Canola Corrects Lower Amidst Weekend Profit-Taking

Canola futures corrected lower on Friday, backing away from three-year highs as traders booked profits ahead of the weekend. This correction came amidst a mixed performance in other grain and oilseed markets.

The Canola market had been pushing towards new highs, but it appears that traders have taken this opportunity to lock in profits before the weekend.

The Western Producer's Phil Franz-Warkentin reported on the closing market update, noting that Soyoil and wheat futures in Chicago were also lower, while soybeans were higher and corn held near unchanged.