Sunflower markets

Nearby and new crop NuSun and high oleic prices have been firm the past two weeks remaining unchanged this week as well. NuSun nearby prices are trading $1.85 to $2.35, with high oleic $1.70 to $2.25 per hundredweight. higher than a year ago at this same time. Sunflower planting continues in all states and is equal to or ahead of last year at this same time. Apart from North Dakota and Texas, all states are now ahead of the five-year average planting pace. North Dakota producers are about a week behind the five-year average.

In the past week, producers made excellent progress and planted an additional 296,000 acres pushing 2020 planted acres to about 802,000 acres. This represents 55% of this year’s projected planted acres and is slightly behind the five-year average of 56%. Drier and warmer than normal weather conditions are forecast for the Dakotas and Minnesota and should allow for good planting progress in the week ahead. On the Chicago Board of Trade, commodities have been trading higher on optimism about demand as the U.S. dollar continued to weaken, making United States products more attractive to overseas buyers.

Traders are also are keeping an eye on U.S.-China trade relations. China has told state-owned firms to halt purchases of soybeans, pork, corn, and cotton from the United States. Despite this announcement some purchases have occurred leaving traders to think this just another case of saber rattling in the long running trade tiff.