USDA raises cotton crop guess, lowers rice stocks

The USDA increased its cotton production and ending stocks estimates.

This year’s crop is now seen at 16.5 million bales, up 1 million from May, on a higher harvested area guess, now at 9.41 million acres, 700,000 higher, which canceled out a lower yield projection of 841 pounds per acre, down 13.

That increase in production mostly canceled out a lower old crop ending stocks figure and pushed the new crop ending stocks guess to 3.5 million bales, 200,000 more than a month ago. The average 2022/23 farm price for upland cotton is estimated at $.82 per pound, with 2023/24 at $.77.

For rice, old crop ending stocks came out at 26.6 million hundredweight, 1 million below last month on a bigger export projection, which also pulled the new crop stocks figure a million hundredweight lower, to 30.3 million. The average farm price is estimated at $19.40 per hundredweight, with 2023/24 at $17.60.

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

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

Add Comment

Your email address will not be published.


Stay Up to Date

Subscribe for our newsletter today and receive relevant news straight to your inbox!