U.S., world cotton, rice stocks lower
The USDA has tightened the domestic balance sheets for cotton and rice.
U.S. rice ending stocks are now projected at 42.5 million hundredweight, a million less than January with a cut in imports more than canceled out by an increase for exports.
Global rice ending stocks were below a month ago, while production and exports were modestly higher.
Cotton ending stocks are expected to be 2.8 million bales, 100,000 under last month with an increase in exports against a decrease in domestic use.
The world cotton carryover estimate was smaller than last month, while production was lower on a cut for Australia, and exports were down modestly.
The USDA’s next set of supply and demand estimates is out March 8th.
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Author: John Perkins