The USDA lowered ending stocks outlooks for U.S. rice and cotton.
The domestic rice supply is now projected at 28.1 million hundredweight, a drop of 8 million from March on reduced imports, along with higher domestic use and export demand. The average estimated 2022/23 farm price is $19.40 per hundredweight, compared to $19.40 a month ago and $16.10 for the previous marketing year.
The cotton carryover is expected to be 4.1 million bales, 200,000 under a month ago following an increase in the export guess.