USDA-WASDE
Nov-2025

COTTON: The November outlook for 2025/26 U.S. cotton supply and demand shows higher production, exports and ending stocks compared to September, with no change to consumption and imports. The forecast for U.S. production is raised almost 900,000 bales to 14.1 million, reflecting higher expected yields in most States and increasing the projected national average yield almost 7 percent to 919 pounds per harvested acre. The export forecast is increased 200,000 bales to 12.2 million. The balance of the production increase flows to ending stocks, which are raised almost 20 percent to 4.3 million bales, for a stocks-to-use ratio of 30.9 percent. The projected season-average upland price for 2025/26 is lowered to 62 cents per pound.

The 2025/26 outlook for world cotton supply and demand in November shows higher production, consumption, trade, and stocks compared to the September outlook. Global cotton production is forecast 2.4 million bales higher with increases of 1 million bales in China, about 900,000 bales in the United States, and 500,000 bales in Brazil. World trade is raised 300,000 bales and consumption 50,000 bales. Beginning stocks are raised over 400,000 bales largely reflecting updated 2024/25 trade data for several countries. As a result of these changes, global ending stocks are raised about 2.8 million bales to 75.9 million.