Canola Corrects Lower Amid Profit Taking and Bearish Weather

Canola futures took back some of yesterday's gains on Wednesday as speculative profit taking became a feature in the market. Traders also booked profits in soybean, corn, and wheat futures in the U.S.

The relatively favorable Midwestern weather added to the bearish tone, but increases in crude oil provided support for the markets.

Phil Franz-Warkentin of the Western Producer Markets Desk noted that the market conditions are a result of traders taking profits after yesterday's gains.