WINNIPEG, (Manitoba): ICE canola futures fell on Wednesday to a one-week low, dragged down by slumping rapeseed prices.

Canola’s losses were limited by stronger soybean oil prices and a weaker Canadian dollar, a trader said. March canola lost $5.20 to settle at $836.70 per tonne.

March-May canola spread, the most active inter-month spread, traded 7,868 times. Euronext May rapeseed futures fell nearly 3%, leading the way down for oilseeds, pressured by European Union imports and German plans to phase out crop-based biofuels.

US corn and soybean futures turned lower as traders booked profits after both markets set multi-month highs and as weather forecasts promised much-needed rains in Argentina’s crop belt.