Webster's Dictionary defines risk as "a hazard or peril or exposure to loss or injury." Even though Webster's would not agree with me, a suitable synonym for risk taking might be "cotton production." In a recent study being conducted by the Farm Credit System on Agriculture, called Project 1995, the system had this to say about the future of agriculture: "On the whole, U.S. agriculture must continue to plan for a difficult future. Nevertheless, there will be ample profit opportunities for innovative and progressive operators in the years ahead. Indeed, some farmers may do well in this environment; they will learn to manage risk for their personal profit." If cotton production is going to be profitable, we must reduce risk wherever possible. I believe there are opportunities to do this at every stage of the cotton production cycle. Since conditions differ throughout the Cotton Belt, I will restrict my comments to Arizona.