Beijing Cotton Outlook Issues Cotton China Balance Sheet

BIRKENHEAD, United Kingdom — September 10, 2012 — Beijing Cotton Outlook (BCO) has issued a revised
China Cotton Balance Sheet, which shows two changes compared with its August estimates: production
in 2012/13 has been lowered from 6,800,000 to 6,740,000, and consumption has been reduced from
7,700,000 to 7,600,000 tonnes.

The net effect of the changes is a rise in China’s foreseeable end-season stocks, compared
with the figure suggested a month ago, from 8,070,000 to 8,110,000 tonnes, which would represent
roughly half of all projected world stocks. BCO’s forecasts now suggest that China’s stocks will
increase by 1,530,000 tonnes during the course of this season, following an addition of 4,810,000
tonnes during 2011/12.

Beijing Cotton Outlook, which operates the website, is a joint venture
between the China Cotton Association, the China National Cotton Exchange and Cotlook Limited.

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Posted on September 11, 2012

Source: Cotlook Ltd.