摘要：The theme of this 77th Agricultural Outlook Forum, "Farm and Policy Prospects," seems appropriate as agricultureembarks on the 21st century under a new Administration. The policy debate on the shape of future cotton farmpolicy began with last week's hearings in the House of Representatives, and the discussion is influenced by anumber of contradictions in the current cotton situation. World cotton consumption is estimated at record levels forboth the past and present season but, after rebounding from 1999/2000's 25-year low, cotton prices have fallen inrecent months. In the United States, consumers have continued to increase purchases of cotton products, yetdomestic mill use of cotton is expected to reach a 9-year low in 2000/01. And, despite higher average marketprices, farm income is likely to decline this season, due to a reduction in government payments which more thanoffsets the higher market returns. However, lower income levels have not dampened farmers' enthusiasm for cotton,and planted area is forecast to rise this spring.
