Glacier FarmMedia MarketsFarm – The ICE Futures canola market made small gains on Thursday despite a stronger loonie as the oilseed tried to climb its way out of its recent downturn.
Chicago soyoil and Malaysian palm oil were both up, but European rapeseed was steady to lower. Crude oil made sharp gains after the United States Federal Reserve announced on Wednesday it is planning on three key interest rate cuts next year.
The Canadian dollar was up more than four-tenths of a U.S. cent compared to Wednesday’s close.
Nearly 12,000 contracts were traded. Prices in Canadian dollars per metric ton as of 8:38 CST:
Jan. 661.60 up 1.30
Mar. 671.00 up 2.70
May 678.10 up 3.00
Jul. 683.20 up 2.50
