Cotton futures fell more than 4% to around 83.3 cents per pound, their lowest level in a week, as traders reacted to the absence of new agricultural commitments from the US–China summit and to signs of softening demand. The latest US weekly export sales report showed net sales of Upland cotton for the 2025/26 marketing year at 47,700 running bales, a marketing-year low and down 61% from the previous week and 66% from the prior four-week average.
At the same time, the USDA’s May WASDE report revised the 2025/26 global cotton balance sheet higher, reflecting increased estimates for production, consumption, and both beginning and ending stocks. Global production for 2025/26 was raised by nearly 1% to 122.6 million bales, while 2026/27 production is forecast at 116.04 million bales. In the US, all-cotton production for 2025/26 was trimmed by 21,000 bales to 13.90 million, with 2026/27 output projected at 13.30 million bales.
