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The National Sorghum Producers CEO said sorghum acreage could rise more than the 11% USDA projected in the Prospective Plantings report. He cited Chinese purchases approaching 1 million metric tons in seven weeks, which have lifted export basis and produced a 13% premium over corn for export sorghum.
Interior country elevator basis has also improved.
Export-driven basis gains and a possible larger crop imply firmer sorghum prices in the near term, with potential supply increases later in the marketing year that could cap rallies.
farmprogress.comApr 16, 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.
