ICE Close: Canola Weakens Amid Profit Taking

Canola futures ended weaker on Tuesday, retreating from nearby highs as overbought price sentiment had speculators booking profits.

Losses in the Chicago Board of Trade soy complex and most other agricultural commodities also weighed on values, according to participants. Seasonal harvest pressure was another bearish influence on the market.

However, solid end user demand provided some underlying support.

November canola fell $2.40 to $520.90, January dropped $2.50 to $528 and March lost $2.30 to $534.

Source: DePutter Publishing Ltd.

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