Sunflower markets see upward movement again

New crop prices for oil sunflower saw upward movement again a week ago adding 15 to 35 cents per hundredweight. Some locations have seen an increase of up to 50 cents in the past two weeks. New crop prices are in range of $17.30 to $18.35 for NuSun with High Oleics at $17.85 to $18.50 at the crush plants. Crush plants are offering cash and Act of God contracts for fall delivery. A smaller 2017 U.S. sunflower crop and good demand are supporting old crop prices that ended the week down 5 cents to unchanged. The final 2018 price elections for sunflower will be announced soon. The price election for oil type sunflowers is expected to be $17.50 with confections at $23.70 per hundredweight. Media headlines and uncertainties now surrounding trade has the market on edge after the U.S. said it would impose tariffs on steel and aluminum imports; commodity traders fear the U.S. tariffs could provoke retaliation from major trading partners like China. China imports about 33% of the U.S. soybean production each year. Some traders feel the large U.S. soybean supply, slower demand for products and U.S. farmers adding soybean acres in 2018 could pressure 2018 new crop soybean prices. This situation bears watching as it could have a major impact on prices for all crops if it sparks some type of retaliation by the Chinese.