Nonfat Dry Milk
In commodity market terminology, Nonfat Dry Milk refers to Deliverable Nonfat Dry Milk futures which are futures on dehydrated milk in powder form conforming to a minimum quality standard. Deliverable Nonfat Dry Milk futures are traded on the Globex and ClearPort electronic trading platforms of the Chicago Mercantile Exchange.
Deliverable Nonfat Dry Milk futures contracts are for 44,000 pounds (20 Metric tons) of Grade A and Extra Grade Nonfat Dry Milk. The futures contracts are for physical delivery and are quoted in U.S. Dollars with a minimum price fluctuation of $11.00 per contract. Deliverable Nonfat Dry Milk futures are traded under the symbol GNF.