WINNIPEG, Manitoba--ICE Futures canola contracts were sharply lower on Friday, as a selloff in the Chicago soy complex provided the catalyst for a round of speculative profit-taking ahead of the weekend.
--November canola was down C$22.10 at C$817.20 per ton.
--Updated supply/demand estimates from the United States Department of Agriculture included small upward revisions to U.S. soybean yields and production, accounting for some of the selling pressure in the Chicago futures.
--Losses in crude oil were also bearish for world vegetable oil markets, although oil remained up considerably on the week.
--Forecasts calling for the chance of frost in northern reaches of the Canadian Prairies over the weekend were supportive.
