In late March, the White House and Congress reached an agreement regarding the FY 2013 Continuing Resolution (CR), which President Barack Obama signed into law on March 27. The CR will fund government operations through Sept. 30, 2013. The bill also contained the FY 2013 agriculture appropriations bill, including funding for the National Canola Research Program.
Canola acreage in 2013 is expected to decrease nationally by 6 percent due to declines in North Dakota and Minnesota, according to the March 28 prospective plantings summary by the U.S. Department of Agriculture’s National Agricultural Statistics Service. The report projects a total of 1.65 million acres of U.S. canola with considerable increases in Oregon (78 percent), Oklahoma (71 percent) and Washington (67 percent). Plantings in other states are expected to hold steady.
The USDA Risk Management Agency announced 2013 Crop Insurance Price Elections for canola at $25 per hundredweight. This is a 5.5 percent increase over last year. Producers have three options: yield protection, revenue protection or revenue protection with 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.