Sep-2025
COTTON: The September outlook for 2025/26 U.S. cotton supply and demand shows marginally higher production compared to last month, with no change to exports, consumption, imports, or stocks. The U.S. crop is projected 10,000 bales higher to 13.2 million bales, reflecting unchanged to slightly higher planted and harvested area in all regions. The national average yield is lowered 1 pound to 861 pounds per harvested acre. With no changes to consumption, exports, and ending stocks, the stocks-to-use ratio is also unchanged at just over 26 percent. The projected season-average upland price for 2025/26 remains at 64 cents per pound.
The world cotton outlook for 2025/26 is revised to reflect expectations for higher production, consumption, and trade, and lower beginning and ending stocks. Global cotton production is forecast over 1 million bales higher as increases for China, India, and Australia more than offset reductions for Turkey, Mexico, and several West African nations. World consumption is raised almost 850,000 bales as increases for China and Vietnam are partially offset by a reduction for Turkey with small changes in several other countries. World trade is up just over 100,000 bales as increases for India and Australia are partially offset by declines in several West African countries. Beginning stocks for 2025/26 are almost 1 million bales lower compared to last month, largely reflecting higher 2024/25 consumption in China. With these revisions, ending stocks for 2025/26 are reduced by almost 800,000 bales to 73.1 million bales, the lowest in 4 years.
