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中国、印度、美国是世界棉花生产大国和贸易大国，三者在棉花期货市场上的价格联动对国内棉花价格波动有重要影响。本文收集整理中、印、美同时处于交易的622个交易日期货价格数据，在当日汇率的换算下统一交易单位后，运用Eviews软件建立VAR模型与Granger因果检验，实证检验了中国、印度、美国棉花期货价格之间的关系。结果表明，中国棉花期货价格与美国棉花期货价格互为格兰杰原因；中国与美国的棉花期货价格都不是印度棉花期货价格的格兰杰原因；印度棉花期货价格是中国棉花期货价格的格兰杰原因，却不是美国棉花期货价格的格兰杰原因。本文在最后给出结论分析。“,”China,India and the United States are among the world ’ s largest cotton producers and trade partners, which means domestic cotton future market has been largely affected by the other two oversea markets.This paper collects cotton future price data of 622 trading days from three countries, carrying on empirical study by VAR model and Granger causality test through Eviews.The paper draws the conclusion that in terms of cotton future prices, China and US have mutual Granger causality relationship,and both China and US have no impact on India while India could influence China.The paper ends up with an￣alyses and conclusions from empirical study above.