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USDA's Sept. 20 GAIN report cut Mexico's 2018-19 sorghum production forecast to 4.5 million tonnes and slashed sorghum imports to 350,000 tonnes from 2 million.
Sorghum consumption was lowered to 4.8 million tonnes because feed users are choosing cheaper yellow corn.
Lower Mexican sorghum imports reduce US export demand for sorghum, a bearish factor for sorghum prices. Stronger corn purchases in Mexico are supportive for corn.
world-grain.comArvin DonleySep 21, 2018Not enough comparable past events yet for a historical read.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
