Old crop prices were unchanged to up 90 cents with new crop unchanged to up 10 cents at the crush plants. Traders are continuing to get into position for USDA’s August crop reports. August 12th will be a huge day for commodity markets as USDA will release its latest supply and demand reports. It is also anticipated that the first report of USDA Farm Service Agency (FSA) certified acres will be released as well. The FSA figures will be compared to the USDA June acreage report and will give the market a better idea of what got planted this year. The market also continues to watch developments in the Black Sea region. Above normal temperatures and below normal precipitation continue to threaten sunflower production. According to traders it is still too early for reliable damage estimates, but losses could be significant. Oil World recently mentioned that its production estimates for Russia of 19.4 million metric tons (MMT) and Ukraine 14.0 MMT may be too high given current growing conditions. Oil World lowered production prospects in the European Union and Turkey from earlier estimates. Sunflowers are mostly in the late bud stage or blooming in the Dakotas and Minnesota. The crop could use a good drink during this important development phase as some areas of the region have had below normal moisture this growing season. USDA reports and weather conditions will guide traders in the coming weeks.
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