Washington, DC — Production and consumption in the 2025/26 season is projected to be unchanged from 2024/25 at 25.9 million tonnes and 25.6 million tonnes, respectively, but overall trade is expected to increase from 9.3 million tonnes to 9.7 million tonnes.

There is a downward revision for US production and an upward revision for US exports based on the latest report from USDA, which takes into account the recent heavy rains and planting delays in the delta region.

Globally, both production and consumption face challenges:

• Cultivation numbers could be threatened by the increasingly adverse and unpredictable weather patterns, and 
• Growing political tensions could have a negative impact on consumption and consumer demand.

In addition, this month's CTM addresses the data rectification process the ICAC has been undergoing. The initial work of adjusting data for all of our reported regions and countries has begun and, going forward, we will be making changes to the ICAC Statistical Database and reporting on them here, as well as on our data dashboard.

The Secretariat’s current price forecast for the 2025/26 season, based on current supply and demand estimates, ranges from 55 to 94 cents per pound, with a midpoint of 72 cents per pound. ICAC’s price projections are made by Ms Lorena Ruiz, ICAC Economist.

The author of Cotton This Month is Parkhi Vats, ICAC Economic Affairs Officer. You can email her with comments and questions by clicking here.

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The next Cotton This Month will be released on August 1, 2025.