USDA-WASDE
Mar-2026

COTTON: There are no changes to the 2025/26 U.S. cotton balance sheet or to prices this month.

For the 2025/26 world cotton balance sheet, the global production forecast is raised over 1.1 million bales because of higher production in Brazil (larger area) and China (higher yield), partially offset by lower production in Argentina (reduced area). The world consumption forecast is down 140,000 bales with mill use projected lower in several countries, partially offset by higher consumption in China. Trade is increased by 200,000 bales as higher imports by India are partially offset by small reductions for several countries. The forecast for world ending stocks is raised almost 1.3 million bales to 76.4 million with India and Brazil accounting for much of the increase. The global stocks-touse ratio for 2025/26 is raised by one percentage point from last month to 64 percent.

Approved by the Secretary of Agriculture and by the Chairman of the World Agricultural Outlook Board, Mark Jekanowski, (202) 720-6030. This report was prepared by the Interagency Commodity Estimates Committees.