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More Gains Possible for Canola Futures

Canola futures have risen over the past week and the market may have more room to run higher amid production uncertainty, according to one analyst. 

Jerry Klassen of Winnipeg-based Resilient Commodity Analysis said he expects the nearby July contract to go back up to $700/tonne in the coming weeks. The July contract closed Wednesday at $670.20. 

“Maybe a bit up to $720, into that range,” Klassen said. “We’re not getting into a runaway bull market here, but if you see another $30 to $40 upside (on the July contract), that wouldn’t surprise me.” 

Both the July and new-crop November canola contracts have rallied about $20 over the past week, gains that Klassen at least partially attributed to short covering.  

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