Milch: CME Milchpulverkontrakt mit Lieferung Rotterdam ab 24.05.10

Nun wird die Frankfurter Eurex doch noch den ersten internationalen Milchpulverkontrakt starten. Wie die CME erst zwei Tage vor Handelsstart bekannt gab, war die Zeit zur Vorbereitung des Milch Terminhandels zu knapp angesetzt:

The launch date of International Skimmed Milk Powder (ISMP) futures and options has been postponed to allow the marketplace further time to prepare for trading these unique new products. A new launch date will be announced shortly.

Der Milch Terminhandel in Frankfurt beginnt in 20 Tagen. Auf http://www.milchseiten.de erhalten Sie nach Ihrer Anmeldung kostenfrei sekundenschnelle Kurse, Grafiken und Auswertungen von 09:50 bis 18:30 Uhr:

http://www.milchseiten.de/cgi-bin/index.pl?RG=1

Milch Terminhandel in Chicago, Juni-Kontrakte

Die Chicago Mercantile Exchange beginnt am kommenden Montag, 24.05.2010, mit zwei Wochen Verspätung den Terminhandel in Milchpulver:

International Skimmed Milk Powder (ISM) futures and options will launch effective trade date Monday, May 24, 2010.

Zur Börseninformation der CME:

http://www.cmegroup.com/trading/commodities/international-skimmed-milk-powder.html

Zur Anmeldung auf Milchseiten.de und täglichen Kursen und Grafiken:

http://www.milchseiten.de/cgi-bin/index.pl?RG=1

CME taking dairy global with skimmed milk powder contract

By Bruce Blythe, Drovers Business Editor

Drovers.com (21.05.10) - CME Group will launch trading in international skimmed milk powder futures and options contracts on Monday, as the Chicago-based exchange operator and others angle for a piece of a $6.7 billion global market.

The CME’s contracts will provide the dairy industry its first international risk management tools following wide swings in milk powder prices in recent years, the exchange said.

“As price volatility increased over the past several years, the need has grown for a skim milk powder futures contract to help industry participants better manage their risk,” said John Harangody, the CME’s director of commodity products. “A number of our customers, including manufacturers, producers and multinational food companies, approached us about this contract.”

Demand for powdered milk is growing around the world, particularly in “emerging” regions such as Africa and Asia, CME said. Made from evaporated milk, powdered milk doesn’t need to be refrigerated and can be stored longer than in its liquid form. CME, which already offers milk, butter and cheese contracts based on U.S. markets, already has some competitors on its tail.

Frankfurt-based Eurex Group plans to launch a European skimmed milk powder contract by the end of the second quarter (**). In June, NZX Ltd., the Wellington, New Zealand-based exchange operator, will begin trading in whole milk powder futures.

Dairy producers and processors say the timing is good for the new milk powder contracts, after tight supplies and rising demand whipsawed markets in recent years.

“It is exciting there is recognition for different mechanisms to mitigate risk,” said Ed Gallagher of Dairy Farmers of America, Inc., a Kansas City, Mo.-based marketing cooperative.

The contracts “create a lot of opportunity to help plants, end-users and farmers to manage volatility that brings costs to their business,” said Gallagher, who is president of the cooperative’s dairy risk management services. “I just don’t see volatility getting tamer. It’s getting wilder.”

In previous years, U.S. government price support programs were used to determine milk powder prices, rather than an open market with buyers and sellers from various segments of the industry, Gallagher noted.

Skimmed milk powder prices in Oceania, a large region including islands in the Central and South Pacific, topped $5,000 per metric ton in July 2007 before sinking near $1,600 in March 2009. Prices are currently near $3,600. Still, it remains to be seen whether there is enough milk powder trade to support three different contracts.

“There’s going to be growing competition for these types of contracts,” Gallagher said. “We’ll see if there’s enough volume for everyone.”

About 1.6 million metric tons of whole milk powder is traded globally every year, according to NZX’s Web site. New Zealand “dominates” the world market for whole milk powder, exporting around 700,000 metric tons annually, mostly to Asia, South America and the Middle East, NZX said.

The CME’s contract, delayed from a previously scheduled launch in April, includes 20,000 metric tons of skimmed milk powder and requires “physical” delivery at one of six locations: Los Angeles, Newark, N.J. and Seattle, along with Auckland, New Zealand; Melbourne, Australia; and Rotterdam, the Netherlands.

By contrast, the Eurex and NZX contracts are cash-settled, which may be preferred by speculators and other traders who have no interest in taking delivery of the actual product, analysts said.

The CME’s contract “holds some promise in helping traders cope with the volatility on world dairy markets,” said Ed Jesse, a professor of agricultural economics at the University of Wisconsin in Madison.

However, with the CME’s multiple delivery points, “traders will face a good deal of uncertainty in using the contract, which could limit interest,” he said. “Cash-settled contracts eliminate the delivery problem and potentially expand the range of traders to those who have no interest in the physical.”

“More important in my judgment is that the CME may be upstaged” by the NZX’s new contract, Jesse said.

The CME skimmed milk powder contract will be electronically traded on the exchange’s Globex system. CME dairy trading is dominated by futures and options on Class III milk, an industry benchmark. Class III milk futures and options trading averaged 1,950 contracts a day during the first four months of 2010, up 13 percent from the same period in 2009, according to CME figures.

The Class III trading accounted for more than 94 percent of futures and options activity in the CME’s dairy complex, which also include Class IV milk, dry whey and nonfat dry milk.

For more information on the CME’s international skimmed milk powder contract:

http://www.cmegroup.com/trading/commodities/files/AC-410_IntnlSkimmed_FC_r3.pdf

(Quelle: http://www.drovers.com/news_editorial.asp?pgID=675&ed_id=7379)

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Frankfurt-based Eurex Group plans to launch a European skimmed milk powder contract by the end of the second quarter (**).

(**) Handelsstart an der Eurex ist eine Woche nach der CME am 31.05.10.

Topagrar.at (26.05.10) - Einen schlechten Start haben die am Pfingstmontag an der Chicago Mercantile Exchange (CME) neu eingeführten Futures und Optionen auf "internationales Magermilchpulver" (ISM) hingelegt. An den beiden ersten Handelstagen kam kein Umsatz zustande. Der Kontrakt über 20 t Magermilchpulver kann bei Fälligkeit physisch erfüllt werden. Seinen internationalen Charakter sollen die sechs zugelassenen Anlieferungsorte unterstreichen: Auckland, Los Angeles, Melbourne, Newark, Rotterdam und Seattle.

Am 20.06. will die CME zusätzlich Futures und Optionen auf Käse lancieren. Schon bisher können in Chicago Warentermingeschäfte auf Milch, Butter und Molkenpulver getätigt werden. Der Umsatz konzentriert sich weitgehend auf den Milchkontrakt Class III Milk.

(Quelle: http://www.topagrar.at/home/index.php?option=com_content&task=view&id=1806&Itemid=1)

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Auch am dritten Handelstag gab es keine Umsätze. Schlimmer noch: Die zu Beginn der 23-stündigen Handelszeit eingestellten Geld- und Briefkurse habe sich bis zum Börsenschluss nicht geändert.