U.S. rice ending stocks were up on the month, while cotton held steady.
The USDA projects the domestic rice carryover at 36.1 million hundredweight, an increase of 3 million from February on a reduction in exports due to high prices. If realized, these would be the smallest U.S. rice exports in 37 years. The average farm price is estimated at $19.40 per hundredweight, steady on the month.
Cotton ending stocks held at 4.3 million bales, with no changes to the balance sheet. The average farm price is estimated at $.83 per pound, unchanged.
World cotton and rice production and ending stocks projections were both above a month ago. The USDA sees larger cotton production in China and Australia canceling out a decline in India, while India’s rice production guess was up sharply on the month.
The USDA’s next set of supply and demand estimates is out April 11th.Click here to see more...