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Australia's sorghum exports for 2022-23 were raised by 151,000 tonnes to 2.04m tonnes, a record that beats the 2015-16 high of 1.64m tonnes. ABARES attributed the upgrade to demand from China's expanding pig herd rather than to production.
US sorghum output fell to an 11-year low of 5.99m tonnes after drought cut yields to their lowest since 1964-65.
Tighter US supply and strong Chinese feed demand should keep export competition for Australian sorghum weak and support sorghum prices. Buyers should expect firm sorghum values while US supplies stay short.
grainpricenews.comMike VerdinDec 7, 2022Not 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.
