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Rice ending stocks tighten as cotton moves higher
The USDA’s domestic rice ending stocks guess is down on the month, while the cotton carryout estimate is up.
U.S. rice ending stocks are seen at 44.5 million hundredweight, 2.5 million below March on cuts to imports and domestic use, which canceled out a lower export projection. The average estimated 2024/25 farm price is $15.60 per hundredweight, unchanged on the month and down from the 2023/24 average of $17.30.
Cotton ending stocks are expected to be 5 million bales, 100,000 above a month ago on lower exports. The average estimated 2024/25 farm price is $.63 per pound, steady with last month and under the $.761 from last marketing year.
World rice production and exports were revised higher, led by increases for India, with minor adjustments for the global cotton numbers.
The 2024/25 marketing year for cotton and rice got underway August 1st, 2024.
The USDA’s next round of supply and demand numbers is out May 12th.
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