U.S. and World Cotton Economic Outlook National Cotton Council 2003 Mid-Year Board Meeting Nashville, TN August 20-22, 2003 Prepared by: Economic Services National Cotton Council

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U.S. and World Cotton Economic OutlookNational
Cotton Council2003 Mid-Year Board
MeetingNashville, TNAugust 20-22,
2003Prepared byEconomic ServicesNational
Cotton Council
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U.S. Real GDP Growth
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Civilian Unemployment Rate
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Consumer Price Index, Apparel
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U.S. Cotton Planted Area
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U.S. Cotton Supply
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U.S. Cotton Supply
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U.S. Retail Cotton Consumption
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Net Imports of Cotton Textiles
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U.S. Cotton Mill Use
Million Bales
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Foreign Cotton Production Use
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U.S. Cotton Exports
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World Cotton Ending Stocks
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A Index, Spot 4134 and USNE
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Cotton Stocks/Use (World less China)
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Cotton Stocks/Use (World less China) vs A Index
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Cotton Stocks/Use (World less China) vs A Index
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December Cotton Futures
Cents per Pound
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Cotton Farm Price vs. NY Futures
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Summary

• USDAs exports are 69 of production
• Exports above 10.5 million bales will draw down
  stocks
• Continued pressure on mill use
• By historical measures, balance sheet suggests
  better prices, but there are limiting factors

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Producers
Cooperatives