WASDE 670 — Apr 2026 Narrative Summary
The USDA Apr 2026 WASDE (670) revised 2025/26 cotton supply and use estimates.
World production was raised 0.88M bales to 121.87M bales.
World ending stocks were up 0.65M bales to 77.04M bales, with consumption up 0.56M bales.
U.S. estimates were unchanged across the board.
Notable country changes: India production +0.30M; India ending stocks +0.50M;
India exports -0.20M; China production +0.30M; China ending stocks +0.20M.
Cotton Marketing Year: August 1 – July 31 |
Current: 2024/25 (Est.) |
Next: 2025/26 (Proj. — first release May 2025) |
Units: Million 480-lb. bales (unless noted) |
⬥ Note: May WASDE is the first new-crop (2026/27) projection
WASDE 669 — March 2026: World ending stocks raised +1.28M bales to 76.4M on higher Brazil & China production. U.S. balance sheet unchanged. Global S/U rises to 64%.
World Production ▲+1.13M bales (Brazil area, China yield) | Mill Use ▼-0.14M | Trade ▲+0.20M | U.S. price unchanged at 60¢/lb
US Production (2024/25 Est.)
14.41M bales
May first proj: 16.00 | Final est: 14.41
US Ending Stocks (2024/25 Est.)
4.00M bales
S/U ratio: ~29.4%
World Ending Stocks (2025/26 Proj.)
76.4M bales
▲ +1.28 vs Feb 2026
World S/U Ratio (2025/26)
64%
▲ +1pp vs Feb 2026
US Avg. Farm Price (2025/26 Proj.)
60¢/lb
No change vs Feb
U.S. Cotton Supply & Use (Mar 2026 / WASDE 669) Million 480-lb. Bales
¹ Upland + ELS. Mkt yr begins Aug 1. Farm price in cents/lb (upland). Unaccounted = rounding difference.
World Cotton Supply & Use (Mar 2026 / WASDE 669) Million 480-lb. Bales
S/U = ending stocks ÷ domestic use. Marketing year Aug 1. Trade may not balance due to rounding.
Month-over-Month Changes: Key Regions (Nov→Dec 2025, WASDE 665→666)
VIEW:
Data through Dec 2025 (WASDE 666). MoM shows change vs Nov 2025 (WASDE 665). Units: Million 480-lb. bales. S/U = Ending Stocks ÷ Domestic Use.
How to use this tab:
The USDA revises its cotton supply & use estimates monthly as new data arrives.
This tab shows how those estimates have changed across successive WASDE reports —
useful for understanding which crops/regions are subject to frequent revision and by how much.
Select a region and attribute, then choose which marketing years to overlay. The table shows the estimate published each month; the chart shows the revision trend over time. Large swings indicate high uncertainty or late-breaking supply/demand shifts.
Select a region and attribute, then choose which marketing years to overlay. The table shows the estimate published each month; the chart shows the revision trend over time. Large swings indicate high uncertainty or late-breaking supply/demand shifts.
REGION:
ATTRIBUTE:
MARKET YEARS:
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Each line shows how the WASDE estimate evolved month-by-month for a given marketing year. May = first new-crop projection.
First May Projection vs. Final Estimate — All Years
Country Comparison — Track how supply & use
estimates evolve across WASDE reports for each country. Select an attribute, choose countries
to compare, and pick a time frame. Hover over any point for the exact value and report date.
ATTRIBUTE:
TIME:
COUNTRIES:
Production by Country — Monthly WASDE Estimates
M 480-lb bales
REGION:
Production — Seasonal Pattern by Crop Year
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Ending Stocks — Seasonal Pattern
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Exports — Seasonal Pattern
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Mill Use (Domestic) — Seasonal Pattern
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Imports — Seasonal Pattern
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About These Charts
Each line represents one marketing year (Aug–Jul). Points show the USDA's
estimate as published in each monthly WASDE report.
How to read it: A rising line through the season means USDA progressively raised estimates. A dip mid-season often reflects adverse weather or demand revisions. Compare years to spot patterns — e.g. whether U.S. production estimates tend to be cut after planting season.
How to read it: A rising line through the season means USDA progressively raised estimates. A dip mid-season often reflects adverse weather or demand revisions. Compare years to spot patterns — e.g. whether U.S. production estimates tend to be cut after planting season.
Seasonal Revision Pattern — How Ending Stocks Estimates Change vs. the May First Look
Shows how much the USDA revised its Ending Stocks estimate each month relative to the
May first projection. + = revised up from May; − = cut.
Each line = one marketing year. Persistent downward lines = seasons where early optimism was walked back.
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What is WASDE Forecast Reliability?
Each month, the USDA publishes cotton supply & use estimates. But how accurate are the
early estimates compared to the final outcome?
This page measures forecast error for each attribute (Production, Exports, Ending Stocks, etc.) by comparing the May estimate (first projection of the season) against the final August estimate of the following year — the closest thing to a "true" outcome.
RMSE (Root Mean Square Error) — the average size of the error in million bales. A lower RMSE means the early estimate was more accurate.
90% CI — 90% of final outcomes fell within this range of the early estimate. For example, a 90% CI of ±2.5M on U.S. Production means the May forecast was within 2.5M bales of the final number 9 times out of 10.
Key insight: U.S. production is highly uncertain early in the season (planting/weather risk), while World Ending Stocks tends to be revised significantly as consumption data from Asia arrives late.
This page measures forecast error for each attribute (Production, Exports, Ending Stocks, etc.) by comparing the May estimate (first projection of the season) against the final August estimate of the following year — the closest thing to a "true" outcome.
RMSE (Root Mean Square Error) — the average size of the error in million bales. A lower RMSE means the early estimate was more accurate.
90% CI — 90% of final outcomes fell within this range of the early estimate. For example, a 90% CI of ±2.5M on U.S. Production means the May forecast was within 2.5M bales of the final number 9 times out of 10.
Key insight: U.S. production is highly uncertain early in the season (planting/weather risk), while World Ending Stocks tends to be revised significantly as consumption data from Asia arrives late.
Reliability of March Projections (WASDE 669) — Based on marketing years 1981/82–2024/25. The margin of error data below shows how accurate USDA's March projection has historically been vs. the final November estimate.
RMSE = Root Mean Square Error (% of final). 90% CI = 90th percentile confidence interval (million 480-lb. bales).
"Below Final" = projection was below the eventual final; "Above Final" = projection was above final.
Cotton — Reliability of March Projections (USDA WASDE Official Data)
| Category | Region | RMSE | ±90% CI | Bias | Accuracy |
|---|
Source: USDA WASDE 669 (March 2026), Page 36 — Reliability of March Projections. Cotton only. Differences = |Forecast − Final|. Final defined as first November estimate following marketing year.
90% CI in Million 480-lb. Bales. RMSE in percent of final.
Reliability Visual — RMSE by Category (Cotton, March Proj.)
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