Market Outlook

See the latest Cotton & Wool Outlook report.

Global Cotton Production, Mill Use, and Stocks To Rise Slightly in 2024/25

The latest U.S. Department of Agriculture (USDA) estimates forecast that world cotton ending stocks in 2024/25 (August–July) will total 75.8 million bales, a 1.6-percent increase from 2023/24, as the gain in global production outpaces the rise in mill use. Brazil and the United States lead the stock increase—each climbing approximately 1.2 million bales this season—offset slightly by China and India.

World cotton production is forecast at 116.2 million bales in 2024/25, 3.2 million bales above the previous year as a global yield rebound more than offsets a slightly lower harvested area estimate. This year’s production gain is largely attributable to Brazil and the United States, with reductions in Pakistan and India. Global 2024/25 cotton mill use (115.2 million bales) is 1.4 million bales (1.2 percent) higher than the previous year, with China, India, and Pakistan the largest mill users of cotton. World trade, however, is projected 5 percent lower in 2024/25 as China is expected to reduce its imports considerably this season. The 2024/25 season-average price for U.S. upland cotton is forecast at 66 cents per pound, compared with last season’s 76.1 cents per pound.