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The September 2025/26 U.S. cotton report shows slightly higher production at 13.2 million bales, with no changes to exports, consumption, or ending stocks. National yield dipped marginally to 861 pounds per acre. Globally, cotton production is up over 1 million bales, led by China, India, and Australia, while Turkey, Mexico, and some West African nations saw declines. World consumption rose by nearly 850,000 bales, with higher demand from China and Vietnam. Trade expanded slightly, and beginning stocks fell due to stronger 2024/25 consumption in China. Ending stocks are projected at 73.1 million bales, the lowest in four years.

* U.S. cotton production projected slightly higher at 13.2 million bales.

* National yield dips 1 pound to 861 pounds per acre.

* Global production rises over 1 million bales led by China, India, Australia.

* World consumption up 850,000 bales, driven by China and Vietnam.

* Ending global stocks fall to 73.1 million bales, lowest in 4 years.

The September outlook for 2025/26 shows U.S. cotton production marginally higher at 13.2 million bales, reflecting slightly increased planted and harvested areas across major cotton-growing regions. However, the national average yield is trimmed by 1 pound to 861 pounds per harvested acre. Exports, consumption, imports, and ending stocks remain unchanged, leaving the stocks-to-use ratio steady at just over 26 percent. The projected season-average upland price for the U.S. remains at 64 cents per pound, supported by stable domestic supply and consistent demand.

Globally, the cotton landscape is evolving with production forecasted over 1 million bales higher. China, India, and Australia are driving this growth, offsetting reductions in Turkey, Mexico, and several West African nations. World consumption is also revised upward by nearly 850,000 bales, mainly due to increased demand in China and Vietnam, while Turkey sees a slight decline. World trade expands modestly, reflecting higher shipments from India and Australia.

Starting stocks for 2025/26 are nearly 1 million bales lower than last month, largely due to stronger 2024/25 consumption in China. With these adjustments, global ending stocks are reduced by almost 800,000 bales to 73.1 million bales, the lowest level in four years. This tighter global supply, alongside steady domestic performance, underpins price support in the cotton market.

Finally, with production slightly higher but stocks tightening globally, cotton prices are expected to remain supported, reflecting robust demand and constrained supply.

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