USDA lowers rice ending stocks estimate
July 12, 2019 By John Perkins Filed Under: Crops, News, Trade, USDA
The USDA tightened the new crop balance sheet for rice, while leaving
the cotton stocks estimate unchanged on the month.
2019/20 domestic ending stocks for all types of rice are projected at
51.6 million hundredweight, down 7.2 million on the month, with higher
beginning stocks and slightly lower exports canceled out by a lower production
guess, down to 198.1 million hundredweight. The average U.S. price is pegged at
$11.70 per hundredweight, up $.50 from June.
Globally, Chinese rice production was unchanged at 146 million tons,
with slightly lower imports and modestly higher exports, and lowered the
outlook for India’s exports. India’s production guess was steady at 115 million
2018/19 U.S. cotton stocks are seen at 6.4 million bales, steady with last
month, with the average price estimated at $.64 per pound, down a penny. No
other changes were made to the balance sheet.
World cotton stocks were up a little bit on the month with slightly
lower global exports and a modest month to month decline for imports and
domestic use in China. Global production was down slightly from June, while
ending stocks were up less than 2 million tons.
next set of supply and demand estimates is out August 12th.
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