Winnipeg, MB, July 30, 2014

ICE Futures Canada canola contracts ended lower on Wednesday, following the declines seen in Chicago soybean and soyoil futures, analysts said.

Ongoing expectations that the 2014/15 US soybean crop will be record large also weighed on prices.

Further downward pressure came from forecasts calling for improving weather across Western Canada this week.

However, ongoing concerns about yield losses due to excess dryness and moisture in parts of Western Canada this year were supportive.

The sharp downswing in the value of the Canadian dollar, which was down almost half a cent against the US dollar, was also bullish. The weaker Canadian currency makes canola more attractive to crushers and exporters.

About 15,490 contracts traded on Wednesday, which compares with Tuesday, when 14,099 contracts changed hands. Spreading accounted for 8,512 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     442.80    dn  1.30
                  Jan     446.40    dn  1.90
                  Mar     446.90    dn  2.10
Milling Wheat     Oct     186.00      unch
                  Dec     192.00      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     1,888
Nov/Mar       4.40 under to 4.00 under       349
Nov/May       0.40 under                      25
Nov/Jul       3.60 over to 4.10 over          28
Nov/Nov       15.80 over to 16.00 over         3
Jan/Mar       0.90 under to 0.10 under     1,238
Jan/May       3.20 over to 3.30 over          23
Jan/Jul       7.50 over to 7.70 over          35
Mar/May       3.70 over to 4.00 over         286
May/Jul       4.30 over to 4.70 over         218
Jul/Nov       11.90 over to 13.80 over       163

Terryn Shiells, Commodity News Service Canada