The USDA has raised the U.S. rice ending stocks guess, while cutting the outlook for cotton.
Rice came out at 39.4 million hundredweight, up 1 million from January on a reduction for milled rice exports. Cotton is pegged at 4.3 million bales, down 300,000 on the month, with the USDA expecting improved export demand.
Globally, rice ending stocks were lowered by more than a million tons mostly on increased exports, with slightly higher production and a modestly higher import estimate for China.
