More Gains Possible for Canola Futures

Jun 07, 2023

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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Video: Why Port Infrastructure is Key to Growing Canada's Farms and Economy

Grain Farmers of Ontario (GFO) knows that strong, modern port infrastructure is vital to the success of Canada’s agriculture. When our ports grow, Ontario grain farmers and Canadian farms grow too—and when we grow, Canada grows.

In this video, we highlight the importance of investing in port infrastructure and how these investments are key to growing Ontario agriculture and supporting global trade. The footage showcases the strength of both Ontario’s farming landscapes and vital port operations, including some key visuals from HOPA Ports, which we are grateful to use in this project.

Ontario’s grain farmers rely on efficient, sustainable ports and seaway systems to move grain to markets around the world. Port investments are crucial to increasing market access, driving economic growth, and ensuring food security for all Canadians.

Why Port Infrastructure Matters:

Investing in Ports = Investing in Farms: Modernized ports support the export of Canadian grain, driving growth in agriculture.

Sustainable Growth: Learn how stronger ports reduce environmental impact while boosting economic stability.

Global Trade Opportunities: Improved port and seaway systems help farmers access new global markets for their grain.

Stronger Communities: Investment in ports means more stable jobs and economic growth for rural communities across Ontario and Canada.

We are proud to support the ongoing investment in port infrastructure and to shine a light on its vital role in feeding the world and securing a prosperous future for Canadian agriculture.

Special thanks to HOPA Ports for providing some of the stunning port footage featured in this video.