DESCRIPTION

The canola futures contract is the world benchmark for canola trading. The contract prices physical delivery of canola seed free-on-board trucks or rail cars in the par delivery region in Saskatchewan.

CONTRACT SYMBOL

RS

CURRENCY

Canadian dollars.

DELIVERY MONTH

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.

Delivery Regions Map: Click ►here to see Canola Map

For Fees Related to the Delivery/Shipment Process click ►here.

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

$40.00/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)

DESCRIPTION

ICE Futures U.S. facilitates trading in Call and Put options on the canola futures contract.

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 PROCEDURE

All options that are in-the-money.