News

U.S. cotton, rice stocks up modestly from January

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. The average farm price is estimated at $.83 per pound, unchanged on the month.

Globally, rice ending stocks were nearly unchanged, production was slightly higher, and exports modestly lower, while cotton ending stocks were down on a smaller production guess, but with declines for exports and domestic use.

The new marketing year for cotton and rice starts August 1^st.

The USDA’s next set of supply and demand estimates is out March 8^th.