Canola prices jumped significantly following the USDA’s June 30 Acreage Report, which indicated much less soybean planted area in the U.S. this year than predicted just three months ago. This led to a surge in vegetable oil prices and the overall oilseed markets. Canola prices in North Dakota jumped 70-90 cents per hundredweight on the day. Soybean oil jumped 400 basis points, closing at 61.7 cents per pound. It was only nine days earlier, on June 21, that soybean oil dropped by the same amount following the EPA announcement on Renewable Fuel Mandates. As of July 5, soybean oil has increased further to 65 cents per pound, an amazing 40 percent increase since May 31, providing strong increases for all oilseeds.
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Canola markets jump higher after June 30 acreage report
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