ICE Canola Finds Positive Momentum

WINNIPEG, Manitoba--The ICE Futures canola market made small gains Thursday despite a stronger loonie, as the oilseed tried to climb its way out of a 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 U.S. Federal Reserve announced on Wednesday that it is planning to make hree key interest rate cuts next year.

The Canadian dollar was up more than four-tenths of a U.S. cent compared with Wednesday's close.

Nearly 12,000 contracts were traded.

Prices in Canadian dollars per metric ton as of 8:38 a.m. CST:

 
                    Price    Change 
Canola         Jan  661.60  up 1.30 
               Mar  671.00  up 2.70 
               May  678.10  up 3.00 
               Jul  683.20  up 2.50 
 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

12-14-23 1014ET