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Chinese buyers, who normally take about 90 percent of U.S. sorghum imports, stopped purchasing over fear of tariffs. Beijing added sorghum to its list of U.S. goods facing retaliatory levies on July 6.
An ADM elevator at Corpus Christi was bidding about $3.65 per bushel, down from as much as $4.80 earlier this year.
Lost Chinese demand removes the main export outlet for U.S. sorghum, which is pressuring Gulf prices and feed-grain alternatives. Buyers should expect weak sorghum bids while the tariff dispute continues.
reuters.comJul 20, 2018reuters.comMichael HirtzerJul 21, 2018Not 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.
