Some sunflower acres increase, oilseed prices depend on weather and demand

U.S. Department of Agriculture released its planted acres report a week ago. Area planted to sunflower in 2018 totals 1.46 million acres, up 4 percent from 2017. Harvested area is expected to increase 4 percent from last year to 1.41 million acres. Planted area of oil type varieties, at 1.31 million acres, is up 8 percent from 2017, and harvested area is also expected to increase 8 percent from last year to 1.27 million acres. Planted acreage of non-oil varieties, estimated at 147,000, is down 21 percent from last year. Harvested area is expected to decrease 21 percent from last year to 136,700 acres. Total planted sunflower acres were 4 percent higher than the March report. For the first time since 1983, soybean planted acreage topped corn planted acreage. USDA estimated soybean acreage at 89.6 million acres with corn at 89.1 million acres. All-wheat planted acreage for 2018 is estimated at 47.8 million acres, up 4 percent from 2017. Spring wheat acres were pegged at 13.2 million acres, up 20% from last year. Soybean stocks came in at 1.22 billion bushels, which was at the higher end of the average trade guess and was considered slightly bearish by traders. With the release of the USDA report, the key to oilseed prices going forward will be U.S. summer weather and demand news.