Config.
Marché
Rapport
Unité

COT Class IV Milk (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 Class IV milk?

Class IV milk (butter/powder)

Satellite of Class III Milk (CME)

A long means…

Exposure to a rise in the USDA Class IV milk price — US milk used for butter and dry powders.

What is this?

USDA Class IV is milk that Federal Milk Marketing Orders assign to butter and dried products — nonfat dry milk first. The price AMS announces each month comes from a butter-plus-NDM formula, using the NDPSR survey. The CME future settles to that class price: no tank, and no cheese.

Co-ops, butter plants and powder plants hedge butter-and-powder milk. It is not the butter contract, and not the NDM contract: those track the product, not class milk.

Pitfalls

  • IV ≠ III.
  • Same 200,000 lb size, different USDA formula.
  • Not butter alone.

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.