French exchange operator ParisBourse has introduced its third new commodity product this year. A new rapeseed meal future began trading on the ParisBourse derivatives market in late October, following the introduction of corn futures at the start of that month and options on rapeseed futures in May.
Based on FOB Rhine, the benchmark for the European physical market, the quantity per contract is 50 tons and the contract will be quoted in euros. Six delivery months will be quoted at all times, with February 2000 as the first.
The corn futures contract, said ParisBourse, was designed for traders hedging against price fluctuations, especially since markets were set for greater volatility as a result of the changes to the Common Agricultural Policy under the Agenda 2000 programme.