The 1991-92 cotton marketing year has proven to be an erratic one in terms of market supply/demand fundamentals and emotional swings. Supply and demand projections have taken the form of concerns over plantings and production to one of burdensome supplies and diminished hopes for demand. Given the erratic nature of the 1991 market, the potential further expansion of cotton acreage and entry of new growers, and the influence of annual "flex" decisions, marketing decisions will be crucial to deal with price volatility. Growers need to understand the role and evaluation of market information and analysis of pricing opportunities to offer profit or manage risk. The ability to absorb risk also depends on cotton program participation and the operation's financial status.