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USDA projects 2019 US sorghum production at 353.7 million bushels, up from July's 309 million but below 2018's 365 million. The 2019/20 ending stocks estimate rose to 54 million bushels, and the new-crop average farm price is pegged at $3.30 per bushel, down 10 cents on the month.
The larger crop and higher ending stocks are bearish for sorghum prices and weigh on feed-grain alternatives to corn for feedlot buyers. The USDA revision cuts the price outlook for the new marketing year starting September 1.
brownfieldagnews.comAug 13, 2019Not 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.
