USDA cuts U.S. cotton, rice carryover

USDA cuts U.S. cotton, rice carryover

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.

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