Chicago Mercantile Exchange (CME) is to launch Dry Whey futures to be listed on CME Globex, scheduled to begin trading 19 March. Whey is the liquid remaining after milk has been curdled and strained and is a by-product of the manufacturing of cheese. Whey that is dried has traditionally been used in a variety of foods such as crackers, breads, cereal, commercial pastries and animal feed. In recent years, dry whey, which is high in protein and low in fat, has been used in the increasingly popular energy and power bars as well as protein drinks and powders. The contract size is 44,000 pounds with a tick value of $11. The cash-settled contract is pegged to the USDA monthly weighted average price in the US for dry whey as first released. Trading hours are from 9.40am to 1.10pm daily on Globex.
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