CME Group Nonfat Dry Milk

On Feb 9th, 2021, the CME designated the Classic Transportation & Warehousing (1175 147th Avenue. Maryland, MI) as an Approved Warehouse for Spot Call Nonfat Dry Milk and Spot Call Dry Whey delivery.
Nonfat Dry Milk Futures 	Nonfat Dry Milk Futures 	Nonfat Dry Milk Futures
Contract Unit 	44,000 lbs. of Nonfat Dry Milk ( ˜20 metric tons) 	44,000 lbs. of Nonfat Dry Milk ( ˜20 metric tons)
Price Quotation 	Nonfat Dry Milk
Cents per pound" 	Nonfat Dry Milk
Cents per pound"
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
Minimum Price Fluctuation 	$0.00025 per pound (= $11.00 per contract) 	$0.00025 per pound (= $11.00 per contract)
Product Code 	CME Globex: GNF
CME ClearPort: NF
Clearing: NF 	CME Globex: GNF
CME ClearPort: NF
Clearing: NF
Listed Contracts 	24 Calendar Months 	24 Calendar Months
Settlement Method 	Financially Settled 	Financially Settled
Termination of Trading 	Trading shall terminate on the business day immediately preceding the day on which the USDA announces the Nonfat Dry Milk 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 Nonfat Dry Milk price for that contract month. (LTD 12:10 p.m.)
Trade at Marker or Trade at Settlement Rules	Trading at Settlement (TAS) is subject to the requirements of Rule 524.A. TAS trades off a ""Base Price"" of zero (equal to the daily settlement price) to create a differential versus the daily settlement price in the underlying futures contract month. The TAS clearing price equals the daily settlement price of the underlying futures contract month plus or minus the TAS transaction price.
TAS Table	Trading at Settlement (TAS) is subject to the requirements of Rule 524.A. TAS trades off a ""Base Price"" of zero (equal to the daily settlement price) to create a differential versus the daily settlement price in the underlying futures contract month. The TAS clearing price equals the daily settlement price of the underlying futures contract month plus or minus the TAS transaction price.
TAS Table
Settlement Procedures 	NonFat Dry Milk Settlement Procedures 	NonFat Dry Milk Settlement Procedures
Position Limits 	CME Position Limits 	CME Position Limits
Exchange Rulebook 	CME 54 	CME 54
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
Nonfat Dry Milk Options 	Nonfat Dry Milk Options 	Nonfat Dry Milk Options
Minimum Price Fluctuation 	Full Tick: $0.00025 per pound (= $11.00 per contract)
Half Tick: $0.000125 per pound (= $5.50 per contract) 	Full Tick: $0.00025 per pound (= $11.00 per contract)
Half Tick: $0.000125 per pound (= $5.50 per contract)
Price Quotation 	Cents per pound 	Cents per pound
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 	Open Outcry: 	MON–FRI: 9:05 a.m. – 1:12 p.m. (LTD 12:10 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: GNF
CME ClearPort: NF
Open Outcry: NF
Clearing: NF 	CME Globex: GNF
CME ClearPort: NF
Open Outcry: NF
Clearing: NF
Listed Contracts 	Monthly contracts listed for 24 consecutive months 	Monthly contracts listed for 24 consecutive months
Termination of Trading 	Trading terminates on the business day immediately preceding the day on which the USDA announces the Nonfat Dry Milk price for that contract month. (LTD 12:10 p.m.) 	Trading terminates on the business day immediately preceding the day on which the USDA announces the Nonfat Dry Milk price for that contract month. (LTD 12:10 p.m.)
Position Limits 	CME Position Limits 	CME Position Limits
Exchange Rulebook 	CME 54A 	CME 54A
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 $0.02 per pound increments in all months and additional strikes listed for 25% of the underlying settlement price above and below the at-the-money strike at $0.01 per pound increments in the nearest 2 months.	Strikes listed for 50% of the underlying settlement price above and below the at-the-money strike at $0.02 per pound increments in all months and additional strikes listed for 25% of the underlying settlement price above and below the at-the-money strike at $0.01 per pound increments in the nearest 2 months.
Exercise Procedure 	American Style See CME Rule 54A02 	American Style See CME Rule 54A02
Settlement Method 	Deliverable 	Deliverable
Underlying 	Nonfat Dry Milk Futures 	Nonfat Dry Milk Futures
== Notes ==
== Resources ==
*CME Group Nonfat Dry Milk Contract Specifications
*NonFat Dry Milk Settlement Procedures
*CME Position Limits
*CME 54
*Block Minimum Thresholds
*Price Limits
*Quote Vendor Symbols Listing
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