A battleground, a safe haven, a marketing opportunity-the New York Cotton Exchange is many things. For the speculator it is an arena of excitement and opportunity and danger; for the holder of large inventories, including the grower, for the textile mill it's a place to fix costs or sales prices--to hedge the risk and uncertainty. For the producer it can be a more rewarding way to market the physical bale.

For years a few growers have delivered cotton on the New York Exchange at a $10-$40 advantage over those who have marketed their cotton in a traditional manner. Until the last year or two the number using the Exchange to market their cotton has not grown, for many producers perceived the delivery process to be a complicated one, wrought with danger. And indeed it can be, but handled by experienced people--with the proper computer programs-the process can be very routine. Now there are services available to producers to handle the delivery process and one would expect to see an increase in delivery by growers.