Old crop sunflower prices were unchanged with new crop down 65 cents to unchanged at the crush plants. Traders are continuing to get into position for USDA’s August crop reports.
Aug. 11 will be a huge day for commodity markets as USDA will release its latest supply and demand reports. It is also anticipated that the first report of USDA Farm Service Agency certified acres will be released as well. The FSA figures will be compared to the USDA June acreage report and will give the market a better idea of what got planted this year. The market also continues to watch developments in the Black Sea region after Russian attacks on Ukraine’s crop export infrastructure. There are worries that the war could cut off all Black Sea shipments with Russia pulling out of the Black Sea Grain Initiative last month.
Sunflowers are mostly in the late bud stage or blooming in the Dakotas and Minnesota. The crop could use a good drink during this important development phase as some areas of the region have had below normal moisture for most of the growing season.
According to USDA’s crop progress reports hot and dry weather has affected sunflower crop conditions in the Dakotas and Minnesota. Abundant moisture and excellent growing conditions have the vast majority of Colorado’s crop in the good to excellent category. USDA reports and weather conditions will guide traders in the coming weeks.