 82.5 82.5 Kansas - - Texas 80.5 81.0 Louisiana 81.5 81.6 Virginia 82.5 82.6 Mississippi 82.0 81.9 United States 81.6 81.9