The USDA raised its global cotton production estimate from the 120.46 million bales projected in the February 2025 report. However, it reduced ending stocks to 78.33 million bales, down from 78.41 million bales in the previous report. Global domestic cotton consumption was revised upward to 116.54 million bales, compared with 115.95 million bales in the last estimate.
USDA’s March 2025 WASDE report projects a 500,000-bale increase in global cotton production, reaching 120.96 million bales in 2024-25.
However, global ending stocks were reduced by 80,000 bales, while exports rose by 200,000 bales.
Consumption estimates increased, particularly for Pakistan, Bangladesh, and Egypt.
Despite higher production in China, declines in Pakistan and Argentina offset gains.
For the 2024-25 global cotton balance sheet, this month’s report reflects increased production, consumption, and trade, while ending stocks have been revised downward. Beginning stocks remain unchanged. Higher production in China more than offsets declines in Pakistan and Argentina. Consumption estimates were raised for Pakistan, Bangladesh, and Egypt, outweighing minor adjustments elsewhere. Exports from Brazil and Turkiye increased, surpassing reductions from Australia and Egypt. While China’s cotton imports were lowered, increased imports by Pakistan, Bangladesh, and Egypt more than compensated. Consequently, global ending stocks for 2024-25 were reduced by 80,000 bales.
There are no changes to this month’s 2024-25 US cotton balance sheet. However, the average upland farm price projection for the current year was lowered to 63 cents per pound.
Fibre2Fashion News Desk (KUL)
