The USDA has lowered its’ 2020 production outlook for cotton and raised the rice projection following the late June acreage adjustments.
Cotton production is estimated at 17.5 million bales, a drop of 2 million from June, which along with a lower old crop ending stocks guess pulled new crop ending stocks lower, canceling out a reduced export projection.
Rice production is seen at 220.7 million hundredweight, 4.5 million more than a month ago, and new crop ending stocks were a half million hundredweight on a combination of that higher production guess, a tighter new crop supply, increased imports, higher domestic use, and lower exports.
