Report Industry Investment Rating No relevant content provided. Core Viewpoints - The USDA's August 2025/26 cotton monthly report shows significant adjustments in global cotton supply and demand data, with a sharp decline in US cotton production exceeding market expectations, leading to a substantial increase in US cotton prices. Continued attention should be paid to the weather conditions in major northern hemisphere producing countries and the progress of China-US trade relations [1][2]. Summary by Content Production - In the 2025/26 season, global cotton production decreased by 391,000 tons month-on-month. US cotton production decreased significantly, with the planting area reduced from 10.12 million acres in July to 9.28 million acres, the harvested area reduced from 8.66 million acres to 7.36 million acres, and the yield per acre increased from 809 pounds to 862 pounds, resulting in a monthly decrease of 302,000 tons to 2.877 million tons. China's cotton production increased by 108,000 tons to 6.858 million tons [1]. Consumption - In the 2025/26 season, global cotton consumption decreased by 30,000 tons month-on-month. China's consumption increased by 218,000 tons, while India's consumption decreased by 109,000 tons, Bangladesh's decreased by 65,000 tons, and Turkey's decreased by 43,000 tons [1]. Import and Export - In the 2025/26 season, global cotton imports decreased by 239,000 tons month-on-month, with Bangladesh, China, Turkey, and India all experiencing declines. Global exports decreased by 240,000 tons, with the US and Mali seeing significant drops, indicating weak global import and export demand [2]. Ending Inventory - In the 2025/26 season, the global ending inventory decreased by 742,000 tons month-on-month. China's ending inventory decreased by 446,000 tons, while India's increased by 108,000 tons, Brazil's decreased by 110,000 tons, and the US's decreased by 218,000 tons [2].
棉花:美棉产量大幅下调美棉大幅上涨
Guo Tou Qi Huo·2025-08-13 11:15