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National Sorghum Producers responded to USDA's Prospective Plantings report, which projects an 11 percent rise in US sorghum acres for 2020. The group says the February survey predates recent export demand, with China buying nearly 1 million tonnes in seven weeks and sorghum export prices now at a 13 percent premium to corn.
Strong Chinese buying and improved basis support sorghum values and could draw more acres, adding supply that competes with corn in feed rations.
sorghumgrowers.comsorghumMar 31, 2020Not enough comparable past events yet for a historical read.
After 770 past neutral report 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.
