This page contains settlement information for the following Dairy Futures products:
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Dairy Futures Daily Settlement Procedure
Normal Daily Settlement Procedure
Daily settlement of Class III Milk (DC), Class IV Milk (GDK), Nonfat Dry Milk (GNF), Dry Whey (DY), Cash-Settled Butter (CB), Cash-Settled Cheese (CSC) and Block Cheese (BLK) futures is determined by CME Group staff based on trading activity on CME Globex.
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If you have any questions, please call the CME Global Command Center at 800.438.8616, in Europe at 44.800.898.013, or in Asia at 65.6532.5010.
CME Class III Milk Futures Final Settlement
Class III Milk (DC) futures are cash settled. Please note that the settlement price determined on the last day of trading is only a temporary settlement price, and the contract will be cash settled based upon the USDA Class III price for milk for the particular month, as first released.
Temporary Settlement Calculation for Expiring Contract
CME Group staff determines the settlement for the expiring Class III Milk (DC) future contract based upon market activity on CME Globex between 12:08:30 and 12:10:00 Central Time (CT), the settlement period – the last minute and a half of the contract’s life.
Tier 1: If a trade occurs on Globex between 12:08:30 and 12:10:00 Central Time (CT), then the expiring contract settles to the volume-weighted average price (VWAP) of the trade(s) during this period.
Tier 2: If no trades occur on Globex between 12:08:30 and 12:10:00 CT, then the last trade (or prior settle in the absence of a last trade price) is used to determine whether to settle to the current bid or the current ask.
If the current bid is higher than the last trade/prior settlement price, then the contract settles to the bid. If the current ask is lower than the last trade/prior settle, then the contract settles to the ask. The contract settles to the last trade/prior settle if it is equal to or between the bid and the ask.
Final Settlement Details
For additional details, please see the CME Rulebook (Chapter 52).
CME Class IV Milk Futures Final Settlement
Class IV Milk ( GDK ) futures are cash settled. Please note that the settlement price determined on on the last day of trading is only a temporary settlement price, and the contract will be cash settled based upon the USDA Class I V price for milk for the particular month, as first released.
Temporary Settlement Calculation for Expiring Contract
CME Group staff determines the settlement for the expiring Class IV Milk (GDK) future contract based upon market activity on CME Globex between 12:08:30 and 12:10:00 Central Time (CT), the settlement period – the last minute and a half of the contract’s life.
Tier 1: If a trade occurs on Globex between 12:08:30 and 12:10:00 Central Time (CT), then the expiring contract settles to the volume-weighted average price (VWAP) of the trade(s) during this period.
Tier 2: If no trades occur on Globex between 12:08:30 and 12:10:00 CT, then the last trade (or prior settle in the absence of a last trade price) is used to determine whether to settle to the current bid or the current ask.
If the current bid is higher than the last trade/prior settlement price, then the contract settles to the bid. If the current ask is lower than the last trade/prior settle, then the contract settles to the ask. The contract settles to the last trade/prior settle if it is equal to or between the bid and the ask.
Final Settlement Details
For additional details, please see the CME Rulebook (Chapter 55).
CME Butter Futures Final Settlement
Butter (CB ) futures are cash settled. Please note that the settlement price determined on the last of trading is only a temporary settlement price, and the contract will be cash settled based upon the USDA monthly weighted average price in the U.S. for butter, as first released.
Temporary Settlement Calculation for Expiring Contract
CME Group staff determines the settlement for the expiring Cash-Settled Butter (CB) future contract based upon market activity on CME Globex between 12:08:30 and 12:10:00 Central Time (CT), the settlement period – the last minute and a half of the contract’s life.
Tier 1: If a trade occurs on Globex between 12:08:30 and 12:10:00 Central Time (CT), then the expiring contract settles to the volume-weighted average price (VWAP) of the trade(s) during this period.
Tier 2: If no trades occur on Globex between 12:08:30 and 12:10:00 CT, then the last trade (or prior settle in the absence of a last trade price) is used to determine whether to settle to the current bid or the current ask.
If the current bid is higher than the last trade/prior settlement price, then the contract settles to the bid. If the current ask is lower than the last trade/prior settle, then the contract settles to the ask. The contract settles to the last trade/prior settle if it is equal to or between the bid and the ask.
Final Settlement Details
For additional details, please see the CME Rulebook (Chapter 56).
CME Cheese Futures Final Settlement
Cheese ( CSC ) futures are cash settled. Please note that the settlement price determined o n the last day of trading is only a temporary settlement price, and the contract will be cash settled based upon the USDA monthly weighted average price in the U.S. for cheese. The reported USDA monthly weighted average price for cheese uses both 40 pound cheddar block and 500 pound barrel prices.
