Butter Meaning:
In commodity market terminology, an emulsion of butterfat, typically yellow or white in coloration and made by churning milk or cream. Futures and spot contracts on butter are traded on the Chicago Mercantile Exchange.

Butter Example:
Futures contracts on butter are for 40,000 pounds or 18 metric tons of grade AA butter and are traded on the CME’s trading floor by open outcry. Contracts are for the months of March, July, September, October and December and trading ends on the business day immediately preceding the last seven business days of the contract month. The contracts are priced in U.S. cents per pound with a minimum fluctuation of $10.00 per contract. Symbol for the futures is DB.