USDA棉花月度报告解读：棉花：供需调整幅度较小，报告偏中性-20251210

Report Industry Investment Rating - The report's impact on the cotton industry is generally neutral [1] Core Viewpoints - The USDA's December report made minor adjustments to the supply - demand data of major cotton - producing countries. In the 2025/26 season, the global supply remains relatively loose, and in the short - to - medium term, US cotton may continue to fluctuate in a low - level range [1][2] Summary by Related Catalogs Global Cotton Supply - Demand Data Adjustments - Production: The global production in the 2025/26 season was下调 by 64,000 tons. The US production was上调 by 34,000 tons to 3.107 million tons, while other major producers remained unchanged. The US cotton harvest area was unchanged, and the yield per unit was上调 from 919 pounds per acre in November to 929 pounds per acre [1] - Consumption: Global consumption in the 2025/26 season was下调 by 60,000 tons, with Brazil's consumption下调 by 22,000 tons, and other major consumers remaining stable [1] - Imports: Global cotton imports were环比下调 by 59,000 tons in the 2025/26 season. Vietnam's imports were下调 by 21,000 tons, and Bangladesh's imports were下调 by 22,000 tons, while China's imports remained unchanged [1] - Exports: Global exports were下调 by 56,000 tons, and major exporters remained unchanged [1] - Ending Stocks: Global ending stocks in the 2025/26 season were环比小幅上调 by 9,000 tons. China's ending stocks were下调 by 1,000 tons, while the US's were上调 by 44,000 tons and Brazil's by 45,000 tons [2] Supply - Demand Balance Sheets - Global Cotton Supply - Demand Balance Sheet: Presents production, consumption, import, export, and ending stock data of major cotton - producing and consuming countries from 2021/22 to 2025/26 - 12, along with monthly and annual changes [3] - US Cotton Supply - Demand Balance Sheet: Displays data on production, harvest area, and ending stocks in the US cotton market in tons and thousands of hectares [6] - China Cotton Supply - Demand Balance Sheet: Shows data on production, consumption, imports, and ending stocks in the Chinese cotton market, as well as the inventory - to - sales ratio [9] - India Cotton Supply - Demand Balance Sheet: Presents production, domestic consumption, and ending stock data in the Indian cotton market [14] - Pakistan Cotton Supply - Demand Balance Sheet: Displays data on production, domestic consumption, imports, and ending stocks in the Pakistani cotton market [17] - Brazil Cotton Supply - Demand Balance Sheet: Shows data on domestic consumption and ending stocks in the Brazilian cotton market [20] - Australia Cotton Supply - Demand Balance Sheet: Presents production and ending stock data in the Australian cotton market [23]