In sharp contrast to the instability of recent years, a much closer balance is envisioned for world cotton supply and demand over the next five years. A continuing strong consumer preference for cotton along with competitive prices are expected to further boost consumption to 85-90 million bales by 1992. With higher yields, production also is likely to trend up, about matching consumption during the period. Consequently, global stocks are projected to remain at reasonable levels equal to 30-40 percent of annual consumption, near the desired 4 months' mill supply.