Canola Hits Fresh Highs Again

Sep 18, 2020

Canola futures closed higher again on Thursday, hitting fresh contract highs as bullish technical signals and gains in Chicago Board of Trade soybeans kept fund traders on the buy side.

A lack of significant selling pressure on the other side, with farmers busy with the harvest and other participants content to keep to the sidelines as prices climb higher, added to the firm tone. Gains in Chicago Board of Trade soybeans and Malaysian palm oil provided additional spillover support for canola, although soyoil held near unchanged.

Seasonal harvest pressure and ideas canola was looking overbought kept canola off its highs for the session.

November canola was up $1.70 at $531.90, January was $2 higher at $538.90 and March gained $1.60 to $544.80.

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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.