WINNIPEG, (Manitoba): ICE canola futures dipped on Wednesday, in mixed trading, pressured by profit-taking in nearby contracts.

Inter-month spreading was a trading feature, as traders pushed positions forward, a broker said.

Most-active March canola lost $2.20 to $1,010.70 per tonne, after setting a contract high. Later months gained ground, supported by stronger rapeseed and soybean prices. January-March canola spread traded 2,717 times.

Chicago soybean and corn futures extended a rally to new multi-month peaks as dry weather in some South American growing belts stoked supply concerns.

Euronext February rapeseed futures and Malaysian March palm oil futures also rose. German winter rapeseed sowings for the 2022 harvest have expanded sharply by 8.7% on the year to around 1.08 million hectares, Germany’s national statistics agency estimated.