For the second consecutive season, the 1993/94 world cotton situation is highlighted by below-average production, static demand, declining stocks, and relatively low prices. Current price levels should help spur larger use in 1994/95 while limiting the gain in production, meaning that stocks could be worked down further. Given recent production and consumption problems, there is more than the usual amount of uncertainty surrounding 1994/95 prospects for China, Pakistan, and the former Soviet Union. The outlook for cotton over the balance of the decade is for world production and use to increase 2-3 percent a year, reaching 100 million bales or more by the year 2000.