摘要：In June 1993, the Coffee, Sugar and Cocoa Exchange (CSCE) introduced futures and options contracts for cheddar cheese and nonfat dry milk2 . These new contracts provided the opportunity for dairy industry participants -- dairy farmers, manufacturers, distributors, and others -- to manage price risk in an era of increasingly volatile dairy markets. Now, expanded risk management opportunities exist via futures and options contracts for Grade A milk. On October 10, 1995, the Commodity Futures Trading Commission approved Grade A milk futures and options contracts for both the CSCE and the Chicago Mercantile Exchange (CME). The CSCE began trading these contracts on December 12, 1995. The CME announced a starting date of January 11, 1996.
