Last year's record cotton crop just keeps getting bigger. Production is now estimated 1 percent higher than last month at 23.9 million bales. The numbers are based on USDA's March 22 cotton ginnings report.

In its April 10 world supply and demand estimates, USDA also raised domestic mill use of cotton by 100,000 bales and exports by 200,000 bales. Exports are now projected to reach 17 million bales. Ending stocks were reduced to 6.5 million bales or 28.3 percent of total use.

Last year's world production was raised marginally to reflect higher production in Brazil and the United States, which were partially offset by decreases for Argentina and the African Franc Zone. Consumption was raised in China, Bangladesh, and the United States. World ending stocks were reduced marginally.

USDA lowered global soybean production by 1.9 million tons from last month, mostly due to lower production for Brazil. The decline is based in part on lower-than-expected yields reported in southern growing areas. Despite the reduction, production (57 million tons) is 4 million tons above last year's record.

U.S. rice ending stocks are projected at 31.5 million hundredweight, 1 million hundredweight above last month, but 6.2 million hundredweight below 2004-05.

Global production for old crop rice is now projected at a record 411 million tons, 1.3 million tons above a month ago. The increase in production is due primarily to larger crops projected for India, Indonesia, Cambodia, and Thailand. World rice stocks are the lowest since 1982-83, and the lowest stocks-to-use ratio since 1974-75.

USDA is projecting a 10 million bushel decline in old crop ending stocks for wheat from last month due to a reduction in imports and an increase in exports.

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