Config.
Marché
Rapport
Unité

COT Cash-Settled Cheese (CME)

Période
Échelle

As-of mardi · close vendredi · source CFTC

Long vs Short

Long et short en % d’OI (catégorie focus)

Δ 4 semaines

Variation du net vs le rapport d’il y a 4 semaines

Cette semaine

Catégorie Long Short Spreading Net Δ Long Δ Short Δ Net % OI long % OI short

Historique

Dairy · CME

What is CME cash-settled cheese?

USDA cheddar cheese

Satellite of Class III Milk (CME)

A long means…

Exposure to a rise in the USDA cheddar price.

What is this?

The contract tracks USDA cheddar: the monthly average of 40-pound block sales from the NDPSR survey. That is cheese, not milk. Class III folds this cheddar — with butter and dry whey — into a milk-price formula; here the underlying is cheddar itself. At expiry there are no blocks.

Cheese plants and food companies hedge a US cheddar price, mostly for the domestic market. Positions are not added to Class III milk.

Pitfalls

  • ≠ Class III (other code, other size).
  • 20,000 lb.
  • USDA cash.

Univers LIX

Le positionnement n’est pas le risque

Le COT décrit qui est positionné. Le LIX décrit le niveau de risque de marché — 12 indicateurs, hors COT.