The changing world markets for cotton and other commodities and the current financial problems of the U.S. farm sector may lead to adjustments in the location and structure of production. This report evaluates the competitive relationships among cotton and major competing crops in the four major U.S. cotton producing regions. Analysis is based chiefly on recent changes in production costs, yields and returns. Iso-returns curves depict break-even prices that yield equal net returns between cotton and selected crops.