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Late summer or early fall is the best time to manage cattails, America Lotus, water lilies and other emergent or floating-leaved plants that are on the pond's edge or are above the water. Spraying certain herbicides this time of year will eliminate the whole plant and it will not regrow next spring. There is little risk of depleting the oxygen in the pond with treating these plants; they die-back every year at this time and decompose slowly over the coming months.
Starting in late summer, these plants move food to their roots to survive the winter, making systemic herbicides most effective. The most common product to use is an aquatic labeled glyphosate. Find these at local hardware, farm supply or garden stores or try an online search for "aquatic glyphosate."
A surfactant or spreader-sticker must be added to many of these herbicides to allow it to stick to the plant's leaves. Read the label and check with a local or online retailer to select a surfactant that can be used in ponds. Spray the above-water part of the plant until just wet (not dripping) and follow instructions on the product label.
In comparing product brands, consider the amount of active ingredient, if a surfactant is needed and size of the container. A product with a higher amount of active ingredient or one that does not need a surfactant added may provide a better value. The convenience of a ready-to-use product may outweigh price considerations.
Learn more about aquatic plants in ponds at www.iowadnr.gov/pondplants.