Nov-2026
COTTON: The U.S. cotton balance sheet for 2026/27 shows lower production, consumption, and ending stocks relative to last month. Projected exports, imports, and beginning stocks are unchanged. The production forecast is reduced by 267,000 bales to 13.18 million as the national average all-cotton yield is lowered by 2 percent to 775 pounds per harvested acre. Upland cotton in the Southwest accounts for 250,000 bales of the overall reduction as the regional average yield is lowered by 5 percent. The production and yield forecasts for the Southeast and West are slightly lower while being marginally higher in the Delta. The forecast for consumption is reduced by 100,000 bales to 1.4 million bales as mill use through September is running behind last year’s already weak pace. With these changes, projected ending stocks are reduced by 100,000 bales to 3.70 million, for a stocks-to-use ratio of 27.0 percent, down from 27.5 percent last month. The projected season-average farm price for upland cotton is lowered by 1 cent from last month to 76 cents/lb.
The 2026/27 world cotton balance sheet shows lower production, consumption, and beginning and ending stocks compared to October, while trade is increased slightly. Production is lowered by over 470,000 bales to 117.5 million driven by reductions for India, Turkey, Argentina, and the United States that more than offset larger crops in Australia and China. Consumption is lowered by 335,000 bales to 122.7 million, driven primarily by reductions for Bangladesh and the United States. Projected exports are up by 110,000 bales as higher exports from Cote d’Ivoire and Egypt more than offset a reduction for Kyrgyzstan. Global ending stocks are lowered by just over 110,000 bales as reductions for Argentina, the United States and minor exporters more than offset an increase for Australia, with changes for China and India offsetting one another.
