Agrimoney.com  Sep 20  Comment 
How will Europe's large dairy price premiums over New Zealand and the US values resolve themselves? The EU wins the latest clash
Mondo Visione  Aug 24  Comment 
NZX’s NZ milk price futures contract reached a new milestone on Wednesday, with more than 10 million kilograms of milk solids (kg/ms) traded since the product launched less than three months ago. Initial trading in the contract has exceeded...
Agrimoney.com  Nov 16  Comment 
... but milk futures fall nonetheless, supporting expectations of a weak GlobalDairyTrade dairy auction on Tuesday
Agrimoney.com  Sep 1  Comment 
Prices at the dairy auction rise by more than 10%, but the rally falls short of that implied by movements in New Zealand milk futures
Wall Street Journal  Feb 17  Comment 
Milk futures and options activity has soared, as farmers and food companies pile in, looking to protect themselves after a recent drop in prices, following a surge last year.
CNNMoney.com  Jan 4  Comment 
The commodity which enjoyed the biggest gain in price last year can be answered with a simple question: Got milk?
Mondo Visione  Jul 19  Comment 
The U.S. Commodity Futures Trading Commission (CFTC) today filed and simultaneously settled charges that Ecoval Dairy Trade, Inc. (Ecoval), of Wayne, Pa., attempted to manipulate the daily settlement prices of Non Fat Dry Milk (NFDM)...
Agrimoney.com  Jun 3  Comment 
The dairy contracts being established by exchanges worldwide are crucial helping the industry crop with greater price swings, the UN says


This article is about Class III milk. For Class IV milk, see the article on Class IV Milk Futures. For dairy prices in general, see Dairy Prices.

Milk when referred to as a commodity generally means cow's milk, specifically Class III Milk. Milk Class III futures are traded on the Chicago Mercantile Exchange under ticker symbol DA in cents per hundredweight. For electronic trading sessions, the symbol DC is used.[1]

The chart at left shows front-month Milk Class III futures prices on the Chicago Mercantile Exchange (CME) in cents per hundredweight.

Delivery Dates

Milk Class III futures are delivered in every month of the year.[1] The following is a table with Milk Class III futures delivery dates and resultant tickers for 2012. For an explanation on commodity tickers see commodity ticker construction.

Delivery Month Full Ticker Symbol Thomson-Reuters Symbol
January, 2012DAF12DA/F12-CM
February, 2012DAG12DA/G12-CM
March, 2012DAH12DA/H12-CM
April, 2012DAJ12DA/J12-CM
May, 2012DAK12DA/K12-CM
June, 2012DAM12DA/M12-CM
July, 2012DAN12DA/N12-CM
August, 2012DAQ12DA/Q12-CM
September, 2012DAU12DA/U12-CM
October, 2012DAV12DA/Q12-CM
November, 2012DAX12DA/X12-CM
December, 2012DAZ12DA/Z12-CM

Contract Specifications

Contract Size

One Milk Class III futures contract on the Chicago Mercantile Exchange is 200,000 pounds.[1]

Daily Price Limit

$0.75 per cwt above or below the previous day's settlement price.[1]

Trading Hours

  • On the CME Globex electronic platform: Monday 9:05 AM through Friday 1:55 PM with daily trading halts from 4:00 PM - 5:00 PM, US Central Time.[1]
  • Open Outcry (pit session): Monday through Friday, 9:05 AM to 1:00 PM.[1]

Last Trading Day

Trading of Milk Class III futures contracts on the Chicago Mercantile Exchange ends 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.).[1]

Deliverable Grades

Deliverable Milk Class III grades for futures contracts on the Chicago Mercantile Exchange are: Class III Milk.[1]

See Also


  1. 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 The Chicago Mercantile Exchange's contract specification for Milk Class III futures
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