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CHS trader Kealan Griffin says the 2024 US sorghum crop started strong but heat and drought in the Southern Plains may trim yields. USDA projects 52.9 bu/acre and 279 million bushels, and 2024-25 export sales are slow at 2 million bushels versus 39 million a year earlier.
Slow US sales combined with a smaller crop and China's large import share make sorghum demand the key price driver. Weak export pace is bearish for sorghum, though expected China buying could tighten supply later.
chsinc.comAug 20, 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.
