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Global markets: Coarse grains - Australia mirrors Argentina in robust sorghum exports

Sorghum
Maize (Corn)
Price Trend
Supply Yield / Stock Quantity
Jan 15, 2022
From Agfax
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Australia is currently forecast to export 1.4 million tons of sorghum in the 2020/21 marketing year (Mar 2021 – Feb 2022) on production of 1.5 million tons, a 93 percent exports-to-production ratio. In the past, Australian sorghum used to be exported to a wide range of destinations; however, ever since China entered the sorghum market in earnest in 2013/14, most Australia sorghum exports have been destined for China.
Despite the ongoing trade dispute between the two countries that has halted the flow of Australian barley to China, bilateral sorghum trade remains strong. Argentina is experiencing a similar sorghum boom. After several years of sorghum exports below 1.0 million tons, exports in the 2020/21 marketing year (also Mar 2021 – Feb 2022) have shot up and are now forecast to more than triple from the prior year to just over 2.2 million tons. As the world’s largest sorghum importer, China is also the primary destination for Argentina sorghum this year. Despite the strong performances of both Australia and Argentina, the United States remains the world’s top exporter of sorghum and is the top supplier to China. However, with U.S. prices higher than its competitors, China is diversifying its suppliers. If 2020/21 is any indication, if China is willing to buy, Australia and Argentina are ready to sell. In 2021/22 (Oct-Sep), China is forecast to import a record 10.3 million tons of sorghum. ...
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