The 1991/92 U.S. and world cotton outlook features production in excess of use, increasing stocks, and declining prices. Current price weakness should encourage smaller production along with larger consumption and trade in 1992/93. China will remain the world's number one producer and consumer, a position it has held for the past decade. U.S. use should benefit from firm consumer demand and competitive prices. Though there are major questions about trade reform over the balance of this decade, the outlook for global cotton is for production and use to continue their upward trends, likely ranging from 100-110 million bales by the year 2000. Prospects for U.S. production, mill use, and exports also are brighter.