CME Group Nonfat Dry Milk

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On Feb 9th, 2021, the CME designated the Classic Transportation & Warehousing (1175 147th Avenue. Maryland, MI) as an Approved Warehouse for Spot Call Nonfat Dry Milk and Spot Call Dry Whey delivery.

Nonfat Dry Milk Futures
Contract Unit 44,000 lbs. of Nonfat Dry Milk ( ˜20 metric tons)
Price Quotation Nonfat Dry Milk

Cents per pound"

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
Minimum Price Fluctuation $0.00025 per pound (= $11.00 per contract)
Product Code CME Globex: GNF

CME ClearPort: NF

Clearing: NF

Listed Contracts 24 Calendar Months
Settlement Method Financially Settled
Termination of Trading Trading shall terminate on the business day immediately preceding the day on which the USDA announces the Nonfat Dry Milk price for that contract month. (LTD 12:10 p.m.)
Trade at Marker or Trade at Settlement Rules Trading at Settlement (TAS) is subject to the requirements of Rule 524.A. TAS trades off a ""Base Price"" of zero (equal to the daily settlement price) to create a differential versus the daily settlement price in the underlying futures contract month. The TAS clearing price equals the daily settlement price of the underlying futures contract month plus or minus the TAS transaction price.

TAS Table

Settlement Procedures NonFat Dry Milk Settlement Procedures
Position Limits CME Position Limits
Exchange Rulebook CME 54
Block Minimum Block Minimum Thresholds
Price Limit or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Nonfat Dry Milk Options
Minimum Price Fluctuation Full Tick: $0.00025 per pound (= $11.00 per contract)

Half Tick: $0.000125 per pound (= $5.50 per contract)

Price Quotation Cents per pound
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.
Open Outcry: MON–FRI: 9:05 a.m. – 1:12 p.m. (LTD 12:10 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: GNF

CME ClearPort: NF

Open Outcry: NF

Clearing: NF

Listed Contracts Monthly contracts listed for 24 consecutive months
Termination of Trading Trading terminates on the business day immediately preceding the day on which the USDA announces the Nonfat Dry Milk price for that contract month. (LTD 12:10 p.m.)
Position Limits CME Position Limits
Exchange Rulebook CME 54A
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 $0.02 per pound increments in all months and additional strikes listed for 25% of the underlying settlement price above and below the at-the-money strike at $0.01 per pound increments in the nearest 2 months.
Exercise Procedure American Style See CME Rule 54A02
Settlement Method Deliverable
Underlying Nonfat Dry Milk Futures

Notes[edit]

Resources[edit]