Week Ending: Jan. 11, 2018

Week Ending: Jan. 11, 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 82.65 79.25 3.40 82.65 77.81 82.65 61.01 May-18 82.96 79.33 3.63 82.96 78.04 82.96 61.03 July-18 83.00 79.69 3.31 83.14 78.49 83.14 61.05 October-18 77.38 75.83 1.55 77.38 75.14 77.38 61.06 December-18 75.42 74.74 0.68 75.47 74.10 75.47 61.09 March-19 75.27 74.93 0.34 75.30 74.30 75.30 62.00 May-19 75.18 74.70 0.48 75.18 74.36 75.18 64.53 July-19 75.01 74.59 0.42 75.01 74.26 75.01 65.82 October-19 73.54 73.03 0.51 73.54 72.83 73.54 66.52 CHICAGO CORN FUTURES (Cents/Bu.) March-18 348.75 351.00-2.25 352.25 346.75 429.00 346.50 May-18 357.00 359.25-2.25 360.50 355.00 431.75 355.00 July-18 365.00 367.75-2.75 369.00 363.25 444.50 363.25 September-18 373.00 375.25-2.25 376.50 371.00 429.00 370.50 December-18 382.75 384.50-1.75 386.00 380.75 429.50 376.25 CHICAGO SOYBEAN FUTURES (Cents/Bu.) March-18 950.00 967.75-17.75 977.00 949.00 1050.50 882.00 May-18 961.00 978.50-17.50 987.75 960.00 1053.00 884.75 July-18 970.50 988.00-17.50 997.00 969.50 1058.75 876.75 August-18 973.50 990.50-17.00 999.25 972.50 1055.25 890.00 September-18 971.50 986.50-15.00 993.75 971.00 1036.25 890.00 November-18 971.50 984.00-12.50 990.75 970.00 1028.75 874.25 January-19 979.50 992.25-12.75 998.25 978.25 1030.25 932.50 WORLD MARKET (Cents/Lb.) CHINA WEEKLY PRICES (Cents/Lb.) Effective January 12 - January 18, '18 Week Ending January 11, 2018 This Week Year Ago % Change Current Forward A (Far East) 89.36 82.42 8% AWP 71.21 NA CnCotton A 112.43 105.47 7% 5 Lowest Far East Quotes 88.26 NA Polyester 63.62 54.43 17% USFE Low Quote 88.25 NA Source: A (FE) - Cotton Outlook; Other - China Cotton Website USFE-5 Lowest Far East Quotes -0.01 NA Fine Count CFR Far East 89.90 NA MY AVG. FARM PRICE (Cents/Lb.) U.S. WEEKLY SPOT PRICES (Cents/Lb.) Course Count CFR Far East 86.08 NA Fine Count Adj ('16 Crop) 0.36 NA 17/18 YTD (Aug - Nov) 66.53 Week Ending January 11, 2018 Fine Count Adj ('17 Crop) 0.51 NA 16/17 68.00** Coarse Count Adj 0.00 NA 17/18 Proj. 67.00-71.00** This Week Year Ago Open Quotas 4 NA **16/17 projections by USDA, 17/18 projections by 3135 80.11 74.89 LDP 0.00 NA USDA. 4134 76.84 71.46 ELS Comp Pymnt 0.00 NA

Week Ending: Jan. 11, 2018 Market Page 2. CCC LOAN STOCKS (Includes '16 & '17 Crop) U.S. COTTON EXPORTS (Thou. 480-lb. Bales) As of January 8, 2018 Week Ending January 4, 2018 Form A Form G Total Upland (Running Bales) Week Total Total Week Total Southeast 11,531 1,141,772 1,153,303 17/18 17/18 16/17 18/19 18/19 Mid-South 479,614 1,765,937 2,245,551 Sales 289.6 11,877.8 9,314.0 95.7 1,406.5 Southwest 0 1,358,244 1,358,244 Shipments 298.8 3,811.3 4,357.8 0.0 0.0 West 1,319 159,544 160,863 U.S. 492,464 4,425,497 4,917,961 TOP 10 CUSTOMERS OF U.S. RAW COTTON (Thou. 480-Lb. Bales) ELS U.S. 8,588 134,019 142,607 Country 17/18 17Share 18/19 18Share CHINA 2,080 18% 260 18% CCC LOAN INTEREST RATES VIETNAM 1,882 16% 52 4% Borrowing Rate Interest Rate* PAKISTAN 1,214 10% 245 17% December 1.500% 2.500% TURKEY 1,093 9% 0 0% January 1.625% 2.625% MEXICO 1,049 9% 510 36% INDONESIA 985 8% 50 4% BANGLADESH 