The article discusses the Plains Cotton Cooperative Association's (PCCA) use of the computer-based trading system TELCOT. TELCOT, a computer-based system developed by PCCA, provides cotton traders with functions much like those available to New York Stock Exchange traders. The author states that about half of the U.S. cotton crop is grown in Texas and Oklahoma and this cotton amounts to around 10 percent of the world's annual crop. The author explains that in most areas of the U.S. producers collectively market their cotton in pools in which the grower signs a contract and the title to his or her cotton passes to the pool. When the cotton is purchased the grower receives the average price for that specific type of cotton. This means that the grower assumes the market risk. Article topics also include the TELCOT Automated Counter Offer program and the development of TELCOT as a strategic advantage.