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ABARES cut its Australian sorghum crop estimate to 1.3 million tonnes from 1.52 million in December, citing hot, dry weather in Queensland and northern NSW. Queensland plantings were 385,000 hectares, below the 10-year average, and NSW production was forecast at 375,000 tonnes.
A lower sorghum crop reduces feed grain supply on Australia's east coast, supporting sorghum prices and encouraging feedlots and feed mills to buy substitute grains.
queenslandcountrylife.com.auLloyd George, Ag ScientiaFeb 25, 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.
