Canola futures were on the rise again this week while spring wheat had downward pressure.
P.I. Financial commodity futures advisor Adam Pukalo says canola was up 15 dollars a ton this week while spring wheat fell 6 cents a bushel.
Pukalo says the January canola contract has risen 15 dollars a ton this week.
He says it reflects strong trends from the soybean complex, reflecting some concern about dryness and strong demand from China.
But he says these markets are technically overbought and subject to possible some type of short-term correction.
For wheat, he ways December Minneapolis spring wheat futures are lower by about 6 cents a bushel on the week.
Pukalo says he remains positive on the Canola outlook, with 600 dollars a ton in sight on the futures.
But he says there may be some pull back at some point but fundamentals support rising prices.
