Dairy Futures and Options Tutorial

Nonfat Dry Milk Futures Contract

• Contract Size: 44,000 pounds
• Product Code: NF
• Delivery Months: Every calendar month for 12 months
• Last Trading Day: TThe Exchange business day prior to the day the average monthly average NASS nonfat dry milk price is announced for the calculation of Classified Prices. This is on a Friday, no later than the 5^th of the month following production.
• Minimum Fluctuations: $0.00025/lb ($11/contract)
• Daily Price Limits: $0.025/lb, 250 points ($1100/contract), Expanded Limits $0.05
• Settlement: Cash settlement on the day the monthly average nonfat dry milk prices used in Announced Classified prices report is published
• Options Contract?: Yes