The USDA’s cotton projections for 2024-2025 forecast global cotton production at 120.9 million bales, down slightly month-over-month but a seven percent increase from 2023-2024. It’s also the highest total since 2017-2018. The major cotton-producing countries are projected to be mixed in 2024-2025, as declines in India and Pakistan are offset by larger year-over-year increases in China, Brazil, the United States, and Australia.
Global mill use is projected to increase slightly in 2024-2025 to 116 million bales, up 1.2 million bales or 1.1 percent from the previous year. Among the top spinning countries, however, only China is projected lower this season. World production in 2024-2025 exceeds the mill use estimate, with global ending stocks rising nearly seven percent. World cotton stocks are projected at 78.9 million bales, the second-highest level since the 2015-2016 marketing year. World imports are forecast at 42.4 million bales this season, down four percent from 2023-2024.
