WINNIPEG--ICE Futures Canada canola contracts closed higher Tuesday, lifted by speculative buying as the market broke above key resistance of C$470 per tonne in the May contract, analysts said.

Spillover support from the advances seen in the CBOT soy complex also underpinned the futures, as did weakness in the value of the Canadian dollar.

Worries about cold weather delaying planting in the U.S. and Canada and concerns surrounding political problems in Ukraine added to the bullish tone.

Some talk that Oklahoma's winter canola crop may have been damaged by below-freezing temperatures overnight was also supportive.

However, ongoing expectations of large carry out stocks of canola this year and reports that farmers will increase acreage of the crop this spring were bearish.

About 17,226 canola contracts were traded on Tuesday, which compares with Monday when 14,053 contracts changed hands. Spreading accounted for 10,788 of the trades made.

Milling wheat, durum and barley futures were untraded following price revisions after the close on Monday.

Settlement prices are in Canadian dollars per metric ton.

Price Change

Canola

May 470.90 up 6.90

Jul 479.90 up 6.90

Nov 494.80 up 7.50

Milling Wheat

May 217.00 unch

Jul 215.00 unch

Durum

May 250.00 unch

Jul 250.00 unch

Barley

May 138.50 unch

Jul 136.50 unch

Spread trade prices are in Cdn dollars and the volume represents the number of spreads:

Months Prices Volume

Canola

May/Jul 9.20 under to 8.80 under 2,870

May/Nov 23.90 under to 23.60 under 601

May/Jan 30.80 under 10

May/Mar 36.70 under 22

May/May 43.40 under 3

Jul/Nov 14.90 under to 14.40 under 1,494

Nov/Jan 7.00 under to 6.80 under 98

Nov/Mar 13.20 under 46

Nov/May 19.90 under 1

Jan/Mar 6.80 under to 6.40 under 40

Mar/May 6.60 under to 6.40 under 209