(click to enlarge)
In 1998 spot cash trading of nonfat dry milk (NFDM) began. As can be seen from the above, on an annualized basis, the Chicago Mercantile Exchange (CME) is determining milk powder prices nationally.
In the entire period shown above and continuing to the third week of May 2008, there was one load traded. Since than time there have been a few more but, not many loads traded.
CME charges a fee based on volume. CME is self-regulating. Obviously, CME knows dairy trading at the CME is not legitimate.
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