USDA raises new crop rice stocks, lowers cotton


USDA raises new crop rice stocks, lowers cotton

The USDA increased the new crop domestic ending stocks projection for rice, while cutting the outlook for cotton.

New crop rice stocks are expected to be 35.5 million hundredweight, up 1.3 million from June with reduced estimates for production and exports canceling out higher import and domestic use projections.

Old crop rice ending stocks were above a month ago with higher imports and lower exports.

New crop cotton stocks are pegged at 2.4 million bales, 500,000 less than last month following declines for production and exports.

There were no changes to the old crop balance sheet for U.S. cotton.

The new marketing year for cotton and rice starts August 1st, while the next set of supply, demand, and production numbers is out August 12th.