The USDA has reduced its expectations for 2023 cotton and rice production.
This year’s upland cotton crop is projected at 12.461 million bales, a reduction of 2% from September due to a lower yield guess to 759 pounds per acre, which canceled out a cut in exports, leading to a month-to-month reduction in domestic ending stocks to 2.8 million bales. In 2022, upland cotton production was 13.998 million bales, with an average yield of 942 pounds per acre on harvested area of 7.88 million acres.
