Difference between revisions of "CME Group Milk Class III"

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|ctype    =  Agricultural
 
|ctype    =  Agricultural
 
|cash    =  Y
 
|cash    =  Y
|months  =  Every calendar month out 24 months
+
|months  =  24 Calendar Months
 
|fnd      =   
 
|fnd      =   
|ltd      =  Business day prior to USDA Class III Milk Price announcement. The Class III Milk price is issued on the first Friday of the following month if that Friday is the 5th of the month, or on the preceding Friday if that Friday is not.
+
|ltd      =  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.)
|unit    =  200,000 pounds of Grade A cow’s milk
+
|unit    =  200,000 pounds of Grade A cow’s milk (~90 metric tons)
 
|ptdesc  =   
 
|ptdesc  =   
 
|ptval    =  1 point = $0.01 per hundred weight=$20 per contract
 
|ptval    =  1 point = $0.01 per hundred weight=$20 per contract
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|elHours  =  9:05 a.m. Monday through 1:30 p.m. Friday with daily hour-long trading halts at 4:00 p.m. Chicago time
 
|elHours  =  9:05 a.m. Monday through 1:30 p.m. Friday with daily hour-long trading halts at 4:00 p.m. Chicago time
 
|elLimit  =  $0.75 per cwt = $1,500 per contract
 
|elLimit  =  $0.75 per cwt = $1,500 per contract
|elSym    =  DA
+
|elSym    =  DC
 
|outcry  =  Y
 
|outcry  =  Y
|ooHours  =  9:40 a.m to 1:10 p.m.; Last Trading Day - 9:40 a.m. to 12:10 p.m. Chicago time
+
|ooHours  =  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.
  
 
|ooLimit  =  $0.75 per cwt = $1,500 per contract
 
|ooLimit  =  $0.75 per cwt = $1,500 per contract
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|options  = Y
 
|options  = Y
 
|opUnit    =  <!-- Trade unit -- leave blank unless it's something other than "One futures contract" -->
 
|opUnit    =  <!-- Trade unit -- leave blank unless it's something other than "One futures contract" -->
|opMonths  =  24 consecutive months on a monthly cycle and Flex® Options
+
|opMonths  =  24 Calendar Months
 
|opPtdesc  =   
 
|opPtdesc  =   
 
|opPtval  =  1 point = $.01 per hundred weight=$20 per contract
 
|opPtval  =  1 point = $.01 per hundred weight=$20 per contract
 
|opTickPt  =   
 
|opTickPt  =   
|opTickVal =  Regular 0.01=$20.00; Cabinet - 0.005=$10.00  
+
|opTickVal =  Full Tick: $0.01 per cwt (= $20.00 per contract) Half tick: $0.005 per cwt (= $10.00 per contract)
 
|opExercise =  American-style. An option may be exercised by the buyer up to and including the last day of trading. To exercise, the clearing member representing the buyer submits an Exercise Notice to CME Clearing by 7:00 p.m. on the day of exercise.
 
|opExercise =  American-style. An option may be exercised by the buyer up to and including the last day of trading. To exercise, the clearing member representing the buyer submits an Exercise Notice to CME Clearing by 7:00 p.m. on the day of exercise.
 
|opElect  = Y
 
|opElect  = Y
 
|opEHours  =  Mon-Thurs 9:05 a.m.-4:00 p.m.; Shutdown period from 4:00 p.m.-5:00 p.m., ReOpen 5:00 p.m.-4:00 p.m. Friday, Close at 1:30 p.m. (12:10 p.m. on the last day of trading) Chicago time
 
|opEHours  =  Mon-Thurs 9:05 a.m.-4:00 p.m.; Shutdown period from 4:00 p.m.-5:00 p.m., ReOpen 5:00 p.m.-4:00 p.m. Friday, Close at 1:30 p.m. (12:10 p.m. on the last day of trading) Chicago time
 
|opELimit  =  None
 
|opELimit  =  None
|opESym    =  See to left.
+
|opESym    =  DC
 
|opOutcry  =  Y
 
|opOutcry  =  Y
|opOHours  =  9:05 a.m.-1:12 p.m.; Last Trading Day - 12:10 p.m. Chicago time
+
|opOHours  =  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.
 
