The USDA predicts North Dakota canola producers will again plant record acres of canola in 2023 in its Annual Prospective Plantings Report. It forecasts North Dakota acreage of 1.9 million. This estimate is in line with many industry observers and if realized, will be 100,000 acres higher than last year’s record high. Canola prices have retreated from last year’s supply and demand induced levels, but demand continues to be strong from the food and fuel industry. The next acreage report will be released June 30 when the USDA issues is June Acreage Report.
For the U.S., the USDA said producers intend to plant a record high 2.27 million acres in 2023, up 3 percent from last year’s planted area. Compared with last year, planted area is expected to decline in every state except North Dakota, the largest canola-producing state. Total canola production could reach 4 billion pounds, an increase of 5%.