The analysis of the West Texas and East Texas/Oklahoma spot market using the Daily Price Estimation System (DPES) indicated an overall decrease in quality in the 2004/05 marketing year relative to the 2003/04 marketing year. The results also indicated an overall price decrease compared to the last two years. The combined total bales and total sales in the two regions were higher in 2004/05, with increased sales in both the West Texas and East Texas/Oklahoma regions. For the 2004/05 marketing year, the results indicated lower premiums for low leaf grade, higher staple length, and higher strength and higher premiums for higher color grade and higher level of uniformity. However, premium levels for better than base quality first digit color grade and strength were minimal. Price discounts in 2004/05 for staple length, first and second digit color grade, and bark either remained unchanged or decreased, while discounts for micronaire, strength, and uniformity increased compared to the 2003/04 levels.