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USDA's November 1 estimate cut U.S. sorghum production to 235.77 million bushels, down nearly 8.8 million from October, after the average yield fell 1.6 bushels to 43 per acre. Drought in parts of the Plains drove the lower yields, and 2022/23 ending stocks were put at 24 million bushels.
A smaller US sorghum crop tightens feed grain supplies and supports sorghum prices, which are already well above last year's levels. Buyers may need to replace sorghum with corn or other feed ingredients.
brownfieldagnews.comNov 10, 2022Not enough comparable past events yet for a historical read.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
