Market Outlook

See the latest Cotton & Wool Outlook report.

World 2022/23 Cotton Stocks Increase to 2021/22 Level

The latest U.S. Department of Agriculture (USDA) cotton estimates for 2022/23 (August–July) indicate that global ending stocks are projected at 84.8 million bales, 2 million bales higher than last month and equal to 2021/22 ending stock levels (figure 1). This year’s stock increase is attributable to an increase in global production this month compared to August by 1.4 million bales—much of it in the United States—coupled with a decrease in global mill use of 0.46 million bales.

Global cotton production is projected at 118.5 million bales in 2022/23, 2.7 million bales above the previous year. World cotton mill use is forecast at 118.6 million bales in 2022/23, 0.8 million bales lower than the 2021/22 season. Global 2022/23 cotton trade is projected at 44.6 million bales, unchanged this month but 1.5 million bales (3.4 percent) higher than in 2021/22. With demand remaining stable, prices remain at historically high levels.