WINNIPEG: ICE Canadian canola futures closed lower Tuesday for a second straight session on profit-taking after multi month highs set this week, traders said.

Additional pressure stemmed from a stronger Canadian dollar, which tends to make Canadian products less attractive to those holding other currencies.

May canola ended down $3.90 at $527.10 per tonne. The contract on Monday reached $534.10, the highest spot price on a continuous chart since June, before retreating.

July canola fell $4 to $532.70 and new-crop November settled $1.80 lower at $519.90 a tonne.

Spreading was a feature as funds and other traders continued to roll May positions forward ahead of the contract’s delivery period.

Allied Chicago Board of Trade soyabean futures rose on a bullish ending stocks forecast in the US Department of Agriculture’s monthly supply/demand report, while CBOT soyameal futures lost ground to soyaoil.—Reuters