ICE Canadian canola futures closed lower on Friday, with the most-active March contract retreating from a two-month high in sympathy with declines in Malaysian palm oil and US soyaoil futures, traders said.
Light buying by commodity funds helped underpin the canola market.
ICE March canola settled down $1.70 at $478.30 per tonne, turning lower after reaching $482.20, the contracts highest since October 15.
May canola ended down $1.80 at $487.30 a tonne.
The March-May canola spread narrowed to $9.00, premium May, from $9.10 on Thursday.
Chicago Board of Trade soyaoil futures closed lower as Malaysian palm oil futures fell on profit-taking after recent advances.
Palm oil soared nearly 44% in the final quarter of 2019 on declining stockpiles and expectations of a production drop in the first half of 2020.
Malaysian March palm oil futures fell 0.4% on Friday while Euronext February rapeseed futures rose 0.6 percent.
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