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Eastern Australia (EA) canola futures

Underlying Commodity Eastern Australia (EA) Canola
ASX 24 Code VC
Physical Grade CSO1-a (AOF)
Pricing Point

New South Wales (Newcastle and Port Kembla) Track
Victoria (Geelong and Portland) Track
South Australia (Port Adelaide) Track

Contract Unit 20 metric tonnes
Quotation Tick Size AUD $0.10 per tonne. Tick value of $2 per contract.
Settlement Months January, March, May, July, September
Last Trading Day and Maturity Date The third Thursday of the maturity month, provided this is a trading day.
Trading Hours

Night Session: 5.00pm to 7.00pm  
Day Session: 11.00am to 4.30pm

Trading ceases at 12pm on Maturity Date.
All times are AEST / AEDT**

Pre-open starts 10 minutes prior to day session trading and 5 minutes prior to night session trading.

Delivery Period Begins on the second business day of the contract month and ends at 3pm on the Last Trading Day.
Notice Day Any business day within the Delivery Period on which notice of delivery is given via lodgement of tender documentation with ASX Clearing Corporation.
Settlement Method Physical delivery
Settlement Amount The final Settlement Amount is calculated from the settlement price on the Notice Day. This price is adjusted for GTA Location Differentials, shrink, oil bonifications, admixture content, receival fees and GST.
Settlement Day The business day following the Notice Day.
Deliverable Grade

Settlement Months – March 2014 onward
The deliverable grade is Australian origin and is a minimum of the Australian Oilseed Federation ‘Grain Quality Standard’ for Canola (CSO1-a) or equivalent and tested in accordance with the ‘Canola Receival Standards’ of the specified Bulk Handling Company. The deliverable grade must be free of any regulatory control that is applied on either a State basis or determined by a crop year. Canola must be new crop stock transferred on a grower receival stack average basis.

Approved Warehouses and Delivery Locations Any up-country location in NSW, Victoria and South Australia of an Approved Bulk Handler, tributary to the underlying track markets.
Premiums and Discounts

Premiums and discounts paid on grower receival stack average data as per Approved Bulk Handler's stock report. The adjustments are based on the differences between the delivered (stack average) quality and the standard quality:

  • Gross Weight is adjusted on the basis of a 1% deduction for each 1% of admixture (impurity) up to maximum as per AOF.
  • Price is adjusted on the basis of plus/minus 1.5% of clean seed value for each 1% above/below 42% oil as per AOF.

* AEDT commences the first Sunday of October and finishes the first Sunday of April

** When grain is initially received at a bulk handler depot, it is tested and the results are recorded. At the completion of harvest, each delivery depot has an average of the grain characteristics for each grain type. This is referred to as the grower receival stack average. The average is not a moving average but remains constant throughout the grain season. As is industry practice, when a futures contract is tendered and the grain is transferred from one party to another, the transfer and any associated premium and discount price adjustments are based on the grower receival stack average grain characteristics.

In the case of any discrepancy between this document and the ASX 24 Operating Rules and ASX Clear (Futures) Operating Rules the respective Operating Rules prevail.