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U.S. cotton, rice ending stocks down modestly

The USDA tightened the domestic balance sheets for cotton and rice just a little bit.

U.S. rice ending stocks are pegged at 41.5 million hundredweight, 1 million below February on a higher export estimate, now at 88 million tons. The average 2023/24 farm price is estimated at $18.80 per hundredweight, compared to $18.40 a month ago and $19.80 for 2022/23.

Globally, exports and ending stocks were higher, while production was up on a larger guess for India.

U.S. cotton ending stocks are seen at 2.5 million bales, down 300,000 on the month because of lower production and an adjustment to the unaccounted category. The average 2023/24 farm price for upland cotton is estimated at $.77 per pound, compared to $.77 last month and $.848 last marketing year.

World cotton ending stocks, production, and imports were all nearly unchanged.

The USDA’s next set of supply and demand estimates is out April 11th.

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