Sunflower markets

Sunflower prices were pressured by producers selling and delivering seed before spring planting begins. Nearby prices were down $0.20 to $0.25. Despite the recent downturn, current old crop prices are still $2.25 to $2.45 higher versus last year at this same time at the North Dakota crush plants. High Plains old crop prices are $1.55 to $1.80 higher than last year. New crop prices were down $0.10 to $0.30. The spillover weakness from a broad range of commodities is expected to continue affecting commodity trading as the coronavirus outbreak continues to roil all markets. Very little has changed in terms of a positive tone for most commodities lately. On average, 40% of the US corn crop is used for ethanol production. A slowdown in ethanol production continues to set record lows and is impacting corn prices. Ethanol stocks also reached record levels last week, with inventories swelling nearly 75 million gallons to 1.2 billion gallons on reduced fuel demand. Weakened processing demand in the Eastern Corn Belt has led soybean bids lower. A reduction in egg sets lowered poultry feed requirements coupled with most meat processors cutting production or shuttering plants have led to lower prices at crushing facilities. The coronavirus has clearly created a heavy cloud over the market. Many market watchers expect this to continue affecting commodity trading until the spread of the coronavirus slows, more testing is available, and incidents are somewhat under control.