Class III Milk(CME) - gpvec

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Dairy Contract Specifications Class III Milk Futures Class III milk futures have been trading at CME since 1996 in various forms. CME has adapted its futures contracts over time to keep up with the ever-changing government price support program for milk. Cash settlement was originally based on the Minnesota-Wisconsin (MW) price, then the Basic Formula Price (BFP), and currently the Class III milk price. Class III milk is also known by the industry as “cheese milk,” the milk used to produce American cheese. Contract Specifications: CME Class III Milk Futures Futures Options on Futures Trading Unit 200,000 pounds Same as futures Contract Months 24 consecutive calendar months Same as futures Months Listed All All Minimum Fluctuation $0.01 per cwt. $0.01 per cwt., except Cab = $0.005 Price Limits $0.75 per cwt. None Options Exercise n/a On any day that the option is traded Strike Price Intervals Termination of Trading Trading Hours RTH Trading Hours Globex Position Limits: Expiring contract month n/a $0.25 Business day prior to USDA Class III Milk Price announcement 9:05 a.m. to 1:10 pm (9:05 a.m. to 12:10 p.m. on last trading day) Trading extends from Monday at 9:05 a.m. Central Time (CT) through Friday at 1:30 p.m. with daily hourlong trading halts at 4:00 p.m. Ticker Symbols RTH / Globex DA / DC Same as futures 9:05 a.m. to 1:12 p.m. (9:05 a.m. to 12:10 p.m. on last trading day) same as Globex futures 1500 contracts Aggregated with futures on an equivalent basis Calls: DA/DC Puts: DA/DC Class IV Milk Futures Class IV milk futures began trading in 2000 to complement the USDA’s component pricing system. Class IV milk is used to produce butter and nonfat dry milk. Contract Specifications: CME Class IV Milk Futures Futures Options on Futures Trading Unit 200,000 pounds Same as futures Contract Months 24 consecutive calendar months Same as futures Months Listed All All Minimum Fluctuation $0.01 per cwt. $0.01 per cwt., except Cab = $0.005 Price Limits $0.75 per cwt. None Options Exercise n/a On any day that the option is traded Strike Price Intervals Termination of Trading Trading Hours Trading Hours Globex Position Limits: Expiring contract month Ticker Symbol: RTH/Globex n/a $0.25 Business day prior to USDA Class IV Milk Price announcement 9:05 a.m to 1:10 p.m (9:05 a.m. - 12:10 p.m. on last trading day) Trading extends from Monday at 9:05 a.m. Central Time (CT) through Friday at 1:30 p.m. with daily hourlong trading halts at 4:00 p.m. Same as futures 9:05 a.m. to 1:12 p.m. (9:05 a.m. - 12:10 p.m. on last trading day) same as Globex futures 1500 contracts Aggregated with futures on an equivalent basis DK/GDK Calls: DK/GDK Puts: DK/GDK 4 HISTORICAL DAIRY REPORT
Nonfat Dry Milk Futures Merchandisers, producers, processors, and speculators can now engage in price discovery and effectively manage price risk in Nonfat Dry Milk, a by-product derived from manufacturing butter. This product can be stored, used in various food sources, and/or reconstituted into milk. Futures complement CME Group’s overall dairy product complex, enabling users both to hedge and to trade milk against its major milk products. Contract Specifications: CME Nonfat Dry Milk Futures Futures Options on Futures Trading Unit 44,000 pounds Grade AA or Extra Same as futures Contract Months 24 months Same as futures Months Listed All Same as futures Minimum Fluctuation $0.00025 per pound $0.00025 per pound, except Cab = $0.000125 Price Limits $0.025 per pound; expandable to $0.05 if contract nearest to expiration subject to daily price limit closes on the limit bid or offer None Options Exercise n/a Any day option is traded Strike Price Intervals n/a $0.02 Termination of Trading Trading Hours RTH Trading Hours Globex Position Limits: Expiring month 1st scale down Other contract months Ticker Symbol RTH / Globex Business day prior to USDA Nonfat Dry Milk Price announcement 9:05 a.m. to 1:10 p.m. (9:05 a.m. - 12:10 p.m. on last trading