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U.S. 2023/24 Rice Production Forecast Raised 8.5 Percent to 220.9 Million Hundredweight (CWT)
There are several revisions this month to the U.S.2023/24 rice balance sheet. On the supply side, carryin is raised 5.7 million cwt to 30.3 million, imports are increased 1.0 million cwt to 39.0 million cwt, and production is increased 17.3 million cwt to 220.9 million. The production increase is primarily based on a larger harvested area reported by the U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS). These upward revisions boosted the total supply forecast 23.9 million cwt to 290.2 million, the highest since 2020/21. On the use side, total domestic and residual use is raised 7.0 million cwt to a record 162.0 million, while total exports are increased 5.0 million cwt to 85.0 million. On balance, these supply and use revisions resulted in an 11.9-million cwt increase in the 2023/24 U.S ending stocks forecast to 43.2 million cwt.
