Markets are awaiting fresh U.S. Department of Agriculture data that will be soon released that will provide more insights as to how 2023 production and ending supplies could shake out. In addition, USDA Farm Service Agency will update its reported acreage data for all crops. This will give the sunflower market another look at acres ahead of the USDA October production report which will provide its first estimate for oil and non-oil sunflower production.
Sunflower prices continue to move lower as the market transitions toward the 2023-24 market year. Moving forward, it may be hard to gather significant forward momentum as carryover oil-type seed stocks are projected to be above the five-year average as well as seasonal harvest pressure being just around the corner.
The 2023 U.S. sunflower crop continues to progress at a faster pace after a slow start this spring. Very warm to hot temperatures along with drier soil conditions are pushing the crop toward maturity in the Dakotas and Minnesota. Some of the crop could be desiccated in early September for harvest. Most of the crops in these states are considered in good to excellent condition. This should mean that yields will be above trend assuming normal weather through the rest of this fall and the lack of an early freeze. Above normal rainfall this season has most of the sunflower crop in Colorado rated in good to excellent condition as well. Mid-August through September is the critical time frame for sunflowers.
