Winnipeg, MB, August 8, 2014

ICE Futures Canada canola contracts ended stronger on Friday, finding some support from a late-day rally in Chicago soybean futures, analysts said.

Firmness in Chicago soymeal values and the sharply lower Canadian dollar added to the bullish tone.

Steady commercial demand and slow farmer selling were also behind the gains.

The evening of positions ahead of the weekend and next Tuesday's USDA report lent further support to canola futures, brokers said.

However, forecasts calling for beneficial weather for an expected record large US soybean crop tempered the upside.

Some spillover pressure also came from the losses seen in Chicago soyoil futures.

About 8,940 contracts traded on Friday, which compares with Thursday, when 9,478 contracts changed hands. Spreading accounted for 3,286 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     443.90    up  3.00
                  Jan     449.10    up  3.20
                  Mar     450.70    up  3.30
Milling Wheat     Oct     206.00      unch
                  Dec     211.00      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       5.50 under to 4.80 under       921
Nov/May       4.70 under to 4.30 under        26
Nov/Jul       0.20 over                        3
Nov/Nov15     3.40 over to 6.30 over           4
Jan/Mar       1.80 under to 1.20 under       244
Jan/Jul       3.90 over to 5.10 over           4
Jan/Nov       10.00 over                      25
Mar/May       2.30 over to 3.10 over         310
May/Jul       2.50 over to 3.80 over          56
Jul/Nov       2.80 over to 9.10 over          50

Terryn Shiells, Commodity News Service Canada