This report identifies and describes the structure and performance of the cotton industry, emphasizing the production and marketing of raw cotton. The underlying economic and political forces causing change in the various segments of the industry are also explored. The report provides a single source of economic and statistical information on cotton. A brief history of cotton is followed by a section on cotton supply, which includes trends in acreage and production, location and characteristics of farms growing cotton, production practices and regional costs, and farm sector costs and returns. Three sections on demand for raw cotton, cotton pricing systems, and textile and apparel manufacturing explain the market forces affecting demand for cotton. A section on the cotton marketing system looks at marketing flows, marketing services and costs, and quality evaluation and the use of quality information in marketing. World production, consumption, and trade are also discussed. The final section is an historical overview of federal farm programs affecting cotton supply. Lists of 39 references and additional readings are appended as well as 11 tables in addition to the 55 tables in the body of the report. A glossary of terms is provided. (YLB)