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. The average estimated 2022/23 farm price for upland cotton is $.82 per pound, compared to $.83 last month and $.914 last marketing year.
Global rice production and ending stocks were down from last month, while cotton production and stocks were both up modestly.
The new marketing year for cotton and rice kicks off August 1st.
The USDA’s next supply and demand report is out May 12th.