Sunflower markets

Nearby NuSun and high oleic prices were unchanged in the past week. NuSun nearby prices are trading $2.15 to $2.45, with high oleic $2.00 to $2.35 per hundredweight higher than a year ago at this same time. New crop prices were also unchanged. Sunflower planting continues in all states and is about equal to last year at this same time but behind the five-year average in the Dakotas and Minnesota. Planting progress in the High Plains states aided by good planting conditions is significantly ahead of last year and the five-year average. In the past week, producers made good progress and planted an additional 272,350 acres pushing 2020 planted acres to about 507,000 acres. This represents 34% of this year’s projected planted acres and is behind the five-year average of 46%. On the Chicago Board of Trade, commodities have been trading higher on optimism about demand as the U.S. dollar weakens, making U.S. products more attractive to overseas buyers. The dollar has declined about 1.25% in the past week, which could incentivize overseas buyers to purchase agricultural products. Traders are also keeping an eye on trade relations between the U.S. and China as the sides escalate saber rattling over Hong Kong and the spread of the COVID-19 virus. This could lead to reduced purchases of U.S. ag products by China if tensions rise. Drier and warmer than normal weather conditions are forecast for the Dakotas and Minnesota and should allow for good planting progress in the week ahead.