The black ants on your catalpa tree are not eating the caterpillars (catalpa worms). Instead, a parasitic wasp lays eggs on the caterpillars, killing them. The ants are likely tending aphids or feeding on honeydew.
No insecticide is recommended, as it would harm the caterpillars you want to cultivate for fishing bait.
Catalpa Worms on Indian Bean Tree: Identification and Organic Control
Oak Borer Management: Vigor, Merit Spray, and Japanese Maple Safety
Bagworm Infestation on Pine Trees: Identification and Control
Borers in Young Maple; Lilac Decline
Sourcing Catalpa Worms for Fishing Bait: Biology and Acquisition
Controlling Catalpa Worms (Sphinx Moth Caterpillars) with Bt or Sevin
Catawba Worms: Control or Sell for Bait
Identifying and Controlling Worms on an Indoor Dracaena Tree
Bagworm Control on Blue Spruce: Timing and Treatment Options
Birch Defoliation by Caterpillars: To Spray or Not?
Saving Young Dogwoods from Borers
Controlling Maple Twig Borer Infestations
Catalpa Trees and Catawba Worms: The Fisherman's Secret Bait Source
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