WINNIPEG: ICE Canadian canola futures dipped on Friday, retreating from near-record high prices reached this week due to tight supplies.

The pullback came as canola seed exporters finished buying March canola to price sales, traders said. However, canola supplies remain thin as Canadian farmers slow deliveries.

March canola lost $7.50 to $691.60 per tonne. Losses were smaller for deferred contracts.

March-May canola spread traded 3,223 times.

Statistics Canada is scheduled on Feb. 5 to estimate crop stockpiles as of Dec. 31. US corn futures rose more than 2%, approaching a multi-year high, after China booked its biggest purchase of US corn to date, fueling expectations of tightening global supplies.