USDA has released its December 2024 World Agricultural Supply and Demand Estimates (WASDE) report. Here’s this month’s summary of the U.S. domestic and global cotton balance sheets.

The only changes to the U.S. cotton balance sheet for 2024/25 are to production and ending stocks. Exports, imports, domestic use, and beginning stocks are unchanged.

The December estimate for U.S. all-cotton production is revised higher to almost 14.3 million bales, an increase of 64,000 from last month. The national all-cotton yield estimate is raised 3 pounds to 792 pounds per harvested acre with higher yields in the Southeast and Delta regions and lower yields in the Southwest and West regions. Ending stocks are raised to 4.4 million, for a stocks-to-use ratio near 34%.

The 2024/25 season average upland farm price is unchanged at 66 cents per pound. There are no revisions to the 2023/24 U.S. cotton balance sheet.

For the 2024/25 world cotton balance sheet, production, consumption, and ending stocks are increased while beginning stocks are reduced. World trade is marginally higher. World production for 2024/25 is increased 1.2 million bales to 117.4 million, largely the result of a 1- million-bale increase for India’s crop. Larger crops also are projected for Argentina, Benin, and Brazil, while smaller crops are expected for Mali and Burkina Faso. World consumption is raised 570,000 bales due to increases in India, Pakistan, and Vietnam that more than offset a reduction for China.

Projected exports are raised 80,000 bales as increases for Brazil, Benin, Cameroon, and Senegal more than offset reductions for Burkina Faso and Mali. Ending stocks are raised 267,000 bales as increases for Argentina, United States, and Pakistan more than offset reductions for Brazil. Beginning stocks are reduced by 428,000 bales, primarily due to a 500,000-bale reduction for India as its 2023/24 consumption is increased 500,000 bales.