Nearby sunflower prices were down 50 cents to unchanged this past week with new crop mixed at down 50 cents to up 15 cents at the crush plants, according to the National Sunflower Association.
Risk Management Agency has calculated crop insurance prices for spring crops. On the sunflower side, the projected price is 1% higher than last year at $24 for oil-type sunflower and 12% higher for confection sunflower at $32.20.
The markets were dominated by trade policy news for most of last week. President Donald Trump on March 6 made short term exemptions to the 25% tariffs on Canadian and Mexican goods, the latest twist in fast shifting trade policy that has whipsawed commodity markets and farmers.
Trump said March 6 that goods from both Canada and Mexico that fall under the United States-Mexico-Canada Agreement will be exempt from 25% tariffs for a month, the association reported. The tariffs were imposed earlier in the week. The exemption, which will expire on April 2, covers both of the two largest U.S. trading partners.
Trump had earlier only mentioned an extension for Mexico, but the amended tariffs order covers Canada as well. The 25% tariffs remain in place for products that do not fall under USMCA. The revised date aligns with the administration’s plan to implement reciprocal tariffs on all trading partners.
Needless to say, the market will be closely monitoring developments in trade policy in the near term, along with export demand news and South American oilseed production prospects.
