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Cotton and Wool - Market Outlook

See the latest Cotton & Wool Outlook report.

Global 2024/25 Cotton Ending Stocks Higher Year Over Year as Production Outpaces Mill Use

Note: Effective April 2025, Cotton and Wool Outlook will publish at 3:00 p.m. ET.

The latest U.S. Department of Agriculture (USDA) cotton projections for 2024/25 (August–July) forecast global ending stocks at 78.3 million bales, slightly down month over month but a 6-percent increase from 2023/24 and the highest total in 5 years. All five major producing countries are projected to increase stocks in 2024/25, led by the United States and Brazil. 

Global production is projected to increase 8.0 million bales (7.1 percent) year over year to 121.0 million bales, the second highest since 2012/13. World production growth outpaces the mill use estimate (116.5 million bales), with global mill use projected 1.5 percent above 2023/24. World imports are forecast at 42.7 million bales this season, down 1.3 million bales from 2023/24, as a significant decrease in China’s imports more than offsets gains in other countries.