New crop U.S. cotton, rice ending stocks grow

The USDA’s new crop U.S. cotton and rice ending stocks estimates were up on the month.The rice carryout is now seen at 46 million hundredweight, up 1.5 million from June on expectations for a larger crop and higher imports, along with an increase in rough rice exports.Cotton ending stocks are projected at 5.3 million bales, a jump of 1.2 million, on higher old crop stocks following a cut in exports against higher production.The current cotton and rice production estimates are based on the USDA’s most recent planted area numbers and trendline yields.Globally, new crop rice production was revised higher on increased expectations for the U.S. and Pakistan, which led to bigger export projections, with ...