WINNIPEG, (Manitoba): ICE canola futures fell on Friday, as nearby contracts lost some of their premium to contracts with later delivery. Thin overall trading volumes and lack of fresh demand contributed to sales weighing down the nearby contracts, which shrugged off broader strength in oilseeds, a trader said.

Most-active May canola lost $5 to $1,000.60 per tonne. Contracts representing the next harvest rose, reducing their unusual discount to nearby contracts. March-May canola spread traded 5,094 times.

US soybean futures rose on diminishing harvest estimates in South America. Euronext May rapeseed futures also gained ground. ICE canola futures dipped on Thursday, hit by profit-taking and weakness in soybeans. Some investors were betting that canola’s tops are in, after the market rallied a day earlier, a trader said.

Most-active May canola lost $7.90 to $1,005.60 per tonne. March-May canola spread traded 6,821 times.