Winnipeg, MB, July 29, 2014 

ICE Futures Canada canola contracts ended weaker on Tuesday, taking some direction from the declines seen in the Chicago soy complex.

A pickup in farmer selling after Monday's rally and improving basis levels made cash prices more attractive also weighed on the futures, according to analysts.

Forecasts calling for beneficial warm and dry weather across the Canadian Prairies this week added to the bearish tone, as did continued expectations of a very large 2014/15 US soybean crop.

However, the sharp downswing in the value of the Canadian dollar limited the losses, as it made canola more attractive to crushers and foreign buyers.

Spillover from the gains in European rapeseed futures and ongoing concerns about crop damage from flooding and dryness in Western Canada this year were also supportive.

About 14,099 contracts traded on Tuesday, which compares with Monday, when 13,747 contracts changed hands. Spreading accounted for 7,510 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     444.10    dn  3.00
                  Jan     448.30    dn  2.80
                  Mar     449.00    dn  2.70
Milling Wheat     Oct     190.00      unch
                  Dec     195.00      unch
Durum             Oct     250.00      unch
                  Dec     256.00      unch
Barley            Oct     137.50      unch
                  Dec     139.50      unch

Months        Prices                      Volume
Canola
Nov/Jan       4.20 under to 3.60 under     1,632
Nov/Mar       4.90 under to 4.20 under       171
Nov/May       0.60 under to 0.40 under        14
Jan/Mar       0.90 under to 0.10 under     1,231
Jan/May       3.10 over to 4.00 over           9
Jan/Jul       7.20 over                        4
Jan/Nov       19.10 over                      50
Mar/May       3.70 over to 4.20 over         389
May/Jul       4.10 over to 4.50 over         202
Jul/Nov       11.90 over to 13.20 over        53

Terryn Shiells, Commodity News Service Canada