Sorghum ending stocks hold steady
The USDA left its sorghum balance sheet nearly unchanged from January.
Sorghum ending stocks are seen at 25 million bushels, steady on the month, with a 10 million bushel reduction in food, seed, and industrial use canceled out by a 10 million bushel decline in exports.
Exports have been slower this marketing year because of decreased demand by China, which pushed exports last marketing year to more than 290 million bushels, about 200 million more than the current guess.
Ending stocks are expected to be under a year ago because of a smaller 2022 crop caused by smaller planted area and lower yields, which can be partially tied to drought in some key growing areas.
The average estimated farm price for sorghum is pegged at $6.90 per bushel, up $.05 from a month ago.
The USDA’s next set of supply and demand estimates is out March 8th.