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.
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.
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.