IDFA and CME, the largest derivatives exchange in the world, will co-sponsor a series of free workshops around the country this fall to introduce the U.S. dairy industry to the latest price risk management tool for Dry Whey. The workshops are open to anyone interested in learning more about the CME Dry Whey Futures Contract, which will begin trading March 19 on the CME® Globex® electronic trading platform. These workshops will be of particular interest to buyers and sellers of dry whey futures.

Whey, the liquid remaining after milk has been curdled and strained, is a byproduct of the manufacturing of cheese. Whey that is dried has traditionally been used in a variety of foods, such as crackers, breads, cereal and commercial pastries as well as animal feed. In recent years, dry whey, which is high in protein and low in fat, has been used in the increasingly popular energy and power bars and protein drinks and powders.

The half-day workshops will provide an in-depth look at CME's new Whey Futures Contract and will cover all aspects of hedging and trading. Workshop topics will include:

• Who trades and why
• What is cash settlement
• Cash settlement and delivery
• How to trade
• Procurement hedging
• Production and inventory hedging
• Hedging to offset forward contracting risks.

A major portion of the workshop will be devoted to helping participants gain an understanding of basis relationships, including ratio basis, cross hedging and basis risks in hedging. The workshops also will explain how to use future- and option-combined strategies to compliment a hedging program.

WORKSHOP DATES AND LOCATION:

Each workshop will run from 9:00 am to 12:30 pm.

• Fresno - April 11, 2007
  Radisson Hotel & Conference Center
  2233 Ventura Street
  Fresno, CA 93721
  (559) 268-1000
  

• Denver - April 12, 2007
  Four Points by Sheraton Denver Southeast
  6363 Hampden Ave.
  Denver, CO 80222
  (303) 758-7000
  

• Rosemont - May 14, 2007
  Hyatt Regency O'Hare
  9300 West Bryn Mawr Avenue
  Rosemont, IL 60018
  1-847-696-1234
  

• Dallas - May 15, 2007
  Renaissance Dallas
  2222 Stemmons Freeway
  Dallas, TX 75207
  (214) 631-2222
  

• Minneapolis - May 16, 2007
  Embassy Suites Minneapolis
  425 South 7th Street
  Minneapolis, MN 55415
  (612) 333-3111
  

• Albany - May 31, 2007
  Hilton Garden Inn Albany Airport
  800 Albany Shaker Road
  Albany, NY 12211
  (518) 464-6666
  

• Pittsburgh - June 1, 2007
  Pittsburgh Airport Marriott Hotel
  777 Aten Road
  Coraoplis, PA 15108
  1-800-228-9290

If you have any questions, call IDFA's registrar at 202-220-3557.