News
USDA reduces cotton crop guess, hikes rice
The USDA has lowered its’ 2020 production outlook for cotton and raised the rice projection following the late June acreage adjustments.
Cotton production is estimated at 17.5 million bales, a drop of 2 million from June, which along with a lower old crop ending stocks guess pulled new crop ending stocks lower, canceling out a reduced export projection.
Rice production is seen at 220.7 million hundredweight, 4.5 million more than a month ago, and new crop ending stocks were a half million hundredweight on a combination of that higher production guess, a tighter new crop supply, increased imports, higher domestic use, and lower exports.
Globally, new crop ending stocks were tighter for cotton, higher for rice.
The new marketing year for cotton and rice gets underway August 1.
The USDA’s next set of supply, demand, and production estimates is out August 12th.
