Cotton is a global business and we have no shortage of competitors. The June USDA supply and demand report estimated world cotton production at 120 million bales with Australia producing only 0.6 million bales of these. The world's total cotton exports are 38 million bales. We compete at the top end of export cotton, in a segment of 4 million bales. If we can produce over 2 million bales of Australian cotton each year, we are a significant producer of these bales of higher quality exports. Figure 1 details the world's major cotton producers.