New crop U.S. cotton stocks climb, rice dips

The USDA made modest adjustments to the domestic new crop cotton and rice ending stocks estimates.

The rice carryout for next marketing year is now pegged at 44.5 million hundredweight, down 1 million from May on a larger old crop export guess, now at 95 million hundredweight, including 43 million hundredweight of rough rice and 52 million hundredweight of milled rice.

New crop cotton ending stocks are seen at 4.1 million bales, 400,000 higher than last month with the USDA raising old crop domestic use to 1.85 million bales while cutting exports to 11.8 million.

Globally, old and new crop rice ending stocks were down, while old and new crop cotton were up.

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

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