World Cotton Supply and Use -- May 2007

                         World Cotton Supply and Use 1/
                             (Million 480-pound bales)
===============================================================================
                      :          Supply         :       Use      :      :
        Region        :=========================:================: Loss :Ending
                      :Beginning:Produc-:Imports:Domestic:Exports:  2/  :stocks
                      :  stocks : tion  :       :        :       :      :
===============================================================================
                      :
                      :                 2007/08 (Projected)
World                 :
             May      :   55.41  116.00    42.50  127.00    42.00  -5.80  50.71
United States         :
             May      :    9.50   18.80     0.02    4.40    17.50   0.02   6.40
Total foreign         :
             May      :   45.91   97.20    42.49  122.60    24.50  -5.81  44.31
  China               :
             May      :   15.84   31.00    17.00   54.00     0.05  -6.00  15.79
                      :
                      :                 2006/07 (Estimated)
                      :
World                 :   55.18  117.05    38.19  122.16    37.69  -4.84  55.41
United States         :    6.05   21.59     0.02    4.90    13.25   0.00   9.50
Total foreign         :   49.13   95.46    38.18  117.26    24.44  -4.84  45.91
  Major exporters 4/  :   20.22   45.08     1.91   27.24    20.73  -0.04  19.29
   Central Asia 5/    :    2.27    8.21       3/    1.40     6.85   0.00   2.24
   Afr. Fr. Zone 6/   :    1.47    4.05       3/    0.19     4.11   0.00   1.22
   S. Hemis. 7/       :    6.85    9.17     1.01    5.35     4.12  -0.05   7.61
    Australia         :    1.94    1.10       3/    0.06     2.10  -0.07   0.96
   Brazil             :    3.92    6.50     0.60    4.15     1.40   0.00   5.47
   India              :    8.26   21.50     0.35   18.50     4.50   0.00   7.11
  Major importers 8/  :   26.71   47.22    33.75   85.54     2.33  -4.81  24.62
   Mexico             :    1.32    0.65     1.55    2.10     0.20   0.03   1.20
   China              :   17.01   30.90    13.00   50.00     0.08  -5.00  15.84
   EU-27 9/           :    1.21    1.61     1.98    2.33     1.54   0.06   0.87
   Russia             :    0.22      3/     1.43    1.43     0.00   0.00   0.22
   Turkey             :    1.70    4.00     3.10    7.00     0.15   0.00   1.65
   Pakistan           :    2.87    9.85     2.10   12.10     0.20   0.03   2.50
   Indonesia          :    0.37    0.03     2.20    2.18     0.02   0.05   0.35
   Thailand           :    0.50    0.05     2.00    2.05     0.00   0.03   0.47
   Bangladesh         :    0.46    0.07     2.30    2.30     0.00   0.01   0.52
                      :
                      :                      2005/06
                      :
World                 :   53.89  113.97    44.10  116.05    44.67  -3.94  55.18
United States         :    5.50   23.89     0.03    5.87    18.04  -0.55   6.05
Total foreign         :   48.39   90.08    44.08  110.18    26.63  -3.39  49.13
  Major exporters 4/  :   22.34   43.58     1.54   25.24    22.09  -0.09  20.22
   Central Asia 5/    :    2.36    8.36       3/    1.46     7.00   0.00   2.27
   Afr. Fr. Zone 6/   :    1.90    4.20       3/    0.19     4.44   0.00   1.47
   S. Hemis. 7/       :    8.04    8.96     0.61    5.31     5.57  -0.10   6.85
    Australia         :    1.96    2.80       3/    0.06     2.88  -0.12   1.94
   Brazil             :    5.08    4.70     0.31    4.20     1.97   0.00   3.92
   India              :    8.76   19.05     0.40   16.50     3.45   0.00   8.26
  Major importers 8/  :   23.62   42.95    40.09   80.39     2.86  -3.31  26.71
   Mexico             :    1.32    0.64     1.74    2.10     0.25   0.03   1.32
   China              :   13.06   26.20    19.28   45.00     0.04  -3.50  17.01
   EU-27 9/           :    1.16    2.51     2.31    2.71     2.00   0.06   1.21
   Russia             :    0.22      3/     1.43    1.43     0.00   0.00   0.22
   Turkey             :    1.79    3.55     3.38    6.90     0.13   0.00   1.70
   Pakistan           :    3.46    9.85     1.66   11.75     0.32   0.03   2.87
   Indonesia          :    0.38    0.03     2.20    2.18     0.02   0.05   0.37
   Thailand           :    0.63    0.05     1.89    2.05     0.01   0.03   0.50
   Bangladesh         :    0.38    0.07     2.21    2.20     0.00   0.01   0.46
===============================================================================
1/ Marketing year beginning August 1.   Totals may not add exactly and trade
may not balance due to rounding and other factors.   2/ Generally reflects
cotton lost or destroyed in the marketing channel; for Australia, Brazil,
China, and the United States, reflects the difference between implicit stocks 
based on supply less total use and indicated ending stocks.  3/ Less than
5,000 bales.  4/ Includes Egypt and Syria in addition to the countries and
regions listed.  5/ Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan,
Turkmenistan, and Uzbekistan.  6/ Benin, Burkino Faso, Cameroon, Central
African Republic, Chad, Cote d'Ivoire, Mali, Niger, Senegal, and Togo.  7/
Argentina, Australia, Brazil, Paraguay, South Africa, and Zimbabwe.  8/ In
addition to the countries and regions listed, includes Hong Kong, Japan, South
Korea, Taiwan, and Vietnam. 9/ Includes intra-EU trade.