*USDA RAISES COTTON PRODUCTION OUTLOOK*
*The USDA has increased its 2021 production estimate for upland cotton.*
*The crop is now seen at 17.91 million bales, up 58,000 from November with a slightly higher average yield estimate, now at 877 pounds per acre, compared to 874 last month. That’s also nearly 4 million bales larger than the 2020 total due to bigger planted area along with a better average yield. 2020 production totaled 14.061 million bales with an average yield of 835 pounds per acre.*
*Cottonseed production is pegged at 5,576,000 tons, compared to 4,509,000 a year ago.*
*The USDA left domestic ending stocks for all types of cotton unchanged on the month with that higher production estimate canceled out by a rise in unaccounted for use, while world ending stocks were down just over a million tons. The average farm price for U.S. upland cotton held at $.90 per pound.*
*The USDA tightened the balance sheet for U.S. rice. The domestic rice carryout is estimated at 34.5 million hundredweight, down a half a million on the month due to reduced expectations for both imports and exports. The average farm price was steady at $14.80 per hundredweight. World rice stocks were down on the month.*
*The USDA’s next set of supply and demand estimates is out January 12th.*
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