ICE Canola

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The ICE Canola contract is traded through ICE Futures Canada, the subsidiary of the Intercontinental Exchange formerly known as the Winnipeg Commodity Exchange (WCE). The canola futures and options are traded electronically.

ICE's futures and options on futures contracts for ICE Western Barley, ICE Canola and ICE Feed Wheat transitioned from the WCE trading platform to the ICE Trading Platform on December 10, 2007.[1]

Background

Canola is a genetic variation of rapeseed, developed by Canadian plant breeders for its nutritional qualities, particularly the low level of saturated fat. Canola is used to make cooking oil and biodiesel, a renewable fuel[2].

Canola is grown primarily in regions of Western Canada, with some acreage being planted in Ontario, the Pacific Northwest and north central US. Canola is also grown in other regions including Europe and Australia.

Data Quotes

ICE offers data quotes on a subscription basis.[3]

References

  1. Intercontinental Exchange Announces Successful Transition of WCE Products to ICE Trading Platform. WSJ.com.
  2. Canola Uses. Northern Canola Growers Association.
  3. The most valuable commodity is information. ICE.
Canola Oil Futures
Trading Screen Product Name Canola Futures
Trading Screen Hub Name ICUS
Contract Symbol RS
Currency Canadian dollars.
Delivery Months January, March, May, July, November.
Deliverable Specifications Contract deliverable grades shall be based on primary elevator grade standards as established by the Canadian Grain Commission (CGC).

Non-commercially clean Canadian canola with maximum dockage of 8%; all other specifications to meet No. 1 Canada canola at par; or Deliverable at $5.00/net tonne premium: commercially clean No. 1 Canada canola; or Deliverable at $8.00/net tonne discount: commercially clean No. 2 Canada canola; or Deliverable at $13.00/net tonne discount: non-commercially clean Canadian canola, with maximum dockage of 8%; all other specifications to meet No. 2 Canada canola. Varieties derived from GMOs are deliverable.

Delivery Locations Par: Par area in Saskatchewan.

Central West: Non-par locations in Saskatchewan at $2.00/tonne premium. Eastern: Non-par locations in Manitoba at $2.00/tonne discount. Western: Non-par locations in Alberta (excluding the Peace River District of Alberta) at $6.00/tonne premium. Peace River: Non-par locations in Alberta and British Columbia known as the Peace River District at $2.00/tonne premium.

Contract Size 1 contract = 20 tonnes.
Trade Match Algorithm First-in-First-out (FIFO).
First Notice Day One Trading Day prior to the first delivery day.
Delivery Date First Trading Day of the delivery month.
Last Trading Day Trading Day preceding the fifteenth calendar day of the delivery month.
Last Notice Day First Trading Day after the last Trading Day of the delivery contract.
Minimum Price Fluctuation $0.10/tonne ($2.00/contract).
Daily Price Limit $30.00/tonne above or below previous settlement. See ICE Futures U.S. Rule 12.02 for details on Expanded Daily Price Limits
Speculative Position Limit 3,000 contracts (In spot month only - see ICE Futures U.S. Rules for details)
Markers TAS (Trade at Settlement)[1]
MIC Code IFUS
Clearing Venues ICUS
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 8:00 PM - 2:20 PM*

20:00 - 14:20

7:30 PM

19:30

LONDON 1:00 AM - 7:20 PM*

01:00 - 19:20

12:30 AM

00:30

SINGAPORE 9:00 AM - 3:20 AM*

09:00 - 03:20"

8:30 AM

08:30

*Next Day

In addition to the Pre-Open start time shown above, there will be a Post-Close Pre-Open order entry session from 2:50 pm to 6:00 pm NY time on the prior Exchange business day."

Codes Clearing Admin Name Canola US
Physical RS
Logical RS
GMI (FC) RS
ION A.C.N.
Canola Oil Options
Trading Screen Product Name Canola Futures
Trading Screen Hub Name ICUS
Contract Symbol RS
Currency Canadian dollars.
Underlying Contract One Canola futures contract.
Contract Size 1 contract = 20 tonnes.
Contract Series Regular Months: January, March, May, July, November.

Serial Months: February, April, June, August, September, October, December.

For a serial option, the underlying futures contract is the next regular futures contract month.

Trade Match Algorithm First-in-First-out (FIFO).
Last Trading Day Options Months except January: The last Friday which precedes by at least two Trading Days the last Trading Day immediately preceding the Options Month. January Options Months: The third Friday of December.
Expiration Date Same as Last Trading Day.
Minimum Price Fluctuation $0.10/tonne ($2.00/contract).
Strike Price Increments $5.00/tonne.
Option Style American.
Exercise All options that are in-the-money.
MIC Code IFUS
Clearing Venues ICUS
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 8:00 PM - 2:20 PM*

20:00 - 14:20

7:30 PM

19:30

LONDON 1:00 AM - 7:20 PM*

01:00 - 19:20

12:30 AM

00:30

SINGAPORE 9:00 AM - 3:20 AM*

09:00 - 03:20

8:30 AM

08:30

*Next Day

In addition to the Pre-Open start time shown above, there will be a Post-Close Pre-Open order entry session from 2:50 pm to 6:00 pm NY time on the prior Exchange business day.

Codes Clearing Admin Name Options - Canola
Physical RS
Logical RS
GMI (FC) RS
ION A.C.N.

Resources

Notes


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