* Volume remained light, with fewer than 13,000 contracts traded, Reuters data showed. * Benchmark May canola edged 30 cents lower, settling at $577.60 per tonne, but not before notching a five-month high on volume of 7,301 contracts. * July canola also fell 30 cents to finish at $578.60 on volume of 2,063. * Traders exchanged the July-November spread more than 1,500 times, traders said, one day after July's premium over November climbed to more than 38 cents, the widest since June. * No deliveries were posted against March canola, which expires on March 14. * Farmers remained tight holders of their supplies, which helped to support canola futures even as CBOT soybeans eased 0.60 percent in sympathy with plunging corn futures. * The Canadian dollar was trading at $0.9976 against the US dollar, or US$1.0024, at 2:35 p.m. CST (2035 GMT). * US light crude oil rose 1.6 percent to $106.36 per barrel.