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Another record high set for sunflower prices

Sunflowers in bloom (copy)

It’s hard to imagine, but sunflower prices have again set new record highs at the crush plants in North Dakota with values at over $40 per hundredweight.

“Nearby prices were unchanged to up $1.50, setting new record highs at the crush plants this week,” commented John Sandbakken, National Sunflower Association executive director, in the June 20 NSA newsletter. “New crop was unchanged to up 15 cents, remaining at record high levels as well.”

A look at the regional crush plants shows how much sunflower prices have risen. As of June 20, NuSun sunflower was listed at $42 per hundredweight for delivery in July at the Cargill plant in West Fargo. At the ADM plant in Enderlin, July delivery price for NuSun sunflower was $40.25.

Sandbakken also noted that 2022 new crop prices were also moving higher. ADM in Enderlin was offering $34.10 cash and $33.40 with an Act of God clause for 2022 new crop NuSun sunflower, while Cargill in West Fargo was offering $34.10 cash.

High oleic sunflower prices at Cargill in West Fargo were listed at $42.50 for delivery in July, while at ADM in Enderlin the price of high oleic sunflower for delivery in July was $41.

High oleic 2022 new crop prices were $35.10 cash and $34.40 with an Act of God clause at Enderlin, and $35.10 cash at West Fargo. Elsewhere in North Dakota, the Pingree plant was offering $34.80 cash for 2022 new crop high oleic sunflower and Hebron was offering $34.10 cash.

Sandbakken also noted that USDA’s supply and demand report released on June 10 “was considered a non-event by many traders.”

“The USDA figures were closely aligned with trade expectations and had been priced into the market,” he said. “Traders will likely continue to grapple with supplies showing up on the balance sheet as the marketing year unfolds but are more concerned with logistical issues (like the Russia/Ukraine war and supply chain) in the near term.”

In other market news, dry and warm weather during the first half of June allowed sunflower producers to make excellent planting progress. Producers are now in the home stretch of this year’s planting season.

“Sunflower planting continues in all states but is behind last year at this time and the five-year average in the Dakotas and Minnesota,” he noted. “In the High Plains states, planting progress is also behind last year’s pace and the five-year average. As of June 12, 62 percent of expected 2022 sunflower acreage was in the ground, up from 34 percent from the week prior but behind the five-year average of 71 percent.”

The next big report from USDA is the planted acres report for 2022 which was due out on June 30.

“(The report) will be an important factor in determining old and new crop prices,” he said, adding that demand news and position squaring ahead of USDA’s acreage report would guide the market prior to its release.

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