ICE Canola Futures Hit by Profit-Taking and Speculative Funds

The ICE Canola futures market was seeing losses on Friday due to profit-taking, according to an analyst. The speculative funds are 'dictating prices' as they have a large long position, which can be problematic come harvest time.

'Come harvest, you don't want to be long,' the analyst warned, suggesting that if the market becomes overextended, it could lead to a huge move to the downside. The analyst noted that farmers are currently doing well, being adequately sold at this time.

The canola market was also facing pressure from declines in the Chicago soy complex and European rapeseed, while Malaysian palm oil prices pushed higher. Additionally, crude oil was slightly lower, which put some weight on vegetable oils.