Old crop sunflower prices were unchanged to up 60 cents and new crop sunflower prices at the crush plants held firm after the release of the July U.S. Department of Agriculture’s World Agricultural Supply and Demand Estimates report, according to the National Sunflower Association.
USDA pegged soybean acres at 86.1 million in 2024, resulting in a 4.435-billion-bushel crop. Production is down 15 million bushels from last month’s forecast.
USDA lowered its ending stocks forecast for the 2024-25, new crop marketing year by 20 million bushels as well, to 435 million bushels. USDA lowered its beginning stocks estimate by 5 million bushels but left forecasts for crush, export, seed, and residual use unchanged from last month.
Globally, USDA made minor revisions to ending soybean stocks estimates for both new and old crop marketing years. In the 2023-24 marketing year, which includes the recently concluded South American harvest, USDA lowered Argentina’s production to 49.5 million metric tons, but left Brazil unchanged at 153 MMT. Overall, the trade viewed the USDA figures as neutral to the market.
Currently weather conditions are mostly favorable for sunflower development in Colorado, the Dakotas and Minnesota. However, warmer than normal temperatures would be welcomed in the Dakotas and Minnesota to improve crop conditions as we enter the bloom stage of crop development. Mid- August through September is the critical time frame for sunflowers.