704 6% 23 2% * Interest rate for crop year commodity loans less than one year. INDIA 560 5% 48 3% THAILAND 507 4% 25 2% CERTIFICATED STOCKS (Running Bales) KOREAN REPUBLIC 484 4% 30 2% TOTAL 11,878 0% 1,406 0% Stocks Review CFTC DISAGGREGATED COMMITMENTS OF TRADERS Dallas/Ft. W - - Options and Futures Combined Galveston - - As of January 9, 2018 Greenville - - Houston - - Total Open Commercial Swap Dealers Memphis - - Interest Net Position Net Position Total 354,103 (178,017) 57,335 TOTAL - - Weekly Change 9,038 (2,481) 1,291 Non Commercial Net Position 120,683 1,191 ON-CALL COTTON (100 Bale Contracts) As of January 5, 2018 STATE OF THE ECONOMY Week Ending January 11, 2018 Thursday Last % Change Call Week's Call Week's Settlement Thurs. YTD Contract Sales Change Purch. Change Dow Jones Ind. Avg. 25,575 25,075 3% S&P 500 2,768 2,724 4% March '18 46,623-3,803 6,963-491 10-Yr Treas. Bond Rate 2.533% 2.450% 5% May '18 33,406 1,526 1,262-129 NASDAQ Composite 7,212 7,078 4% July '18 35,460 1,868 2,577 4 Russell 2000 1,587 1,556 3% October '18 0 0 0 0 December '18 20,532 789 9,791 175 Japanese Nikkei Stock Avg 23,710 23,506 4% March '19 9,960 581 643 66 Hong Kong Hang Seng 31,120 30,736 4% May '19 2,938 526 10 0 Singapore Straits Times 3,513 3,501 3% July '19 3,450 243 617 0 Shanghai Composite 3,425 3,386 4% December '19 2,740 182 5,737 25 March '20 1,273 182 146 0 Euro (in U.S.$) 1.20 1.21 0% Japanese Yen (per U.S.$) 111.26 112.75-1% WTx Int Crude Oil ($/barrel) 61.73 60.37 2% Diesel, Ultra-low ($/gal) 2.05 2.06-1% * Indicates changes from previous week based on revised data for last week. Natural Gas ($/million btu) 2.89 4.65-22%

Week Ending: COTTON SUPPLY AND DEMAND (Million 480-lb. Bales) Estimates for January 2018 US World Jan. 11, 2018 Market Page 3. U.S. COTTON TEXTILE TRADE YTD_Oct17 YTD_Oct16 (Million 480-lb. Bale Equiv.) 16/17 17/18p 16/17 17/18p Imports 15.13 15.04 Beginning Stocks 3.8 2.8 95.4 87.6 Exports 2.99 3.06 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 6,783 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 7,182 Crush 1,769 2,400 U.S. COTTON PLANTINGS, PRODUCTION, AND YIELD Exports 342 400 2017 2017 Other 3,301 3,950 Production 480-2017 Yield 2016 Actual Estimated Total Demand 5,412 6,750 Lb. Bales per Harv. Acreage Plantings End. Stocks 399 432 (Thou.) 1/ Acre (Lb.) 1/ (Thou.) 1/ (Thou.) 2/ Change UPLAND USDA-ERS December 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 1,080 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 1,108 Louisiana 410 907 140 220 57.1% Consumption 687 978 Mississippi 1,400 1,075 435 630 44.8% Exports 110 90 Missouri 725 1,172 280 305 8.9% Demand 797 1,068 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 December 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 542 755 TOTAL ELS 693 1,342 195 252 29.3% Imports 0 5 Arizona 26 861 15 15 3.4% Total Supply 583 804 California 630 1,420 155 215 38.7% Domestic Consumption 435 624 New Mexico 14 908 8 8-6.3% Exports 104 130 Texas 23 849 17 14-17.6% Total Demand 539 754 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 December Oil Crops Outlook.

