Config.
Marché
Rapport
Unité

COT Class III 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 III milk?

Class III milk (cheese milk)

A long means…

Exposure to a rise in the USDA Class III milk price — US milk used for cheese.

What is this?

In the United States, Federal Milk Marketing Orders classify milk by how it is used. Class III is milk going into hard or spreadable cheeses — cheddar first: the trade calls it cheese milk. The CME future settles to the class price AMS posts each month: a formula that turns NDPSR survey sales of cheddar, butter and dry whey into a milk price. At expiry there is no tank of milk.

Producers, co-ops and cheese plants use it to hedge a milk price, not cheddar. It is neither Class IV (butter and powders) nor the cheese contract.

Pitfalls

  • Class III = cheese milk, not IV.
  • USDA cash, not a delivered tank.
  • ≠ cheese CSC.

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.