The USDA tightened the domestic balance sheets for cotton and rice just a little bit.
U.S. rice ending stocks are pegged at 41.5 million hundredweight, 1 million below February on a higher export estimate, now at 88 million tons. The average 2023/24 farm price is estimated at $18.80 per hundredweight, compared to $18.40 a month ago and $19.80 for 2022/23.
Globally, exports and ending stocks were higher, while production was up on a larger guess for India.