USDA raised exports for cotton and rice in its April 10 World Agricultural Supply and Demand Estimates, and also sharply raised world cotton ending stocks. Here’s more:

Cotton

USDA reduced projected U.S. cotton production by 119,000 bales based on ginning reports, while raising exports by 400,000 bales, reflecting very strong shipments in recent weeks. Ending stocks are now forecast 500,000 bales lower than last month, to 3.4 million bales, equivalent to an ending stocks-to-use ratio of 23 percent.

Forecast world cotton ending stocks were raised sharply this month, to a record 66.1 million bales, due partly to adjustments for India. In addition, the government of China’s accumulation of cotton in the national reserve is constraining free supplies, thereby boosting its imports while limiting consumption. China’s forecast ending stocks now account for 35 percent of world stocks.

World production for 2011-12 was reduced about 500,000 bales while world consumption was reduced 1 million bales.

Corn

Corn for ethanol in 2011-12 is projected at 5 billion bushels, which was unchanged from the previous month. According to the Energy Information Administration, the average daily ethanol disappearance fell to a 23-month low in January pushing ethanol stocks to a new record high.

According to USDA, the quick start to corn planting this spring and more intended acres across the South raises the potential for a substantial increase in new-crop corn use.

Soybeans

Projected U.S. soybean exports for 2011-12 were increased 15 million bushels this month to 1.29 billion. U.S. soybean ending stocks are projected at 250 million bushels, down 25 million from last month.