The USDA is projecting higher U.S. cotton and rice ending stocks.
Rice ending stocks for the current marketing year are now seen at 33.1 million hundredweight, 1 million more than in January, with a cut in exports mostly canceling out a lower import guess. The average farm price is estimated at $19.40 per hundredweight, $.20 above a month ago.
Cotton ending stocks are pegged at 4.3 million bales, 100,000 higher than last month because of slower demand by domestic mills.