Winnipeg, MB, July 3, 2014 (CNS Canada), Jul 03, 2014 (Commodity News Service Canada, Inc. via COMTEX) --

ICE Futures Canada canola contracts were stronger on Thursday, as the market managed to see a correction after dropping in sympathy with CBOT soybeans for most of the past week.

While soybeans remained pointed lower on Thursday, canola's own fundamentals are said to be looking a little more bullish these days. Recent heavy rains and flooding in parts of Manitoba and Saskatchewan have raised concerns over the production prospects for this year's crop.

The extent of the damage was still being calculated, but the production uncertainty kept farmers on the sidelines and also brought in some end user pricing interest, according to participants. Chart-based buying contributed to the advances, as prices bounced off nearby lows.

The losses in CBOT soybeans did temper the gains in canola to some extent, according to traders. A stronger tone in the Canadian dollar, which was trading above 94 US cents, also put some pressure on values.

About 14,743 canola contracts were traded on Thursday, which compares with Wednesday when 21,269 contracts changed hands.

Milling wheat, durum and barley futures were untraded and unchanged.

Settlement prices are in Canadian dollars per metric ton.

                          Price      Change
Canola            Nov     455.90    up 5.30
                  Jan     459.50    up 5.00
                  Mar     460.20    up 4.70
Milling Wheat     Oct     191.00    unch
                  Dec     195.00    unch
Durum             Oct     230.00    unch
                  Dec     232.00    unch
Barley            Oct     132.50    unch
                  Dec     134.50    unch

Phil Franz-Warkentin, Commodity News Service