Mixed, with Declines in Old-Crop Months

Dec 23, 2021

Canola futures finished mixed on Wednesday with declines in the more heavily-traded old crop months.

The nearby March contract hit a new contract high of C$1,020.50/tonne earlier in the session, with support for the Canadian oilseed coming from strong upticks in the Chicago soy complex, Malaysian palm oil and European rapeseed, which saw new contract highs as well. Increases in global crude oil prices also lent support to edible oil values.

However, profit taking came forward to pull the market lower.

Tight supplies and the need to ration demand continued to underpin canola. However, there are ideas the market is now overvalued.

January canola fell $3.80 to $1,018.80, March was down $2.20 at $1,010.70 and May gained $1.10 to $977.70.

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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.