wheats.aiEURONEXT PARIS · ECO FORWARD CURVE
Euronext rapeseed futures (ECO)
Euronext rapeseed futures (symbol ECO) are the European benchmark for rapeseed. They trade in Paris in euros per tonne and are settled by delivery of double-zero rapeseed (40% oil, 9% moisture, 2% impurities basis) FOB barge at designated ports on the Moselle, the Mittellandkanal, the Main and in Ghent. Crushers, farmers and oilseed traders use them to price seed against rapeseed oil and meal.
- Contract size
- 50 t
- Minimum price movement
- €0.25/t = €12.50
- Delivery months
- Feb · May · Aug · Nov
- Last trading day
- Last business day of the prior month, 18:30
Listed ECO maturities and last trading days
Ten delivery months are listed at a time; the table shows the next 10. Futures stop trading at 18:30 on the last business day of the month before delivery, and options on them (OCO) expire about two weeks earlier. Dates are from Euronext’s published rapeseed trading calendar.
| Contract | Month code | Futures last trading day | OCO option last trading day |
|---|---|---|---|
| ECO Feb 2027 | G7 | 29 Jan 2027 | 15 Jan 2027 |
| ECO May 2027 | K7 | 30 Apr 2027 | 15 Apr 2027 |
| ECO Aug 2027 | Q7 | 30 Jul 2027 | 15 Jul 2027 |
| ECO Nov 2027 | X7 | 29 Oct 2027 | 15 Oct 2027 |
| ECO Feb 2028 | G8 | 31 Jan 2028 | 17 Jan 2028 |
| ECO May 2028 | K8 | 28 Apr 2028 | 18 Apr 2028 |
| ECO Aug 2028 | Q8 | 31 Jul 2028 | 17 Jul 2028 |
| ECO Nov 2028 | X8 | 31 Oct 2028 | 16 Oct 2028 |
| ECO Feb 2029 | G9 | 31 Jan 2029 | 15 Jan 2029 |
| ECO May 2029 | K9 | 30 Apr 2029 | 16 Apr 2029 |
Reading the rapeseed forward curve
The August contract is the first new-crop month after the European harvest, so the May to August spread prices the old crop against the new one and often inverts when old-crop seed is short. Between the other months the spread normally pays for storage and financing; Wheats measures it against full carry, the cost of financing the front price at the euro short-term rate (€STR) plus storage, assumed at €1.00 per tonne per month.
| Spread | Months | Storage (€/t) | Financing per €100/t of price |
|---|---|---|---|
| Feb 2027 → May 2027 | 3 | 3.00 | 0.61 |
| May 2027 → Aug 2027 | 3 | 3.00 | 0.61 |
| Aug 2027 → Nov 2027 | 3 | 3.00 | 0.61 |
| Nov 2027 → Feb 2028 | 3 | 3.00 | 0.61 |
| Feb 2028 → May 2028 | 3 | 3.00 | 0.61 |
| May 2028 → Aug 2028 | 3 | 3.00 | 0.61 |
| Aug 2028 → Nov 2028 | 3 | 3.00 | 0.61 |
| Nov 2028 → Feb 2029 | 3 | 3.00 | 0.61 |
| Feb 2029 → May 2029 | 3 | 3.00 | 0.61 |
Settlement prices, calendar spreads and each spread’s share of full carry are calculated from licensed Euronext settlements, so their values are shown only to members in the Wheats terminal, together with the OCO option-expiry probability.
Investment fund positioning in ECO
Euronext’s weekly Commitments of Traders report put investment funds’ net position in rapeseed futures and options at +17,787 lots (about 0.89 million tonnes net long) in the week of 6 Nov 2026, −22,372 lots on the week. Over the past 52 weeks the net position ranged from −14,172 to +90,851 lots; funds were less long than now in 77% of the 440 weeks since 4 May 2018.
Euronext has reported futures separately since 30 September 2026; the futures-only net position in the week of 6 Nov 2026 was +17,786 lots.
Sources
Contract terms: Euronext ECO contract specification. Positioning: Euronext Commitments of Traders, weekly. Interest rate: ECB euro short-term rate. Wheats provides information aggregation, not trading recommendations. See also the rapeseed cash price, ICE canola futures and Euronext milling wheat futures.