The U.S. Department of Agriculture released its annual Prospective Plantings Report for the U.S. today. The survey revealed that U.S. farmers intend to plant 1,740,000 acres of canola in 2014, up 29 percent from 2013. If realized, planted area in the United States will be the second largest on record. Compared with last year, planted area is expected to increase in four of the seven major canola-producing States, with acreage in North Dakota, Oklahoma, and Washington expected to increase more than 20 percent from the previous year. Producers in North Dakota, the leading canola-producing State, intend to plant 1.27 million acres, up 350,000 acres from last year.
At the request of the Northern Canola Growers Association, a little over one year ago the USDA Risk Management Agency released a Manager's Bulletin explaining the options available to High Oleic Canola producers for the 2013 crop year. These growers were allowed to choose to insure all of their canola (including both High Oleic and commodity canola) as if it were commodity canola, as they have in recent years, or to choose to separate their commodity and High Oleic canola into separate insurable types.
This option has been extended to include succeeding years, therefore there is no expiration date of this option.
More information is contained in the attached Manager's Bulletin from the USDA.
The USDA Risk Management Agency recently announced the 2014 Crop Insurance Price Elections for canola at $18.40 per hundredweight, a 26% decrease from 2013. Producers have the option of choosing Yield Protection, Revenue Protection and Revenue Protection with the Harvest Price Exclusion. All three policies have the same price election.
Growers are encouraged to contact their crop insurance agents to determine the dollar amounts of coverage they can obtain based on this price.
Thank you to all the participants of the 17th Annual Canola Expo of the Northern Canola Growers Association! Over 300 were in attendance along with 45 vendor companies in the exhibit hall.
Mike Jubinville of ProFarmer provided an overview of oilseed markets in 2014, Ron Beneda reviewed the canola production season for 2013, Sheri Coleman held a Canola Oil & Chocolate class and the NCGA held its Annual Business Meeting.
Congratulations to Tim Mickelson, new producer board member of the Northern Canola Growers Association. Tim replaces Greg Mitchell of Rolla. Special thanks goes out to Greg Mitchell for his service on the board.