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USDA put 2021 US sorghum production at 447.81 million bushels, down more than 20 million from its previous estimate but up 74.85 million from 2020. Yield fell to 69 bushels per acre from 73.2 as harvested area expanded.
Ending stocks are seen at 33 million bushels, 4 million less than in December, and the average farm price was unchanged at $5.45 per bushel.
A smaller-than-expected crop and lower ending stocks tighten the sorghum balance sheet, which supports prices for feed users. The effect is modest because the production shortfall was partly offset by higher planted area.
brownfieldagnews.comJan 13, 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.
