LUBBOCK, Texas (RFD-TV) — Global cotton supplies are tightening as USDA projects 2026/27 ending stocks at 70.7 million bales, the lowest level in 15 years and 5 million bales below last season.
The Economic Research Service says the global stocks-to-use ratio is forecast at 57%, down from 63% in each of the previous two seasons. Stocks are expected to decline across all major producing countries.
World cotton production is projected at 118 million bales, down 3.4% from last year. At the same time, global mill use is forecast at 123.1 million bales, up 1.9% and the highest level since 2020/21.
China is expected to hold about 34.7 million bales, or 49% of global ending stocks. India is projected at 10.4 million bales, while U.S. ending stocks are forecast at 3.8 million.
USDA says the combination of lower stocks and the lowest global stocks-to-use ratio since 2010/11 supports expectations for higher world cotton prices in 2026/27.