|opOLimit  =  None
 
|opOLimit  =  None
|opOSym    =  Clearing=DA; Ticker=DA; Globex=DC
+
|opOSym    =  DA  
 
|opStrike  =  The exercise prices are stated in terms of dollars per hundredweight. For all contract months, exercise prices -- at intervals of $.25; e.g., $11.75, $12.00, $12.25, etc. At the commencement of option trading in a contract month, CME Group lists put and call options in a range of $4 above and below the previous day's settlement price of the underlying futures contract. When a sale, bid, offer or settlement price in the underlying futures contract occurs at, or passes through an exercise price, CME Group lists on the next trading day put and call option contracts at the next higher (or next lower) exercise price within a $4 range above (or below)the exercise price at which or through which the underlying futures sale, bid, offer, or settlement price occurred.  
 
|opStrike  =  The exercise prices are stated in terms of dollars per hundredweight. For all contract months, exercise prices -- at intervals of $.25; e.g., $11.75, $12.00, $12.25, etc. At the commencement of option trading in a contract month, CME Group lists put and call options in a range of $4 above and below the previous day's settlement price of the underlying futures contract. When a sale, bid, offer or settlement price in the underlying futures contract occurs at, or passes through an exercise price, CME Group lists on the next trading day put and call option contracts at the next higher (or next lower) exercise price within a $4 range above (or below)the exercise price at which or through which the underlying futures sale, bid, offer, or settlement price occurred.  
 
}}
 
}}
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== Resources ==
 
== Resources ==
[http://www.cmegroup.com CME Group Web site]
+
*[http://www.cmegroup.com CME Group Web site] [[Category:CME Group]]
[[Category:CME Group]]
+
*[http://www.cmegroup.com/confluence/display/EPICSANDBOX/Dairy+Products Class III Settlement Procedures]
 +
*[http://www.cmegroup.com/rulebook/files/position-limits-cme.xlsx CME Procedure Limits]
 +
*[http://www.cmegroup.com/rulebook/CME/II/100/102/102.pdf CME 102]
 +
*[http://www.cmegroup.com/clearing/trading-practices/block-trades.html#nymexComexProducts Block Minimum Thresholds]
 +
*[http://www.cmegroup.com/trading/Price-Limit-Update.html Price Limits]
 +
*[http://www.cmegroup.com/tools-information/vendorSymbol.html Quote Vendor Symbols Listing]

Latest revision as of 16:49, 14 June 2018

CMEFutInst300.jpg

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
Exchange CME Group
Settlement Cash settled
Contract Size 200,000 pounds of Grade A cow’s milk (~90 metric tons)
Pricing Unit 1 point = $0.01 per hundred weight=$20 per contract
Tick Value Quoted in cents per pound; minimum price fluctuation $0.01 per cwt = $20.00 per contract
Contract Months 24 Calendar Months
Last Trading Day 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.)
  Open Outcry Electronic
Trading Hours 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. 9:05 a.m. Monday through 1:30 p.m. Friday with daily hour-long trading halts at 4:00 p.m. Chicago time
Ticker Symbol DA DC
Price Limits $0.75 per cwt = $1,500 per contract $0.75 per cwt = $1,500 per contract
 
Milk Class III options
Trade Unit One futures contract
Point Value 1 point = $.01 per hundred weight=$20 per contract
Tick Value Full Tick: $0.01 per cwt (= $20.00 per contract) Half tick: $0.005 per cwt (= $10.00 per contract)
Option Months 24 Calendar Months
Strike Prices The exercise prices are stated in terms of dollars per hundredweight. For all contract months, exercise prices -- at intervals of $.25; e.g., $11.75, $12.00, $12.25, etc. At the commencement of option trading in a contract month, CME Group lists put and call options in a range of $4 above and below the previous day's settlement price of the underlying futures contract. When a sale, bid, offer or settlement price in the underlying futures contract occurs at, or passes through an exercise price, CME Group lists on the next trading day put and call option contracts at the next higher (or next lower) exercise price within a $4 range above (or below)the exercise price at which or through which the underlying futures sale, bid, offer, or settlement price occurred.
Exercise Style American-style. An option may be exercised by the buyer up to and including the last day of trading. To exercise, the clearing member representing the buyer submits an Exercise Notice to CME Clearing by 7:00 p.m. on the day of exercise.
  Open Outcry Electronic
Trading Hours 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. Mon-Thurs 9:05 a.m.-4:00 p.m.; Shutdown period from 4:00 p.m.-5:00 p.m., ReOpen 5:00 p.m.-4:00 p.m. Friday, Close at 1:30 p.m. (12:10 p.m. on the last day of trading) Chicago time
Ticker Symbol DA DC
Price Limits None None

Notes

Also See

CME Group commodity products

Resources