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Profit Taking Undermines

Canola futures closed weaker on Friday as speculators booked profits ahead of the weekend.

Ideas canola is looking overpriced at current levels added to the selling pressure, as end user buying interest remains on the sidelines for the time being. While gains in Chicago Board of Trade soybeans provided some support, soyoil was down on the day.

Weakness in the Canadian dollar provided some underlying support. The tight old crop supply situation also continued to underpin the market.

March canola fell $7.10 to $1,070, May was down $8.20 at $1,002 and new-crop November dropped $3.20 to $834.70.

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