The cotton futures and options markets provide potential for better prices to producers. Price may be further enhanced through the use of the Federal Farm Program marketing loan. This analysis determined the net price available to producers for five eighteen month periods, each beginning on January 1 and ending on July 15 of the following year. Data from the years 1987 to 1992 were used. Each period was analyzed by comparing the net price received from short hedges with futures in December and March and, alternatively, long puts in December and March futures. Additionally, a "storage hedge" using a July long call was analyzed. Finally, the effects of the marketing loan were taken into account. The results showed that the put option was successful for price enhancement only two periods of the analysis due to the increase in futures prices during these periods. The July "storage hedge" was profitable three of the five times it was used. The marketing loan deficiency payment was collected in two periods and used to increase the net price received during the crop year.