Market was weak again today with K'10 feeling the most pressure while spreading the carry wider to N'10. Volume remains
average as export sales today were light as expected. Only 100k in new biz but the shipments were strong with 300k as seen
on page 2 . We still have almost 20 weeks left for this marketing year and in order to reach the USDA 12 million estimate we
need to ship an average of 257k running bales each week through 7/31.

This will be difficult as we are in the process of shipping the large sales made to china back in early February now and based
on the current lighter sales would expect a dip in shipments going forward. On top of that ocean freight rates continue to
rise making U.S. cotton even less competitive at these levels in NY. With the USD finding good support recently, expect the
CRB to be under pressure going into the end of the first quarter.