Canola Market Corrects Lower on Profit-Taking and Weak Exports

The ICE Futures canola market experienced losses on Friday as traders took profits ahead of the weekend.

The November contract traded within a wide range between C$812.00 per tonne and a new three-year high of C$838.90 per tonne, settling at C$824.90 per tonne, an 11-tonne loss on the day.

Apart from profit-taking, losses in crude oil and Chicago soyoil also contributed to selling pressure in canola.

Weaker-than-expected weekly Canadian canola exports of 168,100 tonnes were roughly half of what moved the previous week, according to data from the Canadian Grain Commission.