ICE Close: Modest Gains for Canola as Soybeans Advance

Dec 11, 2024

Canola futures ended with modest gains on Tuesday, closing higher for the fourth straight session.

Canola was up with the advances in Chicago soybeans following updated supply-demand estimates from the USDA at the noon hour. The report contained nothing new for soybeans, but the bean market moved higher with gains in corn and wheat. Meal was also higher on the day, but soyoil did close lower.

The USDA lowered its estimate of Canadian canola production by 1.1 million tonnes from last month following last week’s Statistics Canada crop production report which lowered the crop to 17.84 million tonnes from its previous estimate of just under 19 million.

January canola was up $3 to $621.70, and November added a dime to $613.20.

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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.