ICE Canadian canola futures closed lower on Friday, turning down on profit-taking and farmer selling after the bellwether March contract topped $480 per tonne for the first time since mid-October, traders said.
January canola settled down $4.90 at $463.80 per tonne.
Most-active March canola ended down $3.80 at $474.20 per tonne.
The January-March canola spread traded nearly 4,000 times at the March contract widened its premium over the January contract to $10.40, from $9.30 on Tuesday, before the canola market closed for the Christmas and Boxing Day holidays.
Canola followed Chicago Board of Trade soyabean futures, which turned lower on profit-taking after the most-active contract rose to its highest price since June 2018.
Euronext February rapeseed futures closed up 1.1% and Malaysian March palm oil futures rose 2.2%.
The Canadian dollar firmed against the US dollar, helped by higher oil prices.
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