What it is
Raw milk from dairy farms. The main United States contract is for Class III milk, the milk that goes into cheese, and it is settled against a price announced by the Department of Agriculture.
How it is usually quoted
US dollars per hundredweight (100 pounds).
This is the customary unit of the reference market. Other markets for the same commodity may use another unit or currency, and an exchange can change a contract’s terms: its own rulebook is the authority.
Where the reference contract trades
CME, settled in cash.
Named for orientation only. Naming an exchange or a market here does not mean that GIO4X gives access to it.
What commonly moves it
- The size of the dairy herd and the yield per cow
- The cost of feed
- Cheese and whey prices, from which the Class III price is calculated
- Export demand for dairy products
- The season: output peaks in spring
These are the things people who follow this market usually watch. They explain how the market works; they do not say what the price will do next.
Where it comes from
India, the European Union and the United States produce the most. New Zealand is the largest exporter of dairy products.
The order of producers changes from year to year, so no quantities or shares are given here.
At GIO4X
Milk is not offered as a GIO4X instrument. This page is general education about a market that exists elsewhere, and nothing on it means that GIO4X quotes, trades or gives access to it.
The commodities GIO4X does list are Brent crude, gold, natural gas, palladium, platinum, silver and WTI crude.
Words worth knowing
A reference page. Educational information, not investment advice or a recommendation to trade. It gives no price and no forecast.