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USDA trimmed its 2021 U.S. sorghum production estimate by 325,000 bushels to 471.125 million, with yield and harvested area unchanged at 72.3 bushels per acre and 6.52 million acres. Production is still up about 98 million bushels from last year as producers expanded acreage to meet export and domestic feed demand.
Ending stocks were held at 37 million bushels and the farm price at $5.45 per bushel.
A small downward revision leaves supply comfortably above last year, which keeps sorghum priced competitively against corn in feed rations. The steady stocks outlook implies limited near-term price movement.
brownfieldagnews.comadminNov 9, 2021Not 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.
