The cotton grading system in the U.S. is experiencing major changes in 1993. Several measures of foreign matter are being separated out of the grade code, which will now refer only to color. The Commodity Credit Corporation Loan Rates will incorporate these new quality measures, and these must be determined before the 1993 crop reaches market. Statistically derived estimates are presented of what the quality premiums and discounts would have been for recent crops if those crops had been marketed with the new system. These estimates may serve as guidelines for the CCC Loan Rates.