Global cotton balance sheet shows mixed trend: WASDE

The global 2025-26 balance sheet for December shows slightly lower production, consumption and trade, but higher ending stocks compared with last month.

For the 2025–26 season, global cotton production has been reduced by almost 300,000 bales to 119.79 million bales of 480 pounds in the December 2025 report. The downward revision is mainly due to lower area and output in the African Franc Zone, partially offset by a larger crop in the United States.

Global consumption is also lowered by almost 300,000 bales to 118.61 million bales, reflecting weaker mill use in Brazil, the United States and several Central American countries. Global exports are reduced by more than 250,000 bales to 43.74 million bales, based on adjustments for lower production and updated trade data for multiple countries. Ending stocks are raised by just over 40,000 bales to 75.97 million bales, keeping the global stocks-to-use ratio at 64 per cent.

This month’s 2025–26 US cotton balance sheet shows slightly higher production, reduced mill use and larger ending stocks compared with November. Beginning stocks, exports and imports remain unchanged. Production is raised by 1 per cent to 14.3 million bales as yields increase across most states in the Southeast and Delta, lifting the national average yield by 10 pounds to 929 pounds per acre.

Mill use is cut by 100,000 bales to 1.6 million, the lowest level in almost 150 years. Ending stocks are now projected at 4.5 million bales, or 32.6 per cent of disappearance. The projected season-average farm price is lowered to 60 cents per pound, down 3 cents from last year and 31 cents since 2021–22.

ALCHEMPro News Desk (KUL)