Spill over buying from the advances in CBOT soybean and soyoil, as well as crude oil futures, contributed to the upward momentum in the market, brokers said.

Soggy weather conditions in the Canadian grainbelt continue to be supportive of canola futures. There is an expectance of low yields on early seeded fields as well as concern over unseeded acreage that will limit supply on the expected new crop, analysts said.

Market participants were also starting to get a better realization of the unseeded acreage in the Canadian prairies, helping to fuel the rally. Some believe that 1.0 million to 5.0 million acres of canola will not be planted this spring. Statistics Canada will release an updated acreage intentions report on June 23, 2010. Helping to provide some underlying support to canola was a pick-up in export inquiries regarding the availability of Canadian canola, brokers said. The increased interest in Canadian canola reflected the weather uncertainty and Canada’s canola production. Good volumes of canola were being traded, with a major portion of that activity the rolling of positions out of the July future and into the November contract, traders said.

There were an estimated 26,505 canola contracts traded at 10:40 am CDT. There was no western barley futures traded as of 10:40 am CDT.

Western barley futures were untraded and unchanged.

Prices in Canadian dollars per metric ton at 10:40 CDT: