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The USDA Economic Research Service's April 2024 Feed Outlook lowered US corn ending stocks for 2023/24 on a 25 million bushel increase in both ethanol and feed use. The season-average farm price for corn was cut by $0.05 to $4.70 per bushel.
Sorghum feed and residual use was raised as exports rose.
Tighter corn ending stocks from stronger domestic use support corn prices. Higher sorghum feed use and exports tighten sorghum supplies and support its price.
feedandgrain.comSteven KilgerApr 16, 2024After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
Not 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.
