MP_CN001
MEMPHIS, TN         12/20/2004      USDA Cotton Program, MNB

   MARKET    41-4/3431-3/35  BALES    FUTURES     TODAY
                                       Mar-05     43.99
SOUTHEAST     41.99  43.74    999      May-05     43.86
NORTH DELTA   41.99  46.24    940      Jul-05     44.50
SOUTH DELTA   41.99  46.49    1600     Oct-05     46.30
EAST TX-OK    39.75  43.25    821      Dec-05     47.40
WEST TEXAS    39.75  43.00    7506     Mar-06     49.45
DESERT SW     43.99  49.49    1000     May-06     50.35
SJ VALLEY     45.99  55.99    3000     Jul-06     51.30
                                       Oct-06     51.40
AVERAGE       42.21  46.89   15866     Dec-06     52.40
COTTON QUOTATIONS FOR SELECTED QUALITIES          MIKE            STRENGTH
                                                24 & Belo  -950   18.5-19.4   -175
EAST TX-OK    41-4    51-5    42-4      52-5      25-26    -750   19.5-20.4   -175
  STAPLE 30   -325    -450    -350      -575      27-29    -475   20.5-21.4   -150
  STAPLE 31   -175    -375    -350      -550      30-32    -325   21.5-22.4   -125
  STAPLE 32   -125    -300    -250      -450      33-34    -175   22.5-23.4   -100
  STAPLE 33    -25    -225    -200      -400    Base 35-3   0     23.5-24.4   -100
  STAPLE 34     0     -225    -100      -350      37-42     15    24.5-25.4   -100
                                                Base 43-4   0     25.5-26.4   -50
    Prep        1          0                      50-52    -175  Base 26.5-2   0
                2        -50                    53 & Abov  -250   28.5-29.4    0
    Bark        1                                                 29.5-30.4    25
      1         2       -250                                      30.5-32.4    25
    Other       1          0                                     32.5&Above    25
                2       -375                                      18.5-19.4     -175
                                                24 & Belo  -925   19.5-20.4     -175
WEST TEXAS    41-4    51-5    42-4      52-5    25-26      -725   20.5-21.4     -150
  STAPLE 30   -275    -475    -375      -600    27-29      -475   21.5-22.4     -125
  STAPLE 31   -175    -400    -375      -575    30-32      -325   22.5-23.4     -100
  STAPLE 32   -125    -300    -275      -475    33-34      -200   23.5-24.4     -100
                                                Base 35-3   0     24.5-25.4     -100
    Prep        1          0                    37-42       15    25.5-26.4      -50
                2        -50                    Base 43-4   0    Base 26.5-2       0
    Bark        1                               50-52      -175   28.5-29.4        0
      1         2       -250                    53 & Abov  -250   29.5-30.4       25
    Other       1          0                                      30.5-32.4       25
                2       -375                                     32.5&Above       25
Dec 17-Dec 23   AWP    33.48        CC ADJ.          0.00               LDP    18.52

Stokes Quisenberry
Cotton Program, Market News Branch
3275 Appling Rd
Memphis, TN  38133
(901) 384-3016
www.ams.usda.gov/cotton/mncs/index.htm
stokes.quisenberry@usda.gov