CME Dairy Spot Call will go electronic in December

CHICAGO — The Chicago Mercantile Exchange (CME) Group this week announced that in December it will begin transitioning its CME Dairy Spot Call for daily price discovery in physical dairy markets to an electronic, transaction-based auction, which can be accessed through the CME Direct Auction Platform. Ultimately, this will replace the physical spot market held via a limited open outcry session on the company’s Chicago trading floor that currently facilitates price discovery, trading and delivery of dairy products such as Cheddar barrels and blocks, butter and nonfat dry milk (NDM).