ICE Canola

__NOTOC__
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.
== 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. 
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. 
== References ==
Canola Oil Futures 	Canola Oil Futures 	Canola Oil Futures 	Canola Oil Futures
Trading Screen Product Name	Canola Futures 	Canola Futures 	Canola Futures
Trading Screen Hub Name 	ICUS 	ICUS 	ICUS
Contract Symbol 	RS 	RS 	RS
Currency 	Canadian dollars. 	Canadian dollars. 	Canadian dollars.
Delivery Months 	January, March, May, July, November. 	January, March, May, July, November. 	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.	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.	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.	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.	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. 	1 contract = 20 tonnes. 	1 contract = 20 tonnes.
Trade Match Algorithm 	First-in-First-out (FIFO). 	First-in-First-out (FIFO). 	First-in-First-out (FIFO).
First Notice Day 	One Trading Day prior to the first delivery day. 	One Trading Day prior to the first delivery day. 	One Trading Day prior to the first delivery day.
Delivery Date 	First Trading Day of the delivery month. 	First Trading Day of the delivery month. 	First Trading Day of the delivery month.
Last Trading Day 	Trading Day preceding the fifteenth calendar day of the delivery month. 	Trading Day preceding the fifteenth calendar day of the delivery month. 	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. 	First Trading Day after the last Trading Day of the delivery contract. 	First Trading Day after the last Trading Day of the delivery contract.
Minimum Price Fluctuation 	$0.10/tonne ($2.00/contract). 	$0.10/tonne ($2.00/contract). 	$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	$30.00/tonne above or below previous settlement. See ICE Futures U.S. Rule 12.02 for details on Expanded Daily Price Limits	$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) 	3,000 contracts (In spot month only - see ICE Futures U.S. Rules for details) 	3,000 contracts (In spot month only - see ICE Futures U.S. Rules for details)
Markers 	TAS (Trade at Settlement) 	TAS (Trade at Settlement) 	TAS (Trade at Settlement)
MIC Code 	IFUS 	IFUS 	IFUS
Clearing Venues 	ICUS 	ICUS 	ICUS
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	8:00 PM - 2:20 PM*
20:00 - 14:20 	7:30 PM
19:30
Trading Hours 	LONDON 	1:00 AM - 7:20 PM*
01:00 - 19:20 	12:30 AM
00:30
Trading Hours 	SINGAPORE 	9:00 AM - 3:20 AM*
09:00 - 03:20" 	8:30 AM
08:30
Trading Hours 	*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."	*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."	*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 	Canola US
Codes 	Physical 	RS 	RS
Codes 	Logical 	RS 	RS
Codes 	GMI (FC) 	RS 	RS
Codes 	ION A.C.N. 	None 	None
Canola Oil Options 	Canola Oil Options 	Canola Oil Options 	Canola Oil Options
Trading Screen Product Name	Canola Futures 	Canola Futures 	Canola Futures
Trading Screen Hub Name 	ICUS 	ICUS 	ICUS
Contract Symbol 	RS 	RS 	RS
Currency 	Canadian dollars. 	Canadian dollars. 	Canadian dollars.
Underlying Contract 	One Canola futures contract. 	One Canola futures contract. 	One Canola futures contract.
Contract Size 	1 contract = 20 tonnes. 	1 contract = 20 tonnes. 	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.	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.	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). 	First-in-First-out (FIFO). 	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.	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.	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. 	Same as Last Trading Day. 	Same as Last Trading Day.
Minimum Price Fluctuation 	$0.10/tonne ($2.00/contract). 	$0.10/tonne ($2.00/contract). 	$0.10/tonne ($2.00/contract).
Strike Price Increments 	$5.00/tonne. 	$5.00/tonne. 	$5.00/tonne.
Option Style 	American. 	American. 	American.
Exercise 	All options that are in-the-money. 	All options that are in-the-money. 	All options that are in-the-money.
MIC Code 	IFUS 	IFUS 	IFUS
Clearing Venues 	ICUS 	ICUS 	ICUS
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	8:00 PM - 2:20 PM*
20:00 - 14:20 	7:30 PM
19:30
Trading Hours 	LONDON 	1:00 AM - 7:20 PM*
01:00 - 19:20 	12:30 AM
00:30
Trading Hours 	SINGAPORE 	9:00 AM - 3:20 AM*
09:00 - 03:20 	8:30 AM
08:30
Trading Hours 	*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. 	*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. 	*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 	Options - Canola
Codes 	Physical 	RS 	RS
Codes 	Logical 	RS 	RS
Codes 	GMI (FC) 	RS 	RS
Codes 	ION A.C.N. 	None 	None
Canola 1-month Calendar Spread Options	Canola 1-month Calendar Spread Options 	Canola 1-month Calendar Spread Options 	Canola 1-month Calendar Spread Options
Trading Screen Product Name 	Canola 1-Month CSO 	Canola 1-Month CSO 	Canola 1-Month CSO
Trading Screen Hub Name 	ICUS 	ICUS 	ICUS
Contract Symbol 	RS1 (1 Month Series)
Determining the two futures months in a CSO pair requires knowing the Month Symbol of the first month in the pair. All canola CSOs are consecutive (1-month) calendar spread options. For example, if the Month Symbol for a CSO contract is K14 (or May 2014), the second month in the pair is N14 (or July 2014) – one contract month forward from the K14"	RS1 (1 Month Series)
Determining the two futures months in a CSO pair requires knowing the Month Symbol of the first month in the pair. All canola CSOs are consecutive (1-month) calendar spread options. For example, if the Month Symbol for a CSO contract is K14 (or May 2014), the second month in the pair is N14 (or July 2014) – one contract month forward from the K14"	RS1 (1 Month Series)
Determining the two futures months in a CSO pair requires knowing the Month Symbol of the first month in the pair. All canola CSOs are consecutive (1-month) calendar spread options. For example, if the Month Symbol for a CSO contract is K14 (or May 2014), the second month in the pair is N14 (or July 2014) – one contract month forward from the K14"
Underlying Contract 	A spread position between the two futures contract months. 	A spread position between the two futures contract months. 	A spread position between the two futures contract months.
