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USDA FAS cut its 2022/23 U.S. sorghum export forecast by 1.5 million tons to 2.5 million, the lowest since 2018/19. Chinese sorghum commitments have nearly disappeared, and Brazil became China's top corn market after new trade access.
The smallest U.S. sorghum crop since 1944/45 limits supply.
Loss of China demand and competition from Brazilian corn weigh on U.S. sorghum export prices and corn export share.
farmpolicynews.illinois.eduKeith GoodJan 22, 2023Not enough comparable past events yet for a historical read.
After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% 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.
