WINNIPEG--The ICE Futures canola market was mostly weaker Wednesday morning, as speculators continued to take profits on their large net-long positions.

The U.S. Department of Agriculture releases its monthly supply/demand report at 12 p.m. ET, and any surprises in the data will likely dictate how the market settles with traders reluctant to push values too far one way or the other ahead of the data.

Chicago Board of Trade soybeans and soyoil were down ahead of the report, putting some spillover pressure on canola.

While Canada's tight supply situation remains supportive, there are ideas that the market is overpriced at current levels and due for a correction. 


 
     About 6,500 canola contracts had traded as of 10:45 ET. 
 
     Prices in Canadian dollars per metric ton at 10:45 ET: 
 
 
 
                          Price      Change 
 
Canola            Mar   1,013.60     dn 14.50 
 
                  May     987.20     dn 12.40 
 
                  Jul     940.30     dn 11.00 
 
                  Nov     786.90     dn  5.80

(END) Dow Jones Newswires

01-12-22 1115ET