Winnipeg, MB, July 28, 2014

ICE Futures Canada canola contracts ended stronger on Monday, following the sharp gains seen in the Chicago soy complex.

But, canola futures lagged soybeans and soyoil to the upside as traders were being cautious, waiting for fresh news on the state of the western Canadian canola crop, analysts said. CWB is conducting a tour of Prairie crops this week, with conclusive results expected on Thursday.

Canola futures also found some spillover support from the advances seen in Malaysian palm oil and European rapeseed futures.

Steady demand, slow farmer selling and the need to keep a weather premium built into prices were also bullish.

However, forecasts calling for improving weather that will benefit western Canadian crops this week limited the advances.

Continued expectations of a large 2014/15 US soybean crop were also bearish.

About 13,747 contracts traded on Monday, which compares with Friday, when 10,123 contracts changed hands. Spreading accounted for 9,714 of the trades made.

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

Settlement prices are in Canadian dollars per metric ton.

                          Price      Change
Canola            Nov     447.10    up  4.60
                  Jan     451.10    up  5.10
                  Mar     451.70    up  4.90
Milling Wheat     Oct     192.00      unch
                  Dec     197.00      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       4.00 under to 3.30 under     1,335
Nov/Mar       4.40 under to 3.90 under       300
Nov/May       1.20 under to 0.40 under       158
Nov/Jul       4.50 over                       14
Nov/Nov       14.90 over                       1
Jan/Mar       0.90 under to 0.10 under       917
Jan/May       2.80 over to 4.00 over         130
Mar/May       3.10 over to 4.40 over         987
May/Jul       4.10 over to 4.40 over         414
Jul/Nov       11.80 over to 13.30 over       601

Terryn Shiells, Commodity News Service Canada