CME Group Milk Class III

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The Class III Milk futures contract represents milk used primarily in the manufacturing of cheddar cheese, and, thus, is also known in the industry as "cheese milk." All factors affecting milk production and cheese cash prices influence the price direction of this contract.

Milk Class III Futures
Contract Unit 200,000 pounds (2,000 hundredweight (cwt))
Price Quotation U.S. dollars and cents per cwt
Trading Hours CME Globex: Sunday - Friday 5:00 p.m. - 1:55 p.m. CT with a daily trading halt from 4:00 p.m. to 5:00 p.m. CT
CME ClearPort: Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday from 5:45 p.m. – 6:00 p.m. CT
Minimum Price Fluctuation 0.01 per cwt. = $20.00
Product Code CME Globex: DC

CME ClearPort: DA

Clearing: DA

Listed Contracts Monthly contracts listed for 24 consecutive months
Settlement Method Financially Settled
Termination of Trading Trading terminates on the business day prior to the USDA announcement of the price for that contract month.
Settlement Procedures Class III Settlement Procedures
Position Limits CME Position Limits
Exchange Rulebook CME 52
Block Minimum Block Minimum Thresholds
Price Limit or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Milk Class III Options
Contract Unit 200,000 Pounds
Minimum Price Fluctuation 0.01 per cwt = $20.00
Price Quotation U.S. dollars and cents per cwt
Trading Hours CME Globex: Sundays at 5:00 p.m. through Friday at 1:55 p.m. with daily trading halts from 4:00 p.m. to 5:00 p.m.
CME ClearPort: Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday from 5:45 p.m. – 6:00 p.m. CT
Product Code CME Globex: DC

CME ClearPort: DA

Open Outcry: DA

Clearing: DA

Listed Contracts Contracts listed for 24 calendar months
Settlement Procedures Option on physical delivery futures contract
Termination of Trading Trading shall terminate on the business day immediately preceding the day on which the USDA announces the Class III price for that contract month. (LTD 12:10 p.m.)
Position Limits CME Position Limits
Exchange Rulebook CME 52A
Block Minimum Block Minimum Thresholds
Price Limit or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Strike Price Listing Procedures Strikes listed for 50% of the underlying settlement price above and below the at-the-money strike at $0.0025 per pound increments in all months.
Exercise Style American
Exercise Procedure American Style See CME Rule 52A02
Settlement Method Deliverable
Underlying Class III Milk Futures

Notes[edit]

Also See[edit]

CME Group commodity products

Resources[edit]