TAILIEUCHUNG - Primer For Class Iii & Class Iv Milk Futures And Options Traders(pdf)

Why does the CME now offer two Milk contracts? The Milk (Class III) was changed from the BFP in January 2000 to conform to the new component pricing structure of the dairy "reform" legislation for milk used in the manufacturing of hard cheeses. It has provided an excellent risk management tool for the cheese- milk industry. | Why does the CME now offer two Milk contracts The Milk Class III was changed from the BFP in January 2000 to conform to the new component pricing structure of the dairy reform legislation for milk used in the manufacturing of hard cheeses. It has provided an excellent risk management tool for the cheesemilk industry. The CME added the Class IV Contract in July 2000 in response to industry comments dealing with the hedging of butterfat risks using the revised Milk Class III contract. The reform legislation changed the price relationships of Class III cheese-milk with the other classes making the CME Milk contract not as closely correlated as was the old BFP. Also since the component formulas for Class II Milk are similar to the Class IV the addition of the Class IV provides a direct hedge for ice cream yogurt and other perishable manufactured products along with firms whose processing accumulates butterfat inventory. And as an added benefit the Class I fluid milk product users will have the option of using either the existing Milk Class III or the new Class IV depending on their outlook for cheese and butter price relationships. Producers hedging on their own in areas with a high Class I II utilization and their cooperatives who offer them forward contracts will have a more reliable hedge with the Class IV. Cooperatives may also combine the existing Milk contract with Class IV contracts to fine tune their forward contracts to their producers. In addition the combination of the current Milk and the new Class IV will expand hedging opportunities to the entire California dairy industry. Traders will also be able to spread the Class III against the IV depending on their outlook for butter and cheese. 1 Consult your broker for additional information or specific requirements policies and procedures. 2 Trading times may vary consult the CME for holiday schedule. How does the Milk Class III price relate to the historical price information of the BFP The CME Milk contract .

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