Drought and extreme temperatures prompt economically important reductions in grain and fiber production of most agricultural crops. Reductions are often significant and can lead to financial difficulty for producers and in the broader economy. Statistical and econometric analyses were used to estimate the value of cotton fiber lost annually to thermal and precipitation stress in an area of Texas that produces over 20 percent of the nation's cotton crop. The estimated value of lost cotton fiber in the Texas High Plains Region was found to be about $87 million. Demonstrating the importance of agriculture to the Texas economy, the $87 million loss in the value of cotton production generates an estimated $295 million annual effect on the overall Texas economy.