The USDA has cut its 2023 cotton production estimate, while increasing the outlook for rice modestly.
Upland cotton production is seen at 13.724 million bales, 2% less than 2022 due to ongoing drought, with a big drop in average yield to 773 pounds per acre more than canceling out a rise in harvested area to 8.518 million acres. In 2022, upland cotton production was 13.998 million bales with an average yield of 942 pounds per acre and harvested area of 7.132 million acres.
