Sunflower markets

Sunflower (Courtesy photo.)

Nearby sunflower prices were down 20 cents to $1.30 this week at the crush plants. New crop prices slid 25 cents to $1 lower as the market continues its transition toward the 2023-24 market year.

USDA published their first look at farmer surveyed yields in the August WASDE report. To be sure, those yield estimates will change in the coming months, especially as harvest activity ramps up. However, the market is finally moving into the point of the year when they can start to nail down new crop supply estimates with a little more certainty than what has been floating in the markets up until this point. In the initial USDA Farm Service Agency reported acres figures, oil-type sunflower planted acreage was pegged at 1.14 million acres with confection acres at 149,400. The figures were within the average trade estimates. FSA will update the acreage report in mid-September. USDA will provide their initial yield and production estimates for 2023 oil-type and confection sunflower crops in October.

The market also continues to watch developments in the Black Sea region after more 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. Events in the region bear watching as the market will react to the latest headlines. Near term, USDA crop progress reports and weather conditions will guide the market.