Week Ending: Jan. 11, 2018 GINNINGS REPORT Market Page 4. As of January 1, 2018 (Running Bales) 2016 2017 UPLAND SOUTHEAST 3,512,850 4,005,950 Alabama 653,500 650,100 Florida 140,900 108,400 Georgia 2,068,700 1,990,200 North Carolina 351,850 722,300 South Carolina 206,450 369,900 Virginia 91,450 165,050 MID-SOUTH 3,238,800 4,138,500 Arkansas 858,950 1,102,500 Louisiana 266,100 407,850 Mississippi 982,450 1,230,250 Missouri 565,800 679,400 Tennessee 565,500 718,500 SOUTHWEST 6,158,700 6,977,550 Kansas 45,100 1/ Oklahoma 314,050 329,800 Texas 5,799,550 6,647,750 WEST 516,500 457,000 Arizona 275,300 268,850 California 214,900 188,150 New Mexico 26,300 1/ TOTAL UPLAND 13,426,850 15,653,150 TOTAL ELS 431,200 500,000 Arizona 14,050 20,500 California 385,100 450,400 New Mexico 11,550 1/ Texas 20,500 1/ ALL COTTON 13,858,050 16,153,150 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 11, 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 101,681 67.1 1,042,809 75.0 89.2 89.3 92.1 93.0 Corpus Christi 20,177 67.6 2,232,180 77.9 57.8 62.0 68.5 73.5 Dumas 12,396 89.2 1,273,826 85.4 44.8 65.3 92.5 97.3 Florence 23,021 87.5 1,277,274 85.8 45.5 36.2 94.2 94.8 Lamesa 113,934 69.6 1,354,037 70.7 89.7 86.8 95.4 89.9 Lubbock 237,285 21.6 2,868,613 29.7 74.6 81.4 75.3 82.9 Macon 80,231 81.2 2,623,549 87.8 44.4 61.9 91.4 97.9 Memphis 31,794 86.5 2,665,372 87.1 43.7 49.7 89.8 95.2 Rayville - - 431,221 84.5-54.2-94.8 Visalia 42,272 92.0 522,331 88.6 98.2 95.9 98.6 96.4 Region Southeast 103,252 82.6 3,900,823 87.1 44.6 53.5 92.0 96.9 Mid-South 44,190 87.3 4,370,419 86.3 44.0 54.7 90.6 95.8 Southwest 473,077 44.9 7,497,639 57.8 80.7 77.7 83.5 82.8 West 42,272 92.0 522,331 88.6 98.2 95.9 98.6 96.4 United States 662,791 53.4 16,291,212 71.1 73.7 66.3 86.2 90.1 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 35.9 29.2 29.5 39.0 40.0 0.3 0.3 Corpus Christi 36.5 36.0 30.4 30.0 46.0 45.0 0.3 0.3 Dumas 37.9 37.9 30.8 31.7 42.0 44.0 0.4 0.5 Florence 35.8 36.5 29.1 30.3 45.0 45.0 0.4 0.5 Lamesa 34.9 35.3 28.4 29.0 37.0 38.0 0.3 0.3 Lubbock 35.9 36.1 29.4 29.7 32.0 33.0 0.3 0.3 Macon 36.4 36.6 28.7 29.3 43.0 44.0 0.4 0.4 Memphis 37.5 37.7 30.4 30.5 43.0 43.0 0.5 0.5 Rayville - 37.1-31.3-45.0-0.4 Visalia 37.1 37.3 31.6 32.5 43.0 44.0 0.2 0.2 Region Southeast 36.3 36.6 28.8 29.6 43.4 44.3 0.3 0.4 Mid-South 37.6 37.7 30.5 30.9 42.7 43.5 0.5 0.5 Southwest 35.6 35.9 29.2 29.6 35.3 38.4 0.3 0.3 West 37.1 37.3 31.6 32.5 43.0 44.0 0.2 0.2 United States 35.9 36.6 29.3 30.1 37.6 41.4 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 81.4 81.4 7193 Goodlett Farms Parkway Dumas 81.6 81.9 Region Cordova, TN 38016 ; Florence 81.2 81.9 Southeast 81.5 81.8 by phone (901)274-9030. Lamesa 79.5 79.5 Mid-South 81.9 82.0 Lubbock 79.4 79.7 Southwest 79.6 80.1 Macon 81.6 81.8 West 81.4 81.4 Memphis 82.0 82.2 United States 80.2 81.1

