News

USDA leaves cotton carryover unchanged, raises rice

The USDA made upward revisions for old and new crop U.S. rice ending stocks, while leaving cotton unchanged.

Old crop rice was up 1 million hundredweight from May at 38.5 million, with higher imports and domestic use cancelling out lower rough rice exports. That increase for old crop ending stocks translates to higher new crop beginning stocks, which was the only change for the new crop rice estimate, not at 34.2 million hundredweight.

The average 2021/22 farm price for rice is estimated at $15.90 per hundredweight, up $.20 on the month, with 2022/23 at $17.80, unchanged.

There were no adjustments for U.S. cotton.

The average 2021/22 farm price for cotton is estimated at $.92 per pound, steady, with 2022/23 at $.95, $.05 higher.

Globally, old and new crop ending stocks projections for cotton and rice were down on the month.

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

The USDA’s next set of supply and demand estimates is out July 12^th.