* Farmer selling seen picking up in the new year, triggering commercial hedges. Technical buying drying up as canola backs off Tuesday's six-week high - trader. * Most-active March canola futures lost $1.10 to $525.60 a tonne on volume of 5,226 contracts. First decline in three sessions. * May fell $1.90 to $528.80 on volume of 1,542 contracts. * 237 contracts of nearby January delivered on Wednesday. * March-May spread traded 933 times, settling at a May premium of $3.20. * Chicago March soybeans added 2-1/2 US cents to US$12.30 per bushel on worries about the heat-stressed Argentine soybean crop. March soyoil slipped 0.08 cent to 53.03 US cents per lb. * MATIF February rapeseed gained 0.5 percent. * The Canadian dollar was trading at $1.0134 against the US dollar or 98.68 US cents at 1:15 p.m. CST (1915 GMT), down from Tuesday's close at $1.0110 to the US dollar, or 98.91 US cents. * US crude oil futures gained 0.3 percent to US$103.22 per barrel.