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Leave it to the Chicago Mercantile Exchange (CME)to promote a "lets pretend" attitude. Maybe people will think it is more or less a market or close enough.
CME's latest "money maker" is what they call Skim Milk Powder (SMP). Here is what they say, "The product is made using Ultra High Filtration with all proteins and minerals filtered out and then blended back in to meet a set protein standard of 34 percent." What? You can have Ultra High Temperature (UHT)pasteurized milk. Or you can Ultra Filtered (UF)milk but, I don't think you can have this silly combination.
SMP is really NFDM (which is made to a USDA moisture standard) adjusted, usually by adding lactose, to bring the product to a (codex)protein standard.
In any event, welcome to the casino.
I just received an unrelated email with attachment letter to Secretary Vilsack from 27 congress men/women asking him to reinstitute the dairy price increases through DPPSP program on cheese blocks, barrels, and NFDM. At least someone is listening to their constituents. Letter is dated 3/24
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