Sunflower prices weather volatile market

The ongoing trade fight with China continues to be the main concern in the market. Last month the Trump administration instructed trade representatives to find another $200 billion in goods on which the U.S. could impose a 10 percent tariff. Last week it was reported that the administration is considering raising that levy to 25 percent. In response the Chinese government announced it was going to add tariffs to an additional $60 billion of U.S. products shipped to China. China has also been devaluing its currency to make its products more attractive to overseas buyers. The Chinese yuan made new one-year lows and is stirring more alarm among the trade that a currency war may be the next component in the dispute with the U.S. over trade. This type of back and forth news has kept Chicago Board of Trade traders on edge for the past two months and created a very volatile market each day depending on the headlines reported that morning. Sunflower prices at the crush plants were down 25 cents to unchanged this week. Birdfood prices were unchanged. In most areas the crop continues to develop ahead of the five-year average pace. In states reporting crop conditions, the crop is being rated at 76 to 89 percent good to excellent condition. The next big market news will be the USDA August U.S. and World Supply and Demand report along with weekly crop progress and weather conditions.