Canola contracts on the ICE Futures Canada trading platform posted record daily trade volumes on Dec. 4, the IntercontinentalExchange Group announced Thursday.
There were 51,805 canola futures contracts traded on the Winnipeg-based electronic market on Wednesday, which topped the previous daily record of 49,165 contracts set on June 9, 2010, ICE said.
ICE data shows total open interest in canola rose by about 9,000, to 217,146 contracts, hitting its highest level in just over a year.
Market participants said the majority of the volume Wednesday was tied to intermonth spread activity, with over 43,000 of the contracts traded linked to spreading.
Statistics Canada released updated production estimates on Wednesday, pegging the country’s 2013-14 canola crop at a record 17.96 million tonnes. The production number was at the high end of trade estimates and about four million tonnes larger than the previous year.
Positioning following the data was the major feature behind the big volumes, according to traders. — CNSC
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