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Week Ending Jul. 20_ 2006

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Week Ending Jul. 20_ 2006 Powered By Docstoc
					                                              Week Ending:                          Jul. 20, 2006                          Market Page 1.
                                                                                                            Life of       Life of
                        Thurs.         Last Thurs.          Weekly                                         Contract      Contract
                        Close            Close              Change            Week's High    Week's Low      High          Low

                                                         NEW YORK COTTON FUTURES (Cents/lb.)
October-06               52.25             51.15              1.10               52.90         50.20          62.30       49.45
December-06              54.19             53.01              1.18               54.50         51.90          63.50       51.20
March-07                 57.23             56.00              1.23               57.60         55.00          63.75       54.12
May-07                   58.10             56.85              1.25               58.50         55.90          63.25       55.25
July-07                  58.95             57.85              1.10               59.30         56.95          63.20       56.30
October-07               59.25             58.05              1.20               59.50         57.10          63.35       57.10
December-07              60.70             59.05              1.65               60.70         58.50          63.80       58.15
March-08                 61.90             60.52              1.38               61.90         60.00          63.78       59.30
May-08                   62.70             61.52              1.18               62.70         61.00          64.93       60.40


                                                          CHICAGO CORN FUTURES (Cents/Bu.)
September-06             242.50           260.25             -17.75             263.50         241.00        274.50       226.25
December-06              259.25           276.00             -16.75             279.25         257.25        287.25       237.50
March-07                 272.25           287.25             -15.00             290.00         270.25        300.00       245.25
May-07                   281.50           295.25             -13.75             297.25         279.75        303.00       249.75
July-07                  290.75           302.75             -12.00             305.50         288.50        311.00       252.00


                                                         CHICAGO SOYBEAN FUTURES (Cents/Bu.)
August-06                584.25           600.25             -16.00             607.50         582.00        707.00       568.00
September-06             591.75           607.75             -16.00             615.00         589.00        695.00       571.00
November-06              605.50           622.00             -16.50             629.75         602.50        660.00       542.00
January-07               617.50           632.50             -15.00             639.50         615.50        650.00       581.00
March-07                 628.00           642.50             -14.50             648.00         625.00        655.00       600.50
May-07                   634.50           648.00             -13.50             652.00         631.00        656.50       606.00
July-07                  642.75           657.50             -14.75             662.00         639.50        663.00       589.00



                          ON-CALL COTTON (Thousand Running Bales)                                         CERTIFICATED STOCKS (Running Bales)
                                             As of July 14, 2006
                               Call         Week's              Call               Week's                            As of July 20, 2006
Contract                      Sales         Change            Purch.               Change                                Stocks      Review
July '06                          0              -1                0                     0                Galveston        52,152          -
October '06                   2,834            -106              927                  -101                Houston          23,913          -
December '06                 11,332            -444           20,373                -1,304                Memphis         499,145      1,604
March '07                     5,953             605              358                    27                Greenville       74,537          -
May   '07                     2,741              99              443                   123                TOTAL           649,747      1,604
July '07                      6,549             164            4,330                     0
October '07                      532             14                0                     0                     U.S. WEEKLY PRICES (cents/lb.)
December '07                  1,648                108                653                0
March     '08                    557                33                   0               0                        Week ending July 20, 2006
May     '08                       39                13                273                0                                    3135       4134
July     '08                      79                 0                  40               0                Spot Market        52.09      46.87
December '08                      40                 0                   0               0                US Mill Del.       59.83      56.38
March     '09                     13                 0                   0               0
* Indicates changes from previous week based on revised data for last week.
                                                                Week Ending:                      Jul. 20, 2006                             Market Page 2.
                                                               SPEC AND HEDGE REPORT (Contracts)
                                                                         As of July 14, 2006
                                                Longs       Accounts                   %          Shorts     Accounts                %
                     SPECS                    89,416            1,308              55.4%         83,235             1,573        51.5%
                       Customer               84,123            1,270              52.1%         81,474             1,528        50.4%
                       House                     5,293             38               3.3%           1,761              45          1.1%
                     HEDGES                   72,087              264              44.6%         78,268              176         48.5%
                       Customer               34,966              248              21.6%         52,291              166         32.4%
                       House                  37,121               16              23.0%         25,977               10         16.1%
                     TOTAL                  161,503             1,572          100.0%           161,503             1,749       100.0%


