WINNIPEG, (Manitoba): ICE canola futures fell on Thursday, giving up earlier gains as concerns about dry Canadian conditions eased with fresh forecasts that included rain.

The wetter forecast spurred selling, although hot, dry weather on the Canadian Prairies remains the biggest issue, a trader said.

Most-active November canola lost $6.30 to $743.70 per tonne, pressured also by a sell-off in soyoil prices.

In the Canadian province of Saskatchewan, seeding is nearly complete, ahead of the five-year average. Soils are dry, the provincial government said.

November-January canola spread traded 1,242 times.

US soybean futures were underpinned by supply concerns that pushed world edible oil prices higher. Euronext August rapeseed futures and Malaysian August palm oil futures rose.