Profit taking and losses in crude oil helped to send canola futures to losses on Friday.
Canola reached three-year highs this week, prompting traders to take some money off the table ahead of the weekend. Chicago soybean oil also posted losses, while crude oil was weaker on the day as well. U.S. crude gave back roughly half of Thursday’s sharp rally, while Brent crude retreated from its two-month high.
Despite today's declines, ongoing geopolitical tensions and production uncertainty continued to provide underlying support.
November canola fell $11 to $824.90, and January lost $12 to $833.60.
