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.