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U.S. grain sorghum exports and returns are strong despite the COVID-19 downturn that has pushed corn, soybean and cotton futures below cost of production. Exports soared in February and March, with China a major buyer, including a large unidentified one-time purchase of more than 39 million bushels across the two months.
USDA projects sorghum plantings up 11% to 5.82 million acres.
Strong Chinese and export demand is lifting sorghum basis and farm returns relative to other feedgrains, supporting prices and encouraging more acreage. Feed buyers should expect firm sorghum values versus corn.
dtnpf.comMatthew WildeApr 17, 2020Not 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.
