Sunflower markets
Nearby NuSun and high oleic prices at the crush plants were unchanged a week ago. 2021 new crop NuSun was unchanged to up $0.05. New crop high oleic prices were unchanged. The recent USDA December World Agricultural Supply and Demand Estimates focused mainly on demand adjustments. The new crop U.S. ending soybean stocks estimate was considered neutral by traders. World ending soybean stocks estimates was considered neutral as well.
No changes were made to 2020 soybean yield or acreage estimates. Surveying is currently underway for the USDA National Agricultural Statistics Service annual crop production report. Yield and acreage adjustments will likely be included in the January 2021 annual crop production report release. Updates from USDA October estimates on sunflower yield, acreage and production will be in the January report as well. On the Chicago Board of Trade, traders are focused on crop developments in South America. USDA anticipates Argentina will produce 50 million metric tons of soybeans, while Brazil will grow 133 million metric tons, which is unchanged from last month. Market analysts are closely watching La Nina weather conditions and the potential they may have on South American oilseed production. While most production areas have some drought damage, there is still tremendous upside in the Central and Northern parts of top producing state Mato Grosso. Until more is known and or the crop is made market volatility will continue with each weather forecast in the weeks ahead.