Canola Rallies with Soy Complex

Jul 01, 2021

Canola futures ended stronger on Wednesday, as a rally in the Chicago Board of Trade soy complex on the back of a pair of bullish reports provided support.

Acreage and quarterly stocks numbers from the USDA sparked a rally in soybeans, which spilled into canola, with planted area coming in well below trade expectations and quarterly stocks seen as tight. Record-high temperatures across Western Canada this week, with little precipitation in the immediate forecasts to alleviate the heat, contributed to the gains in canola.

Canadian markets will be closed Thursday for Canada Day, while US markets remain open. Positioning ahead of the holiday likely accounted for some of the activity in canola. U.S. markets will be closed Monday, July 5, for Independence Day.

July canola was up $30 at $839.50, November added $17.10 to $811.70 and January was $20.70 higher at $809.

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Video: Dicamba Returns for Georgia Farmers: What the New EPA Ruling Means for Cotton Growers

After being unavailable in 2024 due to registration issues, dicamba products are returning for Georgia farmers this growing season — but under strict new conditions.

In this report from Tifton, Extension Weed Specialist Stanley Culpepper explains the updated EPA ruling, including new application limits, mandatory training requirements, and the need for a restricted use pesticide license. Among the key changes: a cap of two ½-pound applications per year and the required use of an approved volatility reduction agent with every application.

For Georgia cotton producers, the ruling is significant. According to Taylor Sills with the Georgia Cotton Commission, the vast majority of cotton planted in the state carries the dicamba-tolerant trait — meaning farmers had been paying for technology they couldn’t use.

While environmental groups have expressed concerns over spray drift, Georgia growers have reduced off-target pesticide movement by more than 91% over the past decade. Still, this two-year registration period will come with increased scrutiny, making stewardship and compliance more important than ever.