LUBBOCK, TEXAS (RFD NEWS) — Cotton prices could get more support in 2026/27 as global mill use rises above production and ending stocks decline. USDA’s Economic Research Service projects world cotton ending stocks at 71.8 million bales, down 7 percent from the previous year.
The tighter outlook starts with smaller production. ERS forecasts global cotton production at 116.0 million bales, down 5 percent from 2025/26, with lower crops expected in most major producing countries except India. U.S. production is projected at 13.3 million bales.
Demand is expected to improve modestly. Global cotton mill use is forecast at 121.7 million bales, up 1 percent, with China and India again accounting for more than half of total use.
U.S. cotton exports are projected at 12.3 million bales, up 300,000 from the previous year and the highest in four years. Ending stocks are forecast at 3.9 million bales.
Drought remains a major risk, with the ERS reporting that 98 percent of the U.S. cotton production area was affected by drought in early May.
