WINNIPEG: ICE canola futures dipped on Thursday on profit-taking and as soy futures fell due to the US government's modest supply cut estimates.

US soybean supplies will be smaller than previously forecast, the US Agriculture Department (USDA) said, but the cut was less than expected.

The USDA report did not provide fresh bullish news for oilseeds, leading to a pause in canola buying, a broker said.

January canola gave up 40 cents to $587.40 per tonne.

January-March canola spread traded 10,156 times. Investors have begun rolling January positions forward.

Euronext February rapeseed futures eased and Malaysian February palm oil futures rose.