Contract Size 	Twenty (20) metric tonnes 	Twenty (20) metric tonnes 	Twenty (20) metric tonnes
Price Quotation 	Canadian dollars and cents per metric tonne. 	Canadian dollars and cents per metric tonne. 	Canadian dollars and cents per metric tonne.
Contract Series 	January, March, May, July and November.
1 Month Series: each of the first six listed futures months, paired with consecutive listed months. 	January, March, May, July and November.
1 Month Series: each of the first six listed futures months, paired with consecutive listed months. 	January, March, May, July and November.
1 Month Series: each of the first six listed futures months, paired with consecutive listed months.
Minimum Price Fluctuation 	10 cents per tonne 	10 cents per tonne 	10 cents per tonne
Option Style 	American 	American 	American
Exercise 	All options that are in the money 	All options that are in the money 	All options that are in the money
Daily Price Limit 	None 	None 	None
Strike Price Intervals 	Minimum Strike Price Increment will be $1.00. 	Minimum Strike Price Increment will be $1.00. 	Minimum Strike Price Increment will be $1.00.
First Trading Day 	As required to fulfill the listing cycle noted above 	As required to fulfill the listing cycle noted above 	As required to fulfill the listing cycle noted above
Last Trading Day 	Each CSO expires on the last trading day of the regular option on the earlier of the two contract months in the spread pair; for example, all CSO contracts for which the March 2014 future is the front month of the pair will expire on the last trading day of the March 2014 regular option. 	Each CSO expires on the last trading day of the regular option on the earlier of the two contract months in the spread pair; for example, all CSO contracts for which the March 2014 future is the front month of the pair will expire on the last trading day of the March 2014 regular option. 	Each CSO expires on the last trading day of the regular option on the earlier of the two contract months in the spread pair; for example, all CSO contracts for which the March 2014 future is the front month of the pair will expire on the last trading day of the March 2014 regular option.
Call Option 	Buyer of a CSO Call Option has the right to establish a spread position of long the first futures month in the spread pair and short the second futures month in the spread pair, at a price difference equal to the Strike Price of the CSO contract 	Buyer of a CSO Call Option has the right to establish a spread position of long the first futures month in the spread pair and short the second futures month in the spread pair, at a price difference equal to the Strike Price of the CSO contract 	Buyer of a CSO Call Option has the right to establish a spread position of long the first futures month in the spread pair and short the second futures month in the spread pair, at a price difference equal to the Strike Price of the CSO contract
Put Option 	Buyer of a CSO Put Option has the right to establish a spread position of short the first futures month in the spread pair and long the second futures month in the spread pair, at a price difference equal to the Strike Price of the CSO contract. 	Buyer of a CSO Put Option has the right to establish a spread position of short the first futures month in the spread pair and long the second futures month in the spread pair, at a price difference equal to the Strike Price of the CSO contract. 	Buyer of a CSO Put Option has the right to establish a spread position of short the first futures month in the spread pair and long the second futures month in the spread pair, at a price difference equal to the Strike Price of the CSO contract.
Strike Price 	The Strike Price of a CSO contract can be positive (indicating the price of the front month is above the price of the back month in the pair), negative (indicating the price of the front month is below the price of the back month in the pair) or zero (indicating the prices of the two months in the pair are the same).	The Strike Price of a CSO contract can be positive (indicating the price of the front month is above the price of the back month in the pair), negative (indicating the price of the front month is below the price of the back month in the pair) or zero (indicating the prices of the two months in the pair are the same).	The Strike Price of a CSO contract can be positive (indicating the price of the front month is above the price of the back month in the pair), negative (indicating the price of the front month is below the price of the back month in the pair) or zero (indicating the prices of the two months in the pair are the same).
MIC Code 	IFUS 	IFUS 	IFUS
Clearing Venues 	ICUS 	ICUS 	ICUS
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	8:00 PM - 2:20 PM*
20:00 - 14:20 	7:30 PM
19:30
Trading Hours 	LONDON 	1:00 AM - 7:20 PM*
01:00 - 19:20 	12:30 AM
00:30
Trading Hours 	SINGAPORE 	9:00 AM - 3:20 AM*
09:00 - 03:20 	8:30 AM
08:30
Trading Hours 	*Next Day 	*Next Day 	*Next Day
Codes 	Clearing Admin Name 	Canola US 	Canola US
Codes 	Physical 	RS1 	RS1
Codes 	Logical 	RS1 	RS1
Codes 	GMI (FC) 	R1 	R1
Codes 	ION A.C.N. 	None 	None
== Notes ==
==References==
==Resources==
*ICE Canola Product Specs
*ICE Canola 1 Month Calendar Spread Product Specs
Category:Canola Oil Futures Contracts
Category:Futures Contracts Traded on ICE
Category:Agricultural Futures Contracts
Category:Futures Data in Template