WINNIPEG, (Manitoba): ICE canola futures plunged on Thursday with US grains and oilseeds in a profit-taking setback after their rise to record highs.

The high prices have curtailed demand for canola, and technical charts also signaled commodity funds to liquidate their long positions in the nearby contract, a broker said.

July canola fell by the expanded daily limit $45 or 5.2% to $857.30 per tonne.

Most-active November canola fell $17.80 to $736.90 per tonne.

Dry Canadian conditions have underpinned the November futures this spring. However, overall crop planting in the province of Saskatchewan is 38% complete, well ahead of the norm.

July-November canola spread traded 3,412 times.

Euronext August rapeseed futures also dropped.