USDA-WASDE
March-2025

COTTON: There are no changes to this month’s 2024/25 U.S. cotton balance sheet. The 2024/25 season average upland farm price projection is reduced to 63 cents per pound.

For the 2024/25 world cotton balance sheet, production, consumption, and trade are increased while ending stocks are reduced this month. Beginning stocks are unchanged. Higher production for China more than offsets reductions for Pakistan and Argentina. Consumption is raised for Pakistan, Bangladesh and Egypt, more than offsetting small changes elsewhere. Exports by Brazil and Turkey are increased, exceeding reductions for Australia and Egypt. Imports by China are lowered but are more than offset by increases for Pakistan, Bangladesh and Egypt. Ending stocks for 2024/25 are lowered 80,000 bales.