USDA-WASDE
Dec-2025

COTTON: This month’s 2025/26 U.S. cotton balance sheet shows slightly higher production, a reduction in mill use, and larger ending stocks compared to November. Beginning stocks, exports, and imports are unchanged. Production is increased 1 percent to 14.3 million bales as yields are raised for most States in the Southeast and Delta. As a result, the national average yield is 10 pounds higher at 929 pounds per acre. Mill use is reduced by 100,000 bales to 1.6 million, the lowest in almost 150 years. Ending stocks are now projected at 4.5 million bales, or 32.6 percent of disappearance. The projected season average farm price is reduced to 60 cents per pound, a decline of 3 cents from last year and 31 cents since 2021/22.

The global 2025/26 balance sheet for December shows slightly lower production, consumption, and trade, but higher ending stocks compared to last month. Global cotton production is reduced by almost 300,000 bales, mainly reflecting lower area and production in the African Franc Zone partially offset by a larger crop in the United States. Consumption is also lowered by almost 300,000 bales based on lower mill use in Brazil, the United States, and a few Central American countries. Global trade is reduced over 250,000 bales based on adjustments for lower production and updated trade data for several countries. Ending stocks are raised just over 40,000 bales as the global stocks-to-use ratio remains at 64 percent.