USDA lowers rice ending stocks estimate

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 tons.

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.

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

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