Temporary Settlement Calculation for Expiring Contract
CME Group staff determines the settlement for the expiring Cheese (CSC) future contract based upon market activity on CME Globex between 12:08:30 and 12:10:00 Central Time (CT), the settlement period – the last minute and a half of the contract’s life.
Tier 1: If a trade occurs on Globex between 12:08:30 and 12:10:00 Central Time (CT), then the expiring contract settles to the volume-weighted average price (VWAP) of the trade(s) during this period.
Tier 2: If no trades occur on Globex between 12:08:30 and 12:10:00 CT, then the last trade (or prior settle in the absence of a last trade price) is used to determine whether to settle to the current bid or the current ask.
If the current bid is higher than the last trade/prior settlement price, then the contract settles to the bid. If the current ask is lower than the last trade/prior settle, then the contract settles to the ask. The contract settles to the last trade/prior settle if it is equal to or between the bid and the ask.
Final Settlement Details
For additional details, please see the CME Rulebook (Chapter 60).
CME Dry Whey Futures Final Settlement
Dry Whey (DY) futures are cash settled. Please note that the settlement price determined on the last of trading is only a temporary settlement price, and the contract will be cash settled based upon the USDA monthly weighted average price in the U.S. for dry whey, as first released.
Temporary Settlement Calculation for Expiring Contract
CME Group staff determines the settlement for the expiring Dry Whey (DY) future contract based upon market activity on CME Globex between 12:08:30 and 12:10:00 Central Time (CT), the settlement period – the last minute and a half of the contract’s life.
Tier 1: If a trade occurs on Globex between 12:08:30 and 12:10:00 Central Time (CT), then the expiring contract settles to the volume-weighted average price (VWAP) of the trade(s) during this period.
Tier 2: If no trades occur on Globex between 12:08:30 and 12:10:00 CT, then the last trade (or prior settle in the absence of a last trade price) is used to determine whether to settle to the current bid or the current ask.
If the current bid is higher than the last trade/prior settlement price, then the contract settles to the bid. If the current ask is lower than the last trade/prior settle, then the contract settles to the ask. The contract settles to the last trade/prior settle if it is equal to or between the bid and the ask.
Final Settlement Details
For additional details, please see the CME Rulebook (Chapter 57).
CME Nonfat Dry Milk Futures Final Settlement
Nonfat Dry Milk (GNF) futures are cash settled. Please note that the settlement price determined on the last of trading is only a temporary settlement price, and the contract will be cash settled based upon the USDA monthly weighted average price price in the U.S. for nonfat dry milk, as first released.
Temporary Settlement Calculation for Expiring Contract
CME Group staff determines the settlement for the expiring Nonfat Dry Milk (GNF) future contract based upon market activity on CME Globex between 12:08:30 and 12:10:00 Central Time (CT), the settlement peroid – the last minute and a half of the contract’s life.
Tier 1: If a trade occurs on Globex between 12:08:30 and 12:10:00 Central Time (CT), then the expiring contract settles to the volume-weighted average price (VWAP) of the trade(s) during this period.
Tier 2: If no trades occur on Globex between 12:08:30 and 12:10:00 CT, then the last trade (or prior settle in the absence of a last trade price) is used to determine whether to settle to the current bid or the current ask.
If the current bid is higher than the last trade/prior settlement price, then the contract settles to the bid. If the current ask is lower than the last trade/prior settle, then the contract settles to the ask. The contract settles to the last trade/prior settle if it is equal to or between the bid and the ask.
Final Settlement Details
For additional details, please see the CME Rulebook (Chapter 54).
Dairy Spot Call
Normal Daily Settlement Procedure
The settlement of the following products is determined by CME Group staff based on CME Direct Auction activity:
Butter Spot Call (AA)
Cheese Spot Call Blocks (KB)
Cheese Spot Call Barrels (RB)
Nonfat Dry Milk Spot Call Grade A (NM)
Tier 1: The contract settles to the last trade price if the last trade price is within the current bid/ask.
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CME Group staff determines the settlement for the expiring Block Cheese (BLK) future contract based upon market activity on CME Globex between 12:08:30 and 12:10:00 Central Time (CT) – the last minute and a half of the contract’s life.
If a trade occurs on Globex between 12:08:30 and 12:10:00 Central Time (CT), then the expiring contract settles to the volume-weighted average price (VWAP) of the trade(s) during this period.
If no trades occur on Globex between 12:08:30 and 12:10:00 CT, then the last trade (or prior settle in the absence of a last trade price) is used to determine whether to settle to the current bid or the current ask.
If the current bid is higher than the last trade/prior settlement price, then the contract settles to the bid. If the current ask is lower than the last trade/prior settle, then the contract settles to the ask. The contract settles to the last trade/prior settle if it is equal to or between the bid and the ask.
Final Settlement Details
For additional details, please see the CME Rulebook (Chapter 61):
https://www.cmegroup.com/content/dam/cmegroup/rulebook/CME/II/50/61.pdf
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