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Nonfat Dry Milk

Nonfat Dry Milk Meaning:
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.

Nonfat Dry Milk Example:
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.