Winnipeg, MB, August 7, 2014

ICE Futures Canada canola contracts ended slightly lower on Thursday, undermined by spillover pressure from the weakness in Chicago soyoil futures. Soybeans in Chicago finished mixed.

Worries about Russia adding to their list of banned agricultural products from countries that have sanctions against them were also bearish, analysts said.

Good weather for canola in Western Canada and soybeans in the US Midwest this week further undermined prices.

However, a lack of significant farmer selling, as they wait for stronger prices, provided support for prices.

Steady demand, the need to keep a weather premium built into the market and the weaker Canadian dollar were also bullish.

About 9,478 contracts traded on Thursday, which compares with Wednesday, when 18,538 contracts changed hands. Spreading was responsible for the bulk of the activity, accounting for 7,064 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     440.90    dn  1.10
                  Jan     445.90    dn  1.00
                  Mar     447.40    dn  0.40
Milling Wheat     Oct     194.00      unch
                  Dec     199.00      unch
Durum             Oct     250.00      unch
                  Dec     256.00      unch
Barley            Oct     136.50      unch
                  Dec     138.50      unch

Months        Prices                      Volume
Canola
Nov/Jan       5.20 under to 4.80 under     2,104
Nov/Mar       6.60 under to 5.60 under        17
Nov/May       1.90 under                       2
Nov/Jul       1.60 over to 3.00 over          22
Jan/Mar       1.60 under to 0.80 under       494
Jan/May       2.50 over                      105
Mar/May       2.80 over to 3.70 over         559
May/Jul       2.70 over to 5.50 over         173
Jul/Nov       0.30 over to 6.30 over          56

Terryn Shiells, Commodity News Service Canada