An econometric model was formulated to investigate the relationships between U.S. mill prices of cotton and the inherent cotton characteristics of contaminant content, micronaire, strength, length, length uniformity, whiteness, and yellowness. Data were for years 1977/78 through 1985/86. Responsiveness of landed mill prices of cotton to each characteristic are presented and implications are examined. The changing relative importance of individual fiber characteristics is also examined.