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Brazil and China signed 37 agreements during Xi Jinping's visit to Brasilia, including approval for Brazil to export sorghum to China. Brazil currently produces about 44 million metric tons, roughly 8 percent of world output, and has exported little so far.
The US sends about half its sorghum crop to China, worth about $1.83 billion.
If Brazilian sorghum enters China, it could displace US exports and weigh on US sorghum prices. Actual volumes will depend on policy moves after the incoming US administration takes office.
hpj.comDavid MurrayDec 13, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
