Tidbits, Markets & Exports, Sorghum 5/3/25
- Wright team
- May 3
- 5 min read
Tidbits
Yesterday, the U.S. stock markets were sharply higher, the dollar was lower, soybeans were up 8, wheat was up 12, December corn was up 3¢ even with 95.3 million acres of corn expected to be planted this spring. Only the U.S. has old crop corn to export for another one to two months and corn exports have been huge, maybe more this marketing year than ever before. The old crop corn U.S. carryover is already tighter than it was in 2022 when July corn traded to $8.24 in April and corn already shipped will require USDA to reduce the carryover another 2 to 4 days’ worth of use, the dry season has begun on Brazil’s safrinha corn, and, yet, July corn was down 3¼¢ yesterday. Fundamentally and seasonally, nothing makes any sense on this old crop corn market.
U.S. non-farm payrolls increased 177,000 in April; 44,000 higher than the market expected. Unemployment was unchanged at 4.2% as expected. Factory orders in April were up 4.3% from March’s 0.5% increase over February. The market expected a 4.0% increase.
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