WINNIPEG: ICE canola futures dipped on Monday, giving up gains late on spillover pressure from weaker soyoil and palm prices.

Canola had traded higher earlier, as speculators continued to buy and commercial hedges against farmer sales of their new harvest slowed since last week, a broker said.

January canola lost $1.70 to $591.40 per tonne.

January-March canola spread traded a brisk 12,140 times. Investors have begun rolling January positions forward.

US soybean futures turned lower late, despite strong US exports and pockets of dryness in South American production areas.

Euronext February rapeseed futures and Malaysian February palm oil futures dipped.

Rapeseed production in the European Union and Britain could reach 18.2 million tonnes in 2021/22 in a slight rebound from a very low 17.2 million tonnes this year.