The Northern Canola Growers Association has sent in a request to the North Dakota delegation that canola be included as an eligible commodity under the proposed $12 Billion Aid Package that was announced recently by USDA Ag Secretary Sonny Perdue. Canola prices have dropped significantly recently along with soybeans in reaction to the trade dispute with China. While canola has not had a tariff imposed upon it, canola growers are still suffering the same drop in revenue and inclusion of canola would be equitable for growers. Below is the text of the request:
The Northern Canola Growers Association wishes to express its grave concern that canola has not been listed as an eligible commodity under the proposed $12 billion aid package. We assume that one of the reasons is that canola has not had a tariff imposed on it.
While it is true that a tariff has not been imposed on canola by any major importing countries, this does not mean canola growers have not seen severe negative impacts to their bottom lines as a result of the vicious drop in canola price. Historical prices prove the strong relationship between canola and soybean prices and as the soybean price has dropped, so has canola.