Sunflower Highlights
Post Date: May 22 2023
Crop Progress - Monday, May 22, 2023
State This Week Last Week Last Year 5 Year Average
North Dakota        
Planted 5 NA 3 13
South Dakota        
Planted 3 1 5 8
Kansas        
Planted 3 1 9 11
Minnesota        
Planted 29 1 0 41
Colorado        
Planted 15 1 5 8
Texas        
Planted - NA 35 NA
Shapiro to give Keynote Address at Summer Seminar
The keynote speaker for the NSA Summer Seminar will be Jacob Shapiro. Jacob is a Partner and Director of Geopolitical Analysis at Cognitive Investments, where he integrates geopolitics into CI’s investment strategies for both individual and institutional investors. As part of his duties at CI, he authors the “Global Situation Report,” a weekly intelligence brief on the world’s most important developments, and hosts the popular podcast series "Cognitive Dissidents," which features interviews with a diverse array of foreign policy, technology, and global business experts. In addition to CI, Jacob is the Founder and Chief Strategist of Perch Perspectives, a geopolitical consulting firm that provides research and tailored insights to global businesses. Jacob will share his thoughts on geopolitical happenings and hotspots and the implications they may have on world events and trade.  Thanks to Red River Commodities, Inc. for sponsoring Jacob’s presentation!
Markets
Old crop sunflower prices were down 50 cents to $1.00, with new crop down 30 to 80 cents at the crush plants. USDA recently released one of its most important World Agricultural Supply and Demand Estimates (WASDE) reports for the year. It gave the market the first look at global production, supply, and demand forecasts for the 2023/24 marketing year for several crops. Historically these are the fundamental figures that will largely dictate pricing for 2023 crops over the next year. Global sunflower production in 2023/24 is forecast to increase 6 percent from the previous year to 54.3 million metric tons (MMT). The market continues to be driven by the invasion of Ukraine, with the EU, Argentina and Russia projected to have production growth in response. Ukraine sunflower production is forecast to recover slightly from 2022/23 as farmers shift planted area from grain in favor of oilseeds; however, the crop will remain significantly lower than pre-conflict levels. Russia remains the world’s top producer of sunflower, having overtaken Ukraine in 2022/23. Global sunflower seed consumption is forecast relatively flat. Seed exports are forecast to decline by one third this year as Ukraine resumes crushing a larger portion of its crop domestically. Global consumption of sunflower oil is forecast to be 4 percent higher this year to 19.7 MMT. Trade is forecast to be slightly lower due to high levels of beginning stocks. Global stocks of sunflower oil are forecast to decline 7 percent and approach pre-conflict levels.
Register Now for 2023 NSA Summer Seminar
Registration is open for our 2023 NSA Summer Seminar, scheduled for June 27-29, 2023. This year’s Summer Seminar will be held in Spearfish, South Dakota. You can register on our website – go to 2023 NSA Summer Seminar (sunflowernsa.com). You’ll find our schedule as well as hotel information and more. Pre-registration will begin at $325 and golf at $130, so register early for the best price. A block of rooms has been reserved at the Spearfish Holiday Inn and Conference Center. To reserve your room, call 605-642-4683 or Hotel in Spearfish | Holiday Inn Spearfish-Convention Center Hotel (ihg.com) using the group code NSA. The rate is $129.99 per night plus taxes for Standard Rooms and $159.99 per night plus taxes for Suites. The block of rooms will expire on May 27, 2023. Contact Tina Mittelsteadt at tinam@sunflowernsa.com with questions.
Plenty of Time to Plant Sunflowers
As the optimal planting window is closing on some crops, there is still time to take advantage of the market opportunities that sunflowers can offer. Seed supplies are still plentiful and there is still time to place an order to put in some acres this growing season. Sunflowers can be planted until late June in the Dakotas. The final planting dates for crop insurance purposes for sunflower vary by state and county. In North Dakota it is either June 10 or 15; South Dakota is June 15 or 20 and all of Minnesota is June 10. After these dates, the coverage is reduced by only 1 percent per day. The actual final date that sunflowers can be planted is anywhere from 20 to 25 days after this date depending on the county. To find the final planting date by county use this link: Crop Insurance (sunflowernsa.com)
Upcoming Events
June 27-29, 2023 - NSA Summer Seminar; Spearfish, SD
Markets at a Glance
Weekly Prices Recorded on Monday, May 22, 2023 ($/CWT)
  Deliver Last Year Last Week This Week Change 2023 NEW Crop
Chicago Oil Nearby 80.47 49.69 48.77 -.92 48.32
West Fargo, ND NuSun 40.75 20.10 19.60 -.50 21.70
West Fargo, ND High Oleic 41.25 20.60 20.10 -.50 23.20
Enderlin, ND NuSun 40.70 20.75 19.75 -1.00 21.95
Enderlin, ND High Oleic 41.20 21.25 20.25 -1.00 23.15
Lamar, CO High Oleic 40.00 22.75 22.25 -.50 24.40
U.S. CRUDE OIL VALUES recorded on Monday, May 22, 2023
(dollars per 100 lb. internal U.S. locations)
  Last Year Last Week This Week Change
Soybean Oil 92.47 54.19 53.77 -.42
Cotton Oil (pbsy) 115.47 94.69 93.77 -.92
Corn Oil 171.00 73.00 73.00 NC

Prices recorded here are believed to be reliable at the time of posting. All prices are subject to change. Contact these facilities for complete market details.
 
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