棉花：美棉产量大幅下调，美棉大幅上涨

Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Core Viewpoints - The 2025/26 global cotton production is revised down by 391,000 tons month-on-month, with a significant reduction in US cotton production exceeding market expectations, leading to a sharp rise in US cotton prices [1]. - The 2025/26 global cotton consumption is revised down by 30,000 tons, and the impact of China-US relations on the demand for US cotton in the new season is significant [1]. - The 2025/26 global cotton imports and exports are both weak, with imports decreasing by 239,000 tons and exports by 240,000 tons [2]. - The 2025/26 global ending inventory is revised down by 742,000 tons, with a large - scale reduction, and continued attention should be paid to the weather in the Northern Hemisphere's major producing countries and the progress of China - US trade relations [2]. Summary by Relevant Catalogs Production - US cotton: The planted area is revised down from 10.12 million acres in July to 9.28 million acres, the harvested area from 8.66 million acres to 7.36 million acres, and the yield per acre is raised from 809 pounds to 862 pounds. The final production is revised down by 302,000 tons to 2.877 million tons [1]. - Chinese cotton: The production is revised up by 108,000 tons to 6.858 million tons [1]. - Global cotton: The production is revised down by 391,000 tons month - on - month [1]. Consumption - Chinese consumption: It is revised up by 218,000 tons [1]. - Indian consumption: It is revised down by 109,000 tons [1]. - Bangladeshi consumption: It is revised down by 65,000 tons [1]. - Turkish consumption: It is revised down by 43,000 tons [1]. - Global consumption: It is revised down by 30,000 tons [1]. Import - Bangladeshi imports: They are revised down by 65,000 tons [2]. - Chinese imports: They are revised down by 109,000 tons to 1.154 million tons [2]. - Turkish imports: They are revised down by 43,000 tons [2]. - Indian imports: They are revised down by 22,000 tons [2]. - Global imports: They are revised down by 239,000 tons [2]. Export - US exports: They are revised down by 109,000 tons [2]. - Malian exports: They are revised down by 22,000 tons [2]. - Global exports: They are revised down by 240,000 tons [2]. Ending Inventory - Chinese ending inventory: It is revised down by 446,000 tons [2]. - Indian ending inventory: It is revised up by 108,000 tons [2]. - Brazilian ending inventory: It is revised down by 110,000 tons [2]. - US ending inventory: It is revised down by 218,000 tons [2]. - Global ending inventory: It is revised down by 742,000 tons [2].