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Nearby sunflower prices show strength during harvest

Nearby sunflower prices show strength during harvest

Sunflower

As the 2021 sunflower harvest progressed and neared completion, nearby sunflower prices continued to show amazing strength.

“Nearby sunflower prices continue to trade significantly above last year’s level and are trading 37 cents to $1.28 per hundredweight higher than the 60-day moving average at the crush plants,” commented John Sandbakken, National Sunflower Association executive director, in the Nov. 22 NSA newsletter. “Nearby NuSun and high-oleic prices at the crush plants ended the week mixed at down 10 cents to up 50 cents.”

At the regional crush plants, as of Nov. 22, NuSun sunflower was listed at $32.35 per hundredweight at the Cargill plant in West Fargo, N.D., for delivery in December. At the ADM plant in Enderlin, N.D, the December delivery price for NuSun sunflower was $32.25.

High-oleic sunflower prices on Nov. 22 at Cargill in West Fargo for December delivery was (FH) $32.60 and (LH) $32.55. At ADM in Enderlin, for December delivery of high-oleic sunflower, the price offering was $32.45 per hundredweight.

Sandbakken also pointed out that 2022 new crop contracts continue to roll out.

“Red River Commodities announced it is offering new crop contracts for oils, conoils, confection and organic conoils,” he said. “New crop confection and conoil contracts are also available with CHS Sunflower. Other confection processors are expected to announce new crop contracting opportunities soon if they have not already done so.”

Also, Sandbakken noted that 2022 new crop prices at the crush plants continued to move higher, adding an additional 5-50 cents. At ADM Enderlin, as of Nov. 22, the price was $27.60 cash and $27.10 with an Act of God (AOG) clause for 2022 new crop NuSun sunflower, while at Cargill West Fargo the price was $27.20 cash and $26.70 with an AOG.

High-oleic 2022 new crop prices were $27.85 cash and $27.35 with an AOG at Enderlin, and $27.70 cash and $27.20 with an AOG at West Fargo.

In other market related news, sunflower producers were able to take advantage of very favorable weather conditions in mid-November to make a lot of headway with the 2021 sunflower harvest as it nears completion.

“Sunflower harvest is getting closer to the finish line for this season,” Sandbakken said. “Harvest progress advanced 13 percent to 84 percent complete for the week ending Nov. 14. Harvest progress remains 9 percent ahead of the five-year average.”

Harvested acres for this year’s crop now stands at about 961,000 acres after producers harvested an additional 147,000 acres during that week.

“Crop quality remains very good, and yields have been above expectations in most cases,” he said. “Harvest progress remains about equal to the five-year average. Last year at this same time, 87 percent was in the bin.”

Another consideration for producers at harvest is that they should be aware that crush plants are offering premiums for oil content above 40 percent at a rate of 2 percent price premium for each 1 percent of oil above 40 percent. For example, a contract with 45 percent oil content would push the gross return 10 percent higher per hundredweight. The AOG $26.30 contract increases to $29, and the cash $27.25 contract moves up to $30.

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