Winnipeg, MB, July 31, 2014

ICE Futures Canada canola contracts ended slightly lower after a day of quiet, choppy activity on Thursday.

Traders were being cautious ahead of the long weekend, as Canadian markets will be closed for a Civic Holiday on Monday, August 4. They were also awaiting news about 2014/15 (Aug/Jul) Canadian canola prospects from CWB's (formerly known as the Canadian Wheat Board) crop tour later Thursday afternoon.

Ongoing expectations of a very large 2014/15 US soybean crop were bearish for canola prices, analysts said.

Improving weather for crop development in many parts of Western Canada this week also weighed on prices.

However, recent softness in the Canadian dollar, slow farmer selling and ongoing worries about production problems in Western Canada helped to underpin prices.

About 10,437 contracts traded on Thursday, which compares with Wednesday, when 15,490 contracts changed hands. Spreading accounted for 5,004 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     441.30    dn  1.50
                  Jan     445.40    dn  1.00
                  Mar     446.00    dn  0.90
Milling Wheat     Oct     187.00      unch
                  Dec     193.00      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     1,254
Nov/Mar       4.70 under to 4.30 under         8
Nov/May       1.00 under to 0.50 under         2
Nov/Nov       15.80 over                       3
Jan/Mar       0.70 under to 0.20 under       770
Mar/May       3.70 over to 4.00 over         192
May/Jul       4.20 over to 4.30 over         147
Jul/Nov       11.90 over to 13.00 over       126

Terryn Shiells, Commodity News Service Canada