USDA’s November WASDE report shows decline in cotton production, exports

The USDA’s November 2024 World Agricultural Supply and Demand Estimates (WASDE) report shows a drop in US and global cotton metrics. The US cotton production estimate for 2024/25 is reduced to just under 14.2 million bales, following a 10,000-bale reduction due to lower Texas yields, partly offset by gains in Georgia.

Export projections for US cotton are lowered by 200,000 bales to 11.3 million as global demand softens, pushing ending stocks up by 200,000 bales to 4.3 million, with an unchanged season average price of 66 cents per pound.

Globally, 2024/25 cotton production, consumption, and trade projections are reduced. Production is down 460,000 bales, mainly from Pakistan and Turkmenistan, while consumption falls by 515,000 bales, led by declines in Turkey and Pakistan.

World ending stocks drop by 574,000 bales, with significant cuts for India, Turkmenistan, and Pakistan. Lower imports by Turkey are partly balanced by higher imports from Uzbekistan and Egypt, resulting in a 295,000-bale reduction in global trade.