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.
Milk Class III futures are delivered in every month of the year. 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|
One Milk Class III futures contract on the Chicago Mercantile Exchange is 200,000 pounds.
$0.75 per cwt above or below the previous day's settlement price.
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.).
Deliverable Milk Class III grades for futures contracts on the Chicago Mercantile Exchange are: Class III Milk.