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WINNIPEG: ICE Canadian canola futures dipped on Monday with soyaoil, halting a six-day winning streak on profit-taking. Commercial hedges added pressure as the slow-developing Canadian harvest picked up steam, a trader said. Canola was underpinned by a Statistics Canada report that pegged canola production at 19.4 million tonnes, lower than the 20 million the trade expected on average.
November canola shed 90 cents to $498.20 per tonne. November-January canola spread traded 3,808 times. US soyabean futures hit their highest prices in more than two years as dry weather in parts of the US Midwest is expected to damage crops.