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 | |