For The Week Ending January 11, 2018 Quality Page 2. SAMPLES CLASSED COLOR GRADE % 31 or Better % 41 or Better State Week Tenderable Season Tenderable Week Season Week Season Alabama 32,918 82.9 684,310 85.4 59.3 55.7 92.6 95.9 Arizona 28,949 92.3 295,480 87.4 99.1 96.7 99.4 97.1 Arkansas 11,455 93.9 1,085,435 90.0 26.2 50.4 89.8 95.6 California 10,045 95.6 182,089 92.2 95.0 94.1 95.8 94.7 Florida 3,820 88.6 112,290 87.5 53.4 72.8 92.2 99.0 Georgia 52,275 80.0 2,063,755 88.5 33.7 60.8 89.6 98.0 Kansas 9,111 52.5 67,083 55.8 71.0 83.2 81.4 92.4 Louisiana - - 407,696 83.8-52.9-94.6 Mississippi 22,452 85.2 1,241,970 84.9 56.6 66.4 92.5 96.6 Missouri 1,428 89.0 679,975 89.3 15.6 50.9 96.7 96.4 New Mexico 1,856 62.9 31,235 75.5 99.0 97.1 100.0 98.6 North Carolina 9,874 86.3 732,148 82.8 43.0 29.0 94.2 94.3 Oklahoma 32,095 83.3 365,351 86.5 91.9 92.5 94.0 95.9 South Carolina 11,587 87.8 378,911 90.8 51.4 55.9 93.9 97.3 Tennessee - - 718,537 81.7-50.2-95.4 Texas 433,293 42.1 7,078,732 56.3 80.1 76.9 82.8 82.0 Virginia 1,560 92.6 166,215 88.0 19.0 22.3 97.7 90.8 United States 662,718 53.4 16,291,212 71.1 73.7 65.6 81.8 95.3 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 36.9 37.0 29.3 29.8 42.0 43.0 0.4 0.5 Arizona 37.0 37.0 31.1 31.5 43.0 44.0 0.2 0.2 Arkansas 37.5 37.8 29.8 30.8 44.0 43.0 0.5 0.5 California 37.1 37.9 33.5 34.7 44.0 43.0 0.2 0.2 Florida 36.8 37.2 28.7 29.8 43.0 45.0 0.4 0.4 Georgia 36.2 36.6 28.5 29.3 44.0 44.0 0.3 0.4 Kansas 35.4 35.9 29.0 29.7 37.0 36.0 0.3 0.3 Louisiana - 37.1-31.4-45.0-0.4 Mississippi 37.8 37.9 31.2 31.6 43.0 43.0 0.5 0.5 Missouri 38.5 37.9 30.4 30.4 41.0 44.0 0.7 0.5 New Mexico 37.3 37.0 29.6 29.7 37.0 39.0 0.2 0.2 North Carolina 35.8 36.5 29.3 30.6 45.0 46.0 0.4 0.5 Oklahoma 36.6 36.8 30.2 30.4 41.0 42.0 0.2 0.3 South Carolina 35.7 36.4 28.8 29.7 45.0 45.0 0.4 0.4 Tennessee - 37.3-30.5-45.0-0.5 Texas 35.5 35.9 29.1 29.6 35.0 38.0 0.3 0.3 Virginia 36.4 36.7 29.3 30.3 45.0 45.0 0.4 0.4 United States 35.9 37.0 27.4 30.6 37.7 43.1 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 81.6 81.9 Missouri 82.0 82.5 You may contact us by mail at Arizona 81.3 81.0 New Mexico 80.9 80.7 7193 Goodlett Farms Parkway Arkansas 81.9 82.1 North Carolina 81.0 81.9 Cordova, TN 38016 ; California 81.8 82.1 Oklahoma 81.1 81.1 by phone (901)274-9030. Florida 81.5 82.2 South Carolina 81.3 81.7 Georgia 81.7 81.8 Tennessee - 82.3 Kansas 80.1 80.4 Texas 79.5 80.1 Louisiana - 81.5 Virginia 81.2 82.1 Mississippi 81.8 81.9 United States 80.2 81.7