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Sorghum sales to China are strong, with 44% of the USDA export target of 260 million bushels already sold just two months into the 2020-21 marketing year. Some farmers are getting basis levels up to $1 over December corn futures, and some elevators are bidding for 2021 crop.
Heavy early export commitments and historic basis strength tighten nearby sorghum supplies and support prices for feed buyers, with sorghum competing with corn for Chinese feed demand.
farmprogress.comJohn DuffOct 26, 2020Not enough comparable past events yet for a historical read.
After 480 past neutral trade 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.
