ICE Close: Crude Losses Weigh on Canola

Jan 02, 2024

Weakness in crude oil helped to pressure canola futures on Thursday.

Canola was higher on Wednesday, catching up to the gains in soybeans on Tuesday when Canadian markets were closed for the Boxing Day holiday. However, the canola market turned lower today as crude oil fell to a 1 ½-week low on a stronger American dollar and concern about a possible slowdown in Chinese energy demand.

Losses in the Chicago soy complex added to the pressure on canola.

Canola has suffered through a particularly difficult 2023, with both cash prices and nearby futures losing about one-quarter of their value during the year.

March canola dropped $9.10 to $660.10, May fell $9.40 to $667.40, and November 2024 was down $6.70 at $671.20.

Source : Syngenta.ca

Video: Winter Canola Trial in Mississippi | Can It Work for Double Cropping? | Pioneer Agronomy

Can winter canola open new opportunities for growers in the Mid-South? In this agronomy update from Noxubee County, Mississippi, Pioneer agronomist Gus Eifling shares an early look at a first-year winter canola trial and what farmers are learning from the field.

Planted in late October on 30-inch rows, the crop is now entering the bloom stage and progressing quickly. In this video, we walk through current field conditions, fertility management, and how timing could make this crop a valuable option for double-cropping soybeans or cotton.

If harvest timing lines up with early May, growers may be able to transition directly into another crop during ideal planting windows. Ongoing field trials will help determine whether canola could become a viable rotational option for the region.

Watch for:

How winter canola is performing in its first season in this Mississippi field

Why growers chose 30-inch rows for this trial

What the crop looks like as it moves from bolting into bloom

Fertility strategy, including nitrogen and sulfur applications

How canola harvest timing could enable double-cropping with soybeans or cotton

Upcoming trials comparing soybeans after canola vs. traditional planting

As more growers look for ways to maximize acres and diversify rotations, experiments like this help determine what new crops might fit into existing systems.