Sunflower markets

Nearby NuSun prices were up $0.15 to $0.20 at the crush plants a week ago. High oleic nearby prices were mixed at down $0.05 to up $0.15. 2021 new crop NuSun was unchanged to up $0.15 with high oleic prices unchanged to up $0.20.

A week ago the U.S. Federal Reserve pledged to keep interest rates near zero through at least 2023 and to continue its support for financial markets through bond purchases. The past few weeks the U.S. Dollar has seen a significant downturn slumping to its lowest level against a basket of other major currencies in two and half years. The announcement was positive news for export business as a weaker dollar is very beneficial making U.S. commodities more attractive to foreign buyers. The weaker dollar, good demand and La Nina weather conditions in South America have fueled the rally in commodities on the Chicago Board of Trade.

Traders are closely watching South American oilseed production prospects and is guiding price direction. They are also gearing up for USDA’s annual crop production report that will be released in early January. Yield, acreage, and production adjustments for most crops will likely be included in the annual crop production report release. Sunflower yield, acreage and production will be updated from the October estimates. With the holiday season upon us trading will probably be somewhat quiet and may trade sideways until after the holidays.