PARIS (Reuters) – Monetary markets operator CME Group mentioned on Tuesday that it plans to launch cash-settled futures for European rapeseed oil subsequent month, utilizing an Argus Media index for Dutch costs.
The brand new product will begin buying and selling on April 28, topic to regulatory approval, by means of CME’s Chicago Board of Commerce trade, the corporate mentioned in a discover on its web site.
The futures will encompass consecutive month-to-month contracts, beginning with Might 2025, and commerce in numerous 20 metric tons, it mentioned.
Rapeseed oil is a byproduct of rapeseed, essentially the most produced oilseed crop in Europe.
The launch marks a contemporary try by CME, whose U.S. corn, wheat and soybean futures are world value benchmarks, to increase within the European grain market.
The U.S. group scrapped a European Union wheat futures contract after failing to draw volumes towards Euronext’s wheat market, whereas it suspended buying and selling in its Black Sea grain futures following Russia’s invasion of Ukraine.
Euronext’s rapeseed futures are a value benchmark in Europe however the trade discontinued associated futures for rapeseed oil and meal that had didn’t commerce actively.
On the identical time, CME and Euronext final 12 months collectively launched contracts to permit buying and selling of value spreads between their respective wheat futures.
(Reporting by Gus Trompiz and Sybille de La Hamaide; Modifying by Susan Fenton)