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Canadian canola futures rallied on Tuesday, supported by commercial and speculative buying and by ideas that recent losses were overdone, traders said. "We caught up" to the US soya complex, a canola trader said.
May canola traded in an unusually wide range of $55.70 after the market started lower on spillover weakness from Asian markets and from Monday's turmoil in financial markets. But the market came back after the US soya complex was firmer than expected, improving crusher margins, traders said. "It's breath-taking," a trader said, describing the wide range and the volatile market.
ICE canola contracts ended $15.50 to $23.60 per tonne higher, with May up $23.30 at $619.30, July up $22.80 at $631.80 and November up $21.40 at $626.20. Funds sold an estimated 1,000-2,000 contracts, traders said. But selling otherwise was thin, allowing the market to rise.
Crusher and routine exporter buying was noted. Commodity markets were pressured on Monday by widespread declines across equity and energy markets, but staged a broad recovery on Tuesday.
At the Chicago Board of Trade, May soyabean oil futures were down 0.16 US cent per pound at 58.40 US cents, but May soyabeans were up 4-1/4 US cents per bushel at US $13.07. An estimated 4,006 May/July canola spreads traded from $12.30 to $13.40, 997 July/November from $6 to $10.30, premium July, 512 November/January from $8 to $9.50 and 359 May/November from $2.80 to $8.
Total canola volumes was estimated at 16,626 contracts, up from 14,840 on Monday. Barley futures were higher in thin trade, with May up 60 cents per tonne at $234.60 and July up $2.40 at $247.20. Total barley volume was estimated at 199 contracts, down from 644 on Monday.

Copyright Reuters, 2008

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