Dry Whey May '12 (DGK12) CME
|Tick Size||0.00025 cents per pound ($11.00 per contract)|
|Daily Limit||0.06 cents per pound ($2,640 per contract)|
|Contract Size||44,000 pounds|
|Trading Months||All Months|
|Trading Hours||5:00p.m. - 4:00p.m. Sun-Thur, 5:00p.m. - 1:55p.m. Fri CST|
|Value of One Futures Unit||$44,000|
|Value of One Options Unit||$44,000|
|Last Trading Day||Business day preceding the USDA monthly average price in the US for Dry Whey|
Since prehistoric times, humans have been making and eating cheese. Dating back as far as 6,000 BC, archaeologists have discovered that cheese had been made from cow and goat milk and stored in tall jars. The Romans turned cheese making into a culinary art, mixing sheep and goat milk and adding herbs and spices for flavoring. By 300 AD, cheese was being exported regularly to countries along the Mediterranean coast.
Cheese is made from the milk of cows and other mammals such as sheep, goats, buffalo, reindeer, camels, yaks, and mares. More than 400 varieties of cheese exist. There are three basic steps common to all cheese making. First, proteins in milk are transformed into curds, or solid lumps. Second, the curds are separated from the milky liquid (or whey) and shaped or pressed into molds. Finally, the shaped curds are ripened according to a variety of aging and curing techniques. Cheeses are usually grouped according to their moisture content into fresh, soft, semi-soft, hard, and very hard. Many classifications overlap due to texture changes with aging.
Cheese is a multi-billion-dollar a year industry in the U.S. Cheddar cheese is the most common natural cheese produced in the U.S., accounting for 35% of U.S. production. Cheeses originating in America include Colby, cream cheese, and Monterey Jack. Varieties other than American cheeses, mostly Italian, now have had a combined level of production that easily exceeds American cheeses.
Prices - Average monthly cheese prices at the CME Group in 2014 rose +19.6% yr/yr to 210.94 cents per pound, a new record high.
Supply - World production of cheese in 2015 is expected to rise +0.6% yr/yr to 18.022 million metric tons, well below the 2007 record high of 21.440 million metric tons. The European Union is the world's largest producer of cheese with 53.4% of the total world production in 2014. The U.S. production was the next largest with 28.7% of the total. U.S. production of cheese in 2013 (latest data available) rose +2.3% to 11.143 billion pounds, which was a new record high.
Articles from the Commodity Research Bureau (CRB) Commodity Yearbook. The single most comprehensive source of commodity and futures market information available, the Yearbook is the book of record of the Commodity Research Bureau, which is, in turn, the organization of record for the commodity industry itself. Its sources - reports from governments, private industries, and trade and industrial associations - are authoritative, and its historical scope is second to none. Additional information can be found at www.crbyearbook.com. More commodity data from Commodity Research Bureau.
More commodity data from Commodity Research Bureau.