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.