MarketsFarm — The ICE Futures canola market on Friday saw its busiest day ever, with over 90,000 contracts traded during the session, according to preliminary data.
Intermonth spreading accounted for roughly half of the trade volumes on Friday as investors were busy rolling out of the front month.
Daily trade volumes in canola are typically in the 20,000-40,000 contracts range, with anything above 50,000 a rarity. The previous daily record was set nearly a decade ago on Feb. 13, 2014, when daily trade volumes hit 71,536 contracts, according to data compiled by Barchart.
Total open interest in canola heading into Friday’s session came in at around 245,000 contracts.
— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
