In its May 2026 report, the initial U.S. Department of Agriculture (USDA) cotton projections for 2026/27 (August–July) indicate a decrease in global ending stocks, compared with 2025/26, as production is forecast to decline while mill use increases slightly.
World 2026/27 cotton ending stocks are projected at 71.8 million bales (1 bale – 480 pounds), 7% lower than the previous year, supporting the potential for higher cotton prices than in 2025/26.
Lower stocks are mainly the result of a 5% or 6.6 million bales reduction in the global cotton production forecast of 116.0 million bales from 2025/26. A decline for all major cotton producers is expected, except for India.
World cotton mill use is forecast to increase by 1.6 million bales or 1% in 2026/27 to 121.7 million bales. Mill use is projected to rise in most cotton spinning countries in 2026/27, except for Turkey whose forecast remains unchanged.
China and India account for more than half of the world cotton mill use total once again in 2026/27, but slightly above the previous year.
Image courtesy: NPR