                 WORLD MARKET (Cents/Lb.)                                                     U.S. COTTON EXPORTS (Thou. 480-lb. Bales)
               Effective July 21, '06 - July 27, '06                                                 Week ending July 13, 2006
                                                                                                   Week         Total       Total    Week               Total
                                             Current         Forward                               05/06        05/06       04/05    06/07              06/07
AWP                                            43.05              NA Sales                68.9      18,399.1 16,074.6      82.4      793.1
Step 2 Cert.                                    2.38              NA Shipments           460.6      16,038.0 12,545.9       0.0         0.0
"A (NE)" Index                                 56.77            58.61
USNE Low Quote                                 59.15            62.65      TOP 10 CUSTOMERS OF U.S. RAW COTTON (Thou. 480-Lb. Bales)
USNE-"A (NE)"                                   2.38              NA
Coarse Count Adj                                0.00              NA           Country                 05/06 05Share      06/07   06Share
Open Quotas                                        0              NA CHINA                             9,371     51%         19         2%
LDP                                             8.95              NA TURKEY                            1,945     11%         11         1%
                                                                           MEXICO                                    1,794         10%         388       49%
ELS Comp Pymnt                                    0.00             NA      INDONESIA                                  925           5%         110       14%
                                                                           TAIWAN                                     548           3%          12        2%
               CHINA WEEKLY PRICES (cents/lb.)                             THAILAND                                   490           3%          13        2%
                    Week ending July 20, 2006                              KOREAN REPUBLIC                            448           2%          41        5%
                           This Week        Year Ago        % Change       PAKISTAN                                   358           2%           1        0%
A (Far East)                     55.51            51.70            7%      JAPAN                                      348           2%           9        1%
CnCotton A                       79.36            76.49            4%      HONG KONG                                  305           2%           0        0%
Polyester                        65.74            60.26            9%              TOTAL                            18,399                     793
Source: A (FE) - Cotton Outlook; Other - China Cotton Website
                      05/06 Weighted MY Avg. Farm Price                                                     STATE OF THE ECONOMY
                                                                                                              Week ending July 20, 2006
Year-to-Date (August thru May)                            47.77 cents*                                                        Thursday        Last   % Change
                                                                                                                             Settlement   Thursday        YTD
* August - July price used in determination of counter-cyclical payment.                   Dow Jones Ind. Avg.                  10,928     10,846         2%
                           CCC LOAN INTEREST RATES                                         S&P 500                               1,249      1,242         0%
                                 1995*           1996**                                    10-Yr Treas. Bond Rate               5.030%     5.080%        15%
June                           5.000%           6.000%                                     NASDAQ Composite                      2,039      2,054        -8%
July                           5.125%           6.125%                                     Russell 2000                            684        687         2%
* Applies to 1995 and prior crop loans.
** Applies to 1996 and subsequent crop loans.                                              Japanese Nikkei Stock Avg            14,947     15,098        -7%
                                                                                           Hong Kong Hang Seng                  16,473     16,305        11%
                       CCC LOAN STOCKS (Running Bales)                                     Singapore Straits Times               2,384      2,397         2%
                                 As of July 18, 2006
                              Form A      Form G                 Total                     Euro (in U.S.$)                        1.26       1.27         7%
Southeast                       46,084           41,148         87,232                     Japanese Yen (per U.S.$)             116.93     115.33        -1%
Mid-South                     558,039           159,678        717,717
Southwest                     180,160           420,103        600,263
West                             6,858          151,394        158,252
U.S.                          791,141           772,323      1,563,464
                                                       Week Ending:              Jul. 20, 2006                     Market Page 3.
                   COTTON SUPPLY AND DEMAND (Million 480-lb. Bales)                            U.S. MILL CONSUMPTION (480-lb. bales)
                                    Estimates for July 2006
                              US                               World                                                      May 06       Apr 06
                            05/06        06/07p         05/06          06/07p          Daily (Thou.)                        21.90      22.30
Beginning Stocks              5.5            6.5         54.0             53.0         Annualized (Mil.)                     5.55       5.67
Production                   23.9           20.5        114.1            114.4
Imports                       0.0            0.0         43.8             43.9                 US COTTONSEED SUPPLY AND DISAPPEARANCE
 Total Supply                29.4           27.0        211.9            211.3                           (000 Short Tons)
Mill Use                      6.0            5.5        116.8            121.8                                               Marketing Year
Exports                      17.0           16.6         43.3             43.4                                               05/06      06/07
 Total Use                   23.0           22.1        160.1            165.2         Beg. Stocks                            592         539
Ending Stocks                 6.5            4.9         53.0             47.5         Imports                                     5      100
Stocks/Use Ratio           28.3%          22.2%        45.4%            39.0%          Production                            8,172      7,180
*05/06 estimates by USDA, 06/07 projections from USDA.                                  Total Supply                         8,769      7,819
                                                                                       Crush                                 3,050      2,750
                           USDA 2006 U.S. COTTON PLANTINGS                             Exports                                475         415
                                                     2006                              Other                                 4,705      4,125
                                    2005 Actual    Estimated       Percent              Total Demand                         8,230      7,290
                                     (Thou.) 1/    (Thou.) 1/      Change              End. Stocks                            539         529
UPLAND
SOUTHEAST                               3,030         3,355             10.7%          USDA-ERS July Oil Crops Outlook.
 Alabama                                  550           570              3.6%
  Florida                                  86           105             22.1%              US COTTONSEED MEAL SUPPLY AND DISAPPEARANCE
  Georgia                               1,220         1,400             14.8%                            (000 Short Tons)
  N. Carolina                             815            880             8.0%                                                Marketing Year
  S. Carolina                             266            300            12.8%                                                05/06      06/07
  Virginia                                 93            100             7.5%          Beg. Stocks                              52         50
MID-SOUTH                               3,950         4,205              6.5%          Imports                                     0        0
  Arkansas                              1,050         1,150              9.5%          Production                            1,415      1,240
  Louisiana                               610            660             8.2%           Total Supply                         1,467      1,290
  Mississippi                           1,210         1,210              0.0%          Consumption                           1,277      1,170
  Missouri                                440            485            10.2%          Exports                                140          70
  Tennessee                               640            700             9.4%           Total Demand                         1,417      1,240
SOUTHWEST                               6,279         6,800              8.3%          End. Stocks                              50         50
  Kansas                                   74            100            35.1%
  Oklahoma                                255            300            17.6%          USDA-ERS July Oil Crops Outlook.
  Texas                                 5,950         6,400              7.6%
WEST                                      716            580           -19.0%               US COTTONSEED OIL SUPPLY AND DISAPPEARANCE
  Arizona                                 230            220            -4.3%                            (Million Pounds)
  California                              430            310           -27.9%                                                Marketing Year
  New Mexico                               56             50           -10.7%                                                05/06      06/07
TOTAL UPLAND                           13,975        14,940              6.9%          Beg. Stocks                              76         55
TOTAL ELS                                 270           336             24.3%          Imports                                   1          0
 Arizona                                    4             7             70.7%          Production                              970        865
 California                               230           290             26.1%           Total Supply                         1,047        920
 New Mexico                                12            13             13.0%          Domestic Consumption                    937        805
 Texas                                     25            26              4.8%          Exports                                  55         50
ALL COTTON                             14,245        15,276              7.2%           Total Demand                           992        855
                                                                                       End. Stocks                              55         65
1/ USDA-NASS June Acreage Report.
                                                                                       USDA-ERS July Oil Crops Outlook.
                                                     Week Ending:                Jul. 20, 2006                           Market Page 4.
                                                                US CROP PROGRESS


