WINNIPEG: ICE Canadian canola futures dipped on Monday, trading in thin volume with most US markets closed.

Canola’s losses were likely due to commercial hedges against their purchases from Canadian farmers, a broker said, adding that the drop was surprising given weather concerns for South America’s soyabean crop.

March canola shed $3.80 to $684 per tonne.

March-May canola spread traded 1,399 times.

Euronext May rapeseed futures and Malaysian March palm oil futures rose.