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Global 2026/27 Cotton Ending Stocks To Decline as Mill Use Rises Above Production
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, 7 percent (5.4 million bales) 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-percent (6.6 million bales) reduction in the global cotton production forecast (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 1 percent (1.6 million bales) 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 which is forecast unchanged. China and India account for more than half of the world cotton mill use total once again in 2026/27, slightly above the previous year. Global 2026/27 cotton trade is expected to decline marginally from a year ago.