                                  PERCENT SQUARING                                       PERCENT SETTING BOLLS

                        7/16/06       7/9/06        7/16/05        5-Yr Avg      7/16/06         7/9/06     7/16/05     5-Yr Avg

Alabama                     74              61             82              90           47             18          34        39
Arizona                     98              90             84              92           64             47          50        63
Arkansas                   100              99             99              98           75             48          69        68
California                  76              63             77              84           18              8          23        30
Georgia                     95              87             88              90           68             44          38        52
Kansas                      44              28             27              36       -              -           -              2
Louisiana                   99              98             99              98           75             72          71        74
Mississippi                 98              94             98              95           67             57          63        67
Missouri                    89              79             96              91           45             18          33        42
North Carolina              92              83             90              89           29              6          28        38
Oklahoma                    59              41             71              73            9              6           7        15
South Carolina              87              73             69              75           28             13          19        23
Tennessee                   99              92             98              95           35             18          45        39
Texas                       66              57             68              73           22             19          20        30
Virginia                   100              65             73              83           25              3          22        31
US                          81              72             81              83           39             27          34        41

Southeast                   90              79             85              88           49             25          32        43
Mid-South                   98              94             98              96           63             46          59        61
Southwest                   65              56             68              72           21             18          19        29
West                        82              70             79              86           31             19          30        39


1/ These 15 states planted 99% of last year's cotton acreage.
* Revised.

                                                                US CROP CONDITION
                                                 Week Ending                    7/16/06

                                            VP              P               F            G              E
Alabama                                     22             33              30           15         -
Arizona                                 -              -                   40           43             17
Arkansas                                -                  7               28           48             17
California                              -              -               -                77             23
Georgia                                     14             21              38           25              2
Kansas                                  -              -                   46           48              6
Louisiana                                   5              12              38           45         -
Mississippi                                 7              17              27           41             8
Missouri                                -                   6              32           57             5
North Carolina                               2              6              23           62             7
Oklahoma                                    14             29              38           19         -
South Carolina                          -                   7              45           46              2
Tennessee                               -                   2              18           63             17
Texas                                       25             24              31           16              4
Virginia                                -                   8              25           50             17
US                                          14             17              29           33              7
Previous Week                               11             18              30           33              8
Previous Year                                3              9              28           49             11

				
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