Chapter 54
Nonfat Dry Milk Futures
5400.

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

5401.

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

5402.

TRADING SPECIFICATIONS
5402.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.
5402.B.
Trading Unit
The unit of trading shall be 44,000 pounds.
5402.C.
Price Increments
Minimum price fluctuations shall be in multiples of $0.00025 per pound.
5402.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 Nonfat Dry Milk 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 Nonfat Dry Milk 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 shall revert
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 IV Crush (Class IV, Cash-Settled Butter, and Nonfat
Dry Milk) 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 price change equal to or greater than
its respective initial price limit, daily price limits for all futures components of the Class IV Crush
shall revert back to their respective initial limits the following business day.
5402.E. Position Limits, Exemptions, Position Accountability and Reportable Levels
The applicable position limits and/or accountability levels, in addition to the reportable levels, areset 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 shall apply
to the Market Regulation Department on forms provided by the Exchange, and the MarketRegulation 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.
5402.F.
[Reserved]5402.G.
[Reserved]5402.H.
Termination of Trading
Trading shall terminate on the Business Day immediately preceding the release date for the USDA
monthly weighted average price in the U.S. for Nonfat Dry Milk.

© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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5402.I.

5403.

[Reserved]

SETTLEMENT PROCEDURES
5403.A.
Final Settlement
There shall be no delivery of dry milk in settlement of this contract. All contracts open as of thetermination of trading shall be cash settled based upon the USDA monthly weighted average pricein the U.S. for nonfat dry milk, as first released.
5403.B. - H. [Reserved]5404.-08.

[RESERVED](End Chapter 54)© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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