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China was the top buyer of U.S. sorghum in the week, purchasing 9.96 million bushels for 2020/21 and moving another 2.4 million bushels into 2021/22. Total 2020/21 purchases reached 226.7 million bushels, or 78% of the USDA export projection, while Gulf basis traded at 135% of corn.
Heavy Chinese buying leaves little old-crop sorghum for export, supporting Gulf basis and sorghum prices relative to corn.
newsdakota.comFeb 1, 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.
