USDA-WASDE
Apr-2026

COTTON: There are no changes to supply and demand categories in the 2025/26 U.S. cotton balance sheet this month. The season-average farm price forecast is raised 1 cent to 61 cents/lb. 

The forecast for 2025/26 world cotton production is raised almost 900,000 bales this month with 300,000-bale increases each for China, India and Pakistan, and small changes for other countries. The global consumption forecast is raised about 560,000 bales, driven by higher mill use for China and India that is partially offset by reductions for Bangladesh and Vietnam. World imports are lowered by roughly 160,000 bales as reductions for Pakistan, Bangladesh and Vietnam more than offset increases for China and India, with small changes for selected other countries. World exports are lowered almost 190,000 bales led by a decline for India. Global production, mill use, and ending stocks for 2024/25 are raised primarily because of revisions to India’s balance sheet. The forecast for 2025/26 global ending stocks is raised by over 650,000 bales, largely because of increases for India and China. The projected global stocks-to-use ratio for 2025/26 is 64.7 percent, up marginally from last month.