See the latest Cotton & Wool Outlook report.
Global 2024/25 Cotton Ending Stocks To Increase as Production Outpaces Mill Use
The latest U.S. Department of Agriculture (USDA) cotton projections for 2024/25 (August–July) forecast global ending stocks at 78.4 million bales, a 6-percent increase from 2023/24 and the highest since 2019/20. All 5 major cotton producing countries are projected to increase stocks in 2024/25, led primarily by the United States and Brazil.
Global production is projected to increase 7.5 million bales (6.6 percent) to 120.5 million bales, the highest since 2017/18. World production growth is forecast to outpace the mill use estimate (115.9 million bales), with global mill use projected to rise 1 percent above 2023/24 use. World trade is forecast at 42.5 million bales this season, down approximately 2 million bales from 2023/24, as a decrease in China’s imports more than offset gains in other countries.