Dairy futures take off as CME sees record performance

The CME attributes the growth both to the dairy market’s need for risk management tools, and to the liquidity the Chicago exchange provides. “With this new record in open interest for milk, overall open interest in our dairy products is more than 30,000 positions," said Terry Duffy, chairman of the exchange.

Duffy believes the market for dairy futures will continue to develop rapidly throughout 2003. "When we launched dairy futures eight years ago, we anticipated that this market would become an important part of our 'agricultural complex'.”

The CME offers various products in its so-called 'dairy complex', including options, futures and cash markets in butter, cheese and non-fat dry milk. Trading was launched in January 1996. The record performance set this week surpasses the previous record set on June 1, 2001.

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