Nearby January canola dipped as low as $436 per tonne, the lowest nearby price since August 2010, erasing support around $440. Next technical support level is around $420 - trader.
Weakness in Chicago soybeans, due to concern China may shift soy buying to South America, and strength in the Canadian dollar also weighed on canola.
January canola plunged $7.30, or 1.6 percent, to settle at $436.30 on volume of 7,420 contracts.
Most-active March canola dove $8.00 at $445.70 on volume of 14,311.
January-March spread narrowed to a March premium of $9.40, trading 7,287 times.
Chicago January soybeans fell 10-1/2 U.S. cents at US$13.28-1/2 per bushel.
NYSE Liffe Paris February rapeseed added 0.2 percent.
February Malaysian palm oil gained 1.4 percent.
Canadian dollar was trading at $1.0603 versus the U.S. dollar, or 94.31 U.S. cents, at 12:50 p.m. CST (1850 GMT), up from Friday's close at $1.0648 to the greenback, or 93.91 U.S. cents.