Rice ending stocks down on month, cotton up
The USDA has tightened the domestic carryover outlook for rice but raised U.S. cotton ending stocks. The reduction on rice was due to a lower import projection, but the USDA did raise the expected average farm price by $.20 on the month to $13.20 per hundredweight, which would be up $.60 from last marketing year. U.S. cotton ending stocks were up 1.6 million bales from March because of expectations for lower domestic and export demand, with the average farm price estimate down a penny at $.59 per pound.
World rice ending stocks were down on the month following a lower global production guess, but cotton was up sharply on lower export and domestic expectations.
The current marketing year for cotton and rice started June 1st.
The USDA’s next set of supply and demand estimates is out May 12th.