Global cotton stocks rise in April 2025 WASDE, US exports cut by 100,000 bales

The USDA’s April 2025 World Agricultural Supply and Demand Estimates (WASDE) report shows minor adjustments to the US cotton outlook and broader global shifts for the 2024/25 season. In the US balance sheet, exports are lowered by 100,000 bales to 10.9 million bales, resulting in a corresponding increase in ending stocks to 5.0 million bales. The season-average upland farm price remains unchanged at 63 cents per pound.

Globally, the cotton outlook is marked by a decline in production, consumption, and trade, while ending stocks rise. World production is down by 69,000 bales, with declines in Argentina and Côte d’Ivoire outweighing a rise in China.

Global consumption is reduced by 520,000 bales due to lowered mill use in China and Indonesia, partially offset by Turkey’s increase. Global trade shrinks as both imports and exports are revised downward. Export reductions for major suppliers like Australia, Brazil, and the US outweigh modest gains in Turkey and Kazakhstan.

World ending stocks are now projected to rise by more than 520,000 bales, led by increases in China, the US, Australia, Brazil, and Egypt. Adjustments to Egypt’s past import and consumption data also raised beginning stocks by 25,000 bales.