Appreciation of the Brazilian Real to the U.S. Dollar: Effects on International Cotton Markets and Trade

This paper evaluates how the recent appreciation of the Brazilian real will affect U.S. cotton exporters as well as other countries in the international cotton markets.  With Brazilian cotton exports becoming more expensive than those from the U.S., to what extent will cheaper U.S. cotton substitute for the now more expensive Brazilian cotton in the global export market?  Will other export competing countries gain as well?  As for cotton importing countries from Brazil, how significantly will their level of imports be altered and in what direction will it shift? And finally, are these effects on the international market of small or large order?