WINNIPEG: ICE Canadian canola futures dipped on Thursday in a partial correction from nearly 13-year highs.
A big drop in crushing margins this week, due to the run-up in seed costs, added to pressure on canola, a trader said.
March canola fell $18.70 or 2.6% to $699.10 per tonne, halting a three-day winning streak.
The contract touched an intraday high of $724.50, the highest nearby price since March 2008, before falling by nearly the $30 daily limit.
May-July canola spread traded 3,949 times and was the most active inter-month spread.
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