The USDA tightened the balance sheet for U.S. cotton, while leaving rice unchanged.
Cotton ending stocks are seen at 4.2 million bales, down 100,000 from February, with a cut for new crop production on a lower yield guess, along with a decrease in domestic use and a cut in the old crop supply. The average farm price was up a penny on the month at $.69 per pound.
Rice ending stocks were steady, with no changes to the balance sheet, expect for the average farm price, now estimated at $13.60 per hundredweight, up $.20 from last month.
