Market Outlook

See the latest Cotton & Wool Outlook report.

Global 2024/25 Cotton Stocks Projected Highest in 5 Years

The latest U.S. Department of Agriculture (USDA) cotton projections for 2024/25 (August–July) indicate an increase in world cotton ending stocks to 83.5 million bales, 3 percent above 2023/24 and the highest in 5 years. The gain results from global cotton production expanding more than world mill use for 2024/25. Global cotton production is estimated at 119.1 million bales, nearly 5 percent (5.4 million bales) above 2023/24. Mill use is projected to increase 3.4 percent (3.9 million bales) to 116.9 million bales in 2024/25.

Global cotton trade for 2024/25 is projected marginally higher with the increase in mill demand expectations. Global cotton trade is forecast at 45.0 million bales, 1.5 percent above 2023/24 and the second highest since 2012/13. The leading cotton exporters are the United States and Brazil, where projected exports account for 29 percent and 28 percent, respectively, of the 2024/25 world total. Global cotton prices for 2024/25 are expected to decline for the third consecutive year.