CME Group Milk Class III

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 	Milk Class III Futures 	Milk Class III Futures
Contract Unit 	200,000 pounds (2,000 hundredweight (cwt)) 	200,000 pounds (2,000 hundredweight (cwt))
Price Quotation 	U.S. dollars and cents per cwt 	U.S. dollars and cents per cwt
Trading Hours 	CME Globex: 	Sunday - Friday 5:00 p.m. - 1:55 p.m. CT with a daily trading halt from 4:00 p.m. to 5:00 p.m. CT
Trading Hours 	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	0.01 per cwt. = $20.00 	0.01 per cwt. = $20.00
Product Code 	CME Globex: DC
CME ClearPort: DA
Clearing: DA 	CME Globex: DC
CME ClearPort: DA
Clearing: DA
Listed Contracts 	Monthly contracts listed for 24 consecutive months 	Monthly contracts listed for 24 consecutive months
Settlement Method 	Financially Settled 	Financially Settled
Termination of Trading 	Trading terminates on the business day prior to the USDA announcement of the price for that contract month.	Trading terminates on the business day prior to the USDA announcement of the price for that contract month.
Settlement Procedures 	Class III Settlement Procedures 	Class III Settlement Procedures
Position Limits 	CME Position Limits 	CME Position Limits
Exchange Rulebook 	CME 52 	CME 52
Block Minimum 	Block Minimum Thresholds 	Block Minimum Thresholds
Price Limit or Circuit 	Price Limits 	Price Limits
Vendor Codes 	Quote Vendor Symbols Listing 	Quote Vendor Symbols Listing
Milk Class III Options 	Milk Class III Options 	Milk Class III Options
Contract Unit 	200,000 Pounds 	200,000 Pounds
Minimum Price Fluctuation 	0.01 per cwt = $20.00 	0.01 per cwt = $20.00
Price Quotation 	U.S. dollars and cents per cwt 	U.S. dollars and cents per cwt
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.
Trading Hours 	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: DC
CME ClearPort: DA
Open Outcry: DA
Clearing: DA 	CME Globex: DC
CME ClearPort: DA
Open Outcry: DA
Clearing: DA
Listed Contracts 	Contracts listed for 24 calendar months 	Contracts listed for 24 calendar months
Settlement Procedures 	Option on physical delivery futures contract 	Option on physical delivery futures contract
Termination of Trading 	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.)	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.)
Position Limits 	CME Position Limits 	CME Position Limits
Exchange Rulebook 	CME 52A 	CME 52A
Block Minimum 	Block Minimum Thresholds 	Block Minimum Thresholds
Price Limit or Circuit 	Price Limits 	Price Limits
Vendor Codes 	Quote Vendor Symbols Listing 	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 $0.0025 per pound increments in all months. 	Strikes listed for 50% of the underlying settlement price above and below the at-the-money strike at $0.0025 per pound increments in all months.
Exercise Style 	American 	American
Exercise Procedure 	American Style See CME Rule 52A02 	American Style See CME Rule 52A02
Settlement Method 	Deliverable 	Deliverable
Underlying 	Class III Milk Futures 	Class III Milk Futures
== Notes ==
== Also See ==
CME Group commodity products
== Resources ==
*CME Group Milk Class III Contract Specs
*CME Group Web site Category:CME Group
*Class III Settlement Procedures
*CME Procedure Limits
*CME 102
*Block Minimum Thresholds
*Price Limits
*Quote Vendor Symbols Listing
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