The USDA has made an upward revision to the 2023 cotton crop guess, while cutting the outlook for rice.
As of November 1st, this year’s upland cotton crop is pegged at 12.736 million bales, 275,000 more than October thanks to a higher average yield of 776 pounds per acre on harvested area of 7.88 million acres, but 1.262 million less than 2022, largely due to a year-to-year drop in yield caused by drought in Texas.