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Non-fat Dry Milk Futures Contract Specs

Contract Size 44,000 lbs. of Nonfat Dry Milk ( ˜20 metric tons)
Price Quotation Nonfat Dry Milk
Pricing Unit Cents per pound
Tick Size (minimum fluctuation) $0.00025 per pound (= $11.00 per contract)
Daily Price Limits $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. Expandable limits for any contract month. See CME Rule: 5402.D
Trading Hours (All times listed are Central Time) GLOBEX (Electronic Platform) 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.
OPEN OUTCRY (Trading Floor) MON–FRI: 9:05 a.m. – 1:10 p.m. (LTD 12:10 p.m.)
Last Trade Date/Time
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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.)
Contract Months
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All Calendar Months
Settlement Procedure Daily Dairy Settlement Procedure (PDF)
Final Nonfat Dry Milk Settlement Procedure (PDF)
Position Limits Non-Spot: 1,000 contracts in any contract month
Spot: 100 contracts
All months combined: n/a
See CME Rule: 5402.E
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Rulebook Chapter 54
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of the CME.