Oct-2026
COTTON: The 2026/27 U.S. cotton balance sheet shows higher production and ending stocks compared to last month. Projected consumption, exports, imports, and beginning stocks are unchanged. The production forecast is increased 2 percent to 13.44 million bales as the projected national average yield is also raised 2 percent to 790 pounds per harvested acre. Larger crops for all Delta States drive the increase, with changes in other States largely offsetting each other. With the larger U.S. crop, the forecast for ending stocks is raised 6 percent to 3.80 million bales, for a stocks-to-use ratio of 27.5 percent, up from 26.1 percent last month. The projected season-average farm price for upland cotton is lowered 1 cent from last month to 77 cents/lb.
There are no changes to the 2025/26 U.S. cotton balance sheet. The season-average farm price for 2025/26 is raised marginally to 62.2 cents/lb.
Projected world production, consumption, trade, and beginning and ending stocks for 2026/27 are all increased. Production is over 600,000 bales higher this month driven by increases for Brazil and the United States partially offset by lower production in Argentina. Consumption is raised by just over 160,000 bales, driven by increases for Vietnam, Malaysia, Guatemala, and Nicaragua, partially offset by small decreases elsewhere. Projected exports are up by almost 500,000 bales because of higher exports from Brazil with small and largely offsetting changes for other countries. Global ending stocks are up by over 800,000 bales mostly because of the increase in beginning stocks along with higher ending stocks for the United States and India.
