January 31, 2017 / 6:53 PM / 2 years ago

UPDATE 1-Euronext suspends rapeseed futures to review specifications

(Adds details, background)

PARIS, Jan 31 (Reuters) - Euronext said on Tuesday it was temporarily suspending its rapeseed futures and options contracts to review their technical specifications with industry players.

The rapeseed futures and options contracts for the August 2019 expiry month and onwards, which were due to be listed on Feb. 1, will not be made available to trade, the exchange said in a statement.

Euronext is waiting to complete discussions with the industry on the issue and also for the outcome of a meeting of an expert committee in the spring, it said in an emailed statement.

“This temporary suspension aims to analyse whether enhancements to the contract specifications are required,” it said. It declined to give further details.

Industry players such as France’s largest rapeseed buyer Saipol, have been pushing for a rise in the oil content basis of rapeseed contracts to 42 percent from 40 percent currently to bring it closer to French rapeseed’s oil content.

Saipol changed the terms of its own contracts last year - a move criticised by many suppliers who wanted to be paid a premium for the additional oil content. Saipol also said it would also seek a change in the futures contract.

Reporting by Sybille de La Hamaide and Valerie Parent. Editing by Jane Merriman

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