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USDA's May 2023 WASDE projects global sorghum production of 62.18 million tonnes in 2023/24, up from 57.34 million last year. U.S. output is forecast to nearly double to 360 million bushels as the country recovers from drought, with exports rising to 235 million bushels.
A large U.S. sorghum crop and stronger export pull would add supply to feed grain markets, a bearish factor for sorghum prices that could also weigh on corn as a substitute.
southernagtoday.orgFrancisco AbelloMay 29, 2023Not enough comparable past events yet for a historical read.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
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.
