The 1985 farm bill is designed to boost U.S. exports by equating U.S. and world cotton prices while also protecting farm income by maintaining the 81-cent target price for 1 year and by applying the $50,000 payment limit to only a portion of program benefits. Participation in the 1986-cotton program could reach 95 percent, planted acreage could be about 10 million, and 1986 production will probably range between 10 and 13 million bales. Competitive world prices will enable the United States to regain its traditional 9-10 percent share of foreign mill use--leading to 1986/87 exports of 5-6 million bales. Mill use could rise to nearly 6.5 million bales. Despite the rebound in use, stocks may remain near 9 million bales at the end of 1986/87.