Winnipeg, MB, Aug. 12, 2014

ICE Futures Canada canola contracts were weaker on Tuesday, as confirmation of the large US soybean crop from the USDA weighed on values.

In a much anticipated report, the USDA pegged the country's soybean crop this year at a record 3.816 billion bushels. The report was relatively in line with trade guesses, but the official numbers were still enough to weigh on values on both sides of the border, according to analysts.

Bearish technicals contributed to the declines in the Winnipeg futures, although canola managed to hold above chart support and ended well off its session lows.

Continued uncertainty over the size of the Canadian crop, with many areas now thought to be in need of some moisture, was also supportive, according to participants.

About 13,840 canola contracts were traded on Tuesday, which compares with Monday when 10,752 contracts changed hands. Spreading accounted for 6,020 of the contracts traded.

Milling wheat, durum, and barley were all untraded.

Settlement prices are in Canadian dollars per metric ton.

                          Price      Change
Canola            Nov     435.40    dn 2.90
                  Jan     440.40    dn 2.90
                  Mar     442.30    dn 2.70
Milling Wheat     Oct     200.00    unch
                  Dec     205.00    unch
Durum             Oct     250.00    unch
                  Dec     256.00    unch
Barley            Oct     136.00    unch
                  Dec     138.00    unch
     Spread trade prices are in Canadian dollars and the volume
represents the number of spreads:
Months        Prices                      Volume
Canola
Nov/Jan       5.20 under to 4.70 under     1,796
Nov/Mar       6.60 under to 6.20 under         6
Nov/May       4.50 under to 4.10 under       152
Nov/Jul       0.70 under                       2
Jan/Mar       2.00 under to 1.30 under       780
Mar/May       2.50 over to 2.80 over         182
May/Jul       2.90 over to 3.50 over          46
Jul/Nov       4.60 over to 6.60 over          46

Commodity News Service