Canadian canola futures down one percent

Canadian canola futures fell about 1 percent on Thursday as tumbling soyabean futures in Chicago triggered a profit-taking plunge after front-month canola hit a 13-month high the previous day, traders said. Many traders squared positions ahead of US Department of Agriculture reports on Friday on prospective US plantings and quarterly grain stocks.
Noted sellers in futures included commercials and commission houses, traders said. Spreading was moderately active, partly due to fund rolling of positions out of the May contract and into the July in a three-session process that began on Thursday, a trader said. With only two trading sessions left in March, futures for the oilseed were on track to gain more than 4 percent for the month, in the second straight big monthly gain in what would be the largest two-month bounce since the summer of 2010.