According to the April global production and demand forecast released by the USDA, U.S. exports increased in 2020/21 and ending stocks fell. U.S. cotton production and domestic consumption were unchanged, exports were revised up by 250,000 bales to 15.75 million bales, ending stocks were 3.9 million bales, revised down by 300,000 bales, inventory-to-consumption ratio was 22 percent. The average price of upland cotton farms in the United States was 68 cents a pound, down 1 cent month-on-month.

This month, global starting stocks and production for 2020/21 fell month-on-month, consumption increased and ending stocks fell by 1.1 million bales. The reduction in global initial inventories of 427,000 bales was due to a revision of consumption in Vietnam in the previous year. Global cotton production fell by 276,000 bales on a month-on-month basis, with the drop mainly from Australia and Turkmenistan. Global cotton consumption was revised up by 387,000 bales month-on-month due to higher consumption in China. Global cotton imports rose by 935, 000 bales, the highest level in eight years, with China adding 750,000 bales and Bangladesh adding 200,000 bales. Exports from Brazil, the United States and Egypt were up from the previous month.