The USDA lowered old crop U.S. cotton ending stocks and left rice unchanged from April.
Cotton is now projected at 3.3 million bales, down 600,000 on the month, on a lower production estimate and higher export demand, while anticipating an even tighter supply and higher average farm price next marketing year.
Rice ending stocks were steady at 42.9 million hundredweight, with no changes to the balance sheet, with stocks expected to be tighter next marketing year because of lower production.
