Effective January 31, 2016, for trade date Monday, February 1, 2016, Chicago Mercantile Exchange Inc. (CME) amends the Spot Butter Call contract (Rulebook Chapter: 11; Trading Floor Code: Butter (AA)).
In addition to a USDA grading certificate, a Certificate of Analysis (COA) will also be an acceptable document for deliverable loads of butter in the spot market. This amendment will allow more eligible loads of butter to be transacted in the spot market.
Butter sold with a COA will continue to meet the grading standards of a USDA Grade AA certificate. The rules will continue to allow buyer’s to call for an inspection of the butter via a USDA grader or independent laboratory to certify that the butter is Grade AA or meets the specifications of the COA.
Data Sources: CME | Effective Date: February 01, 2016