U.S. cotton, rice stocks up on month
The USDA increased its outlook for U.S. cotton and rice ending stocks.
The domestic rice supply is seen at 33.5 million hundredweight, up half a million from January, with a lower import projection more than canceled out by a decrease for exports. The average estimated farm price is $15.70 per hundredweight, $.60 higher than a month ago.
Cotton ending stocks are expected to be 3.5 million bales, 300,000 above last month following a cut in export use. The average estimated farm price is $.90 per pound, unchanged on the month.
The current marketing year for cotton and rice runs through the end of July.
World rice ending stocks were up modestly from the previous report and global cotton stocks were down slightly.
The USDA’s next set of supply and demand numbers is out Wednesday, March 9th.