PARIS, Oct 14 (Reuters) - Euronext’s rapeseed futures posted record daily volumes on Thursday, the second time the oilseed derivatives have hit record levels so far this month, the exchange said on Friday.
The rapeseed futures, which are a benchmark for the European market, saw 21,369 50-tonne lots traded on Thursday, surpassing a previous record of 21,140 lots on Oct. 6, it said in a statement.
“The poor rapeseed harvest in Europe combined with the industry’s high demand for biofuels and purchase of vegetable oils, particularly rapeseed based oils for the European winter season, lead to an increase in trading activity on the rapeseed futures contract,” Euronext said.
Activity on oilseed markets has also been fuelled by weather risks facing the rapeseed crop in Canada, where wet, snowy conditions have stalled the harvest. (Reporting by Gus Trompiz and Mathieu Rosemain; Editing by Bate Felix)