Chapter 57
Dry Whey Futures
5700.

SCOPE OF CHAPTER
This chapter is limited in application to Dry Whey futures. In addition to this chapter, Dry Whey
futures shall be subject to the general rules and regulations of the Exchange insofar as
applicable.
For purposes of this chapter, unless otherwise specified, times referred to herein shall refer toand indicate Chicago time.

5701.

CONTRACT SPECIFICATIONSEach futures contract shall be valued at 44,000 times the USDA monthly weighted average
price per pound in the U.S. for dry whey.

5702.

TRADING SPECIFICATIONS
5702.A.
Trading Schedule
Futures contracts shall be scheduled for trading during such hours and final settlement in suchmonths as may be determined by the Exchange.
5702.B.
Trading Unit
The unit of trading shall be 44,000 pounds.
5702.C.
Price Increments
Minimum price fluctuations shall be in multiples of $0.00025 per pound.
5702.D.
Daily Price Limits
There shall be a daily price limit of $0.04 per pound above or below the previous day’s
settlement price, except that there shall be no daily price limits in the spot month.
Should any Dry Whey contract that is subject to a daily price limit settle at limit, the daily pricelimits for all contract months shall expand to $0.08 per pound on the next business day.
If none of the listed Dry Whey futures contracts settle at a price change equal to or greaterthan $0.04 per pound on the next business day, daily price limits for all contract months shallrevert back to $0.04 per pound on the following business day. During the spot month period,
the expiring month contract shall be excluded from triggering expanded limits.
Should any futures component of the Class III Crush (Class III, Cash-Settled Cheese, Block
Cheese, and Dry Whey) trigger an expanded limit, the daily price limits for other futures
components shall also expand on the same day. If no futures component settles at a pricechange equal to or greater than its respective initial price limit, daily price limits for all futures
components of the Class III Crush shall revert back to their respective initial limits the following
business day
5702.E.
Position Limits Exemptions, Position Accountability and Reportable Levels
The applicable position limits and/or accountability levels, in addition to the reportable levels,
are set forth in the Position Limit, Position Accountability and Reportable Level Table in theInterpretations & Special Notices Section of Chapter 5.
A Person seeking an exemption from position limits for bona fide commercial purposes shallapply to the Market Regulation Department on forms provided by the Exchange, and theMarket Regulation Department may grant qualified exemptions in its sole discretion.
Refer to Rule 559 for requirements concerning the aggregation of positions and allowable
exemptions from the specified position limits.
5702.F.
[Reserved]5702.G.
[Reserved]5702.H.
Termination of TradingTrading shall terminate on the Business Day immediately preceding the release date for theUSDA monthly weighted average price in the U.S. for Dry Whey.
5702.I.
[Reserved]© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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5703.

SETTLEMENT PROCEDURES
5703.A. Final Settlement
There shall be no delivery of dry whey in settlement of this contract. All contracts open as of
the termination of trading shall be cash settled based upon the USDA monthly weighted
average price in the U.S. for dry whey, as first released.
5703.B-H. [Reserved]5704.-08.

[RESERVED](End Chapter 57)© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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