Winnipeg, MB, July 24, 2014

ICE Futures Canada canola contracts moved higher on Thursday, following the gains seen in Chicago soybean futures, analysts said.

Steady demand from end-users, paired with only light farmer selling, was also supportive for canola.

Ongoing worries about flood damage in parts of Western Canada and sentiment that recent losses were overdone were also bullish.

However, forecasts calling for beneficial rainfall across the Canadian Prairies this weekend helped to limit the advances.

Weakness in European rapeseed futures and expectations of a very large 2014/15 US soybean crop were also bearish.

About 13,448 contracts traded on Thursday, which compares with Wednesday when 20,233 contracts changed hands. Spreading made up the bulk of the activity, accounting for 11,002 of the trades.

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

Settlement prices are in Canadian dollars per metric ton.

                          Price      Change
Canola            Nov     440.70    up  2.70
                  Jan     444.40    up  2.60
                  Mar     444.90    up  2.50
Milling Wheat     Oct     190.00      unch
                  Dec     194.00      unch
Durum             Oct     250.00      unch
                  Dec     256.10      unch
Barley            Oct     137.50      unch
                  Dec     139.50      unch

Months        Prices                      Volume
Canola
Nov/Jan       4.20 under to 3.20 under     1,870
Nov/Mar       4.50 under to 3.40 under       154
Nov/Jul       2.90 over                       10
Jan/Mar       0.80 under to 0.10 under       989
Jan/May       2.80 over to 3.10 over         572
Jan/Nov       18.70 over to 19.10 over        87
Mar/May       3.00 over to 3.70 over         612
May/Jul       4.10 over to 4.60 over         612
Jul/Nov       11.80 over to 12.20 over       595

Terryn Shiells, Commodity News Service Canada