day) Trading extends from 9:05 am Monday (CT) through 1:30 pm Friday with daily hour-long trading halts at 4:00 pm 100 during the last 5 days of trading 1,000 in any contract month Same as futures 9:05 a.m. to 1:12 p.m. (9:05 a.m. - 12:10 p.m. on last trading day) same as Globex futures Aggregated with futures on an equivalent basis NF / GNF Calls: NZ Puts: NZ Butter Futures Producers, consumers, merchandisers, and speculators can engage in price discovery and manage price risk for butter utilizing a physically delivered contract. Futures reflect cash market supply, demand, and cold-storage stocks. Contract Specifications: CME Butter Futures Futures (RTH) Options on Futures Trading Unit 40,000 pounds Grade AA Same as futures Contract Months 6 months Same as Futures Months Listed Mar, May, Jul, Sep, Oct, Dec Same as futures Minimum Fluctuation $0.00025 per pound $0.00025 per pound, Cab = $0.000125 Price Limits $0.05 per pound; expandable to $0.10 if the contract nearest to expiration that is subject to daily price limit closes on the limit bid or offer None Options Exercise n/a Any day option traded. Strike Price Intervals n/a $0.02 Termination of Trading Trading Hours Position Limits: Expiring Contract month 1st scale down 2nd scale down Other contract months The eighth-to-last business day of the month 9:05 a.m. to 1:10 p.m. (9:05 a.m. - 12:10 p.m. on last trading day) 150 at the close of business on the first business day following the first Friday of the contract month 50 during the last 5 days of trading 1,000 all months combined or 900 in any contact month First Friday of the month 9:05 a.m. to 1:12 p.m. (9:05 a.m. - 12:10 p.m. on last trading day) Aggregated with futures on an equivalent basis Ticker Symbol DB Calls: DB Puts: DB MOORE RESEARCH CENTER, INC. 5 Dairy Contract Specifications
Page 1 and 2: COMMODITY PRODUCTS 2008 Moore Resea
Page 3 and 4: For Your Information Class III Milk
Page 5: Chicago Mercantile Exchange has off
Page 9 and 10: MOORE RESEARCH CENTER, INC. 7 Perso
Page 11 and 12: Page SEASONAL PATTERNS & WEEKLY CON
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Page 19 and 20: 6.00 4.00 2.00 0.00 -2.00 -4.00 -6.
Page 21 and 22: 2.00 1.50 1.00 0.50 0.00 -0.50 -1.0
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Page 43 and 44: Seasonal Strategy 20 Buy Jul Class
Page 45 and 46: How to Interpret a Strategy Sheet n
Page 47 and 48: CONT YEAR ENTRY DATE Buy Apr Class
Page 49 and 50: CONT YEAR BUY DATE Buy on approxima
Page 51 and 52: CONT YEAR BUY DATE Buy on approxima
Page 53 and 54: CONT YEAR ENTRY DATE Buy Oct Class
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CONT YEAR BUY DATE Buy on approxima
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CONT YEAR SELL DATE Sell on approxi
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CONT YEAR ENTRY DATE Buy Aug Class
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CONT YEAR ENTRY DATE Buy Oct Class
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CONT YEAR ENTRY DATE Buy Dec Class
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Dairy Industry and Futures Charts P
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+1 STD Above Central Tendency -1 ST
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Bear Pattern Bull Pattern Bear Patt
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Bear Pattern Bull Pattern Bear Patt
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Historical Daily Futures Charts (Cl
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13.50 13.00 12.50 12.00 11.50 11.00
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Page Block Cheese/Class III Milk Fu
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12.00 10.00 8.00 6.00 4.00 2.00 0.0
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MRCI Staff President: Steve Moore s
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Futures trading is not suitable for
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Class III Milk(CME) - gpvec

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