Dry Milk Meaning:
In commodity market terminology, Dry Milk generally refers to Nonfat Dry Milk. This dairy product trades as a futures contract on the Chicago Mercantile Exchange’s GLOBEX and ClearPort electronic trading platforms.
Nonfat Dry Milk futures contracts are traded in all months and are for 44,000 pounds (20 Metric tons) of Grade A and Extra Grade Nonfat Dry Milk. The contracts are for physical delivery and the last trading day is on the business day immediately preceding the last seven business days of the contract month. The futures are traded under the symbol GNF, are quoted in U.S. Dollars and cents and the minimum fluctuation is $11.00 per contract.