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Dairy Facts 2016
 
 

CME Dairy Spot Call to Become Electronic Auction

Sep 28, 2016

The CME Group announced yesterday that the Dairy Spot Call, which offers daily price discovery in physical dairy markets, will transition to an electronic, transaction-based auction beginning with nonfat dry milk on December 5, 2016. Although no dates have been set for butter and cheese, the company expects these markets will transition to the auction platform during the first quarter of 2017.

The CME Group made the decision to change from an open outcry market to an electronic auction in response to industry demand, saying it “will further enhance the transparency of prices and user experience, while expanding access to a broader set of commercial dairy customers, brokers and other physical market participants.”

The change will be a welcome one to IDFA and its members, said Bob Yonkers, IDFA vice president and chief economist.

The CME Group, an IDFA Gold Business Partner, plans to work closely with customers and the industry to ensure a seamless transition. The company said the change will have no impact on the availability and accessibility of dairy futures and options products, which enable customers to manage their dairy price risk.

For more details, read Dairy Spot Call Auction FAQs.

Members with questions may contact Yonkers at byonkers@idfa.org.

 
Dairy Delivers