Soybean Strength Lifts Canola

Dec 30, 2020

Canola traders returned from the Christmas holiday in a buying mood, with futures solidly higher on Tuesday.

Chicago soybeans provided spillover support to canola, with the US market up sharply amid the continued port strike in Argentina, which has slowed export movement of agricultural goods out of the country. Persistent dryness for the soybean crops in Argentina and Brazil added to the upside.

Tightening domestic supplies also continued to underpin canola, with Agriculture Canada this month forecasting 2020-21 ending stocks at just 1.2 million tonnes, down from the November estimate of 2.25 million and more than 61% below the previous year. If accurate, 2020-21 Canadian canola ending stocks would be the lowest since 588,000 tonnes in 2012-13 and represent a stocks-to-use ratio of just 6%.

January canola was up $8.60 at $623.80, March gained $8.90 to $617.40 and May was $5.40 higher at $603.90.

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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.