CNS Canada — Canola contracts on the ICE Futures Canada trading platform posted record daily trade volumes on Thursday, with large amounts of inter-month spreading behind much of the activity.
There were 71,536 canola contracts traded on the Winnipeg-based electronic market on Thursday, according to preliminary trade data. That compares with the previous daily record of 70,817 contracts set on Dec. 10 last year. [Related story]
The average daily volumes over the past two weeks come in at closer to 25,000.
ICE Canada data shows total open interest in canola was sitting at 235,856 contracts ahead of Thursday’s session.
Market participants said the majority of the volume on Thursday was tied to inter-month spread activity, with over 69,000 of the contracts traded linked to spreading.
The large volumes came as the March contract moved below the $400 per tonne level on Thursday. The front-month canola contract had not traded below that psychological point since June 2010. — CNSC