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Canadian canola futures were weaker on Tuesday as world vegetable oil markets declined, hedges began picking up, and buyers backed off, traders said. "I think we're starting to see a little more harvest pressure coming into the market," a trader said, noting the forecast looked drier, which would spur harvest progress.
ICE canola futures ended $3.40 to $5.70 per tonne lower, with benchmark November down $4.80 at $515. The market was choppy, and was pressured by weaker US soyaoil futures, traders said.
At the Chicago Board of Trade, November soyabeans were up 9 US cents per bushel at US $12.01 and October soyaoil was down 0.41 US cents per pound at 48.34 US cents. Crush margins improved, but export demand was slack, traders said. The Saskatchewan crop report pegged canola harvest at 11 percent complete.
An estimated 673 November/January spreads traded from $10.50 to $10.80 and 141 November/March from $20.50 to $21. Canola volume was estimated at 7,082 contracts, down from a total of 9,491 on Monday.
Barley futures were mainly weaker in sympathy with US corn and other weak commodities ahead of what is expected to be a large harvest of feed-quality crops in Canada, a trader said. October barley was down $2.70 per tonne at $211.50 and December ended 30 cents higher at $218. Funds rolled forward positions with 400 October/December spread trading from $5.50 to $7. Volume was estimated at 1,189 contracts, up from 85 on Monday.

Copyright Reuters, 2008

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