Sunflower markets unchanged

Old crop prices were unchanged to up 10 cents. New crop NuSun prices were down 10 cents to unchanged with new crop high oleic mixed at down 10 cents to up 15 cents. The crop insurance price discovery process continues for 2020 crop insurance price elections.

Oil type sunflowers are at $17.10 and confections are $22.90 per hundredweight, unchanged from the previous two weeks. To follow sunflower price election trends, watch the 2020 Chicago Board of Trade December soyoil contract through Feb. 28. Final price elections will be announced in early March. USDA doesn’t expect a big bump in soybean prices this year even with the new U.S.-China trade pact taking effect on Feb. 14.

In its monthly report on global farm supply and demand, the department predicted higher soybean exports but lowered expected prices for soybeans by 25 cents a bushel. USDA raised global soybean production slightly to 339.4 million metric tons from 337.7 million in January. Brazil is now expected to produce 125 million metric tons of soybeans, keeping it as the world’s biggest grower, up from last month’s outlook for 123 million. World soybean inventories at the end of the 2019-2020 marketing year are now pegged at 98.9 million metric tons, up from the prior outlook for 96.7 million tons. Traders also are keeping an eye on the spread of the Coronavirus. Price gains have been limited due to economic growth concerns in China due to the disease outbreak.