Food Industry
Industry: Email Alert RSS FeedFarmers charge possible milk price manipulation at CME
Food & Drink Weekly, April 25, 2005
Dairy producers want the Chicago Mercantile Exchange and Commodity Futures Trading Commission to change the current system of pricing milk because they claim it is at risk of price manipulation and appears to favor the giant dairies that buy milk to make cheese, ice cream and other products. Reuters reports that the farmers say the CME can help change the system by disclosing who buys and sells cheese at its daily market.
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The news service also reports that dairy farmers have criticized the CME's cheddar cheese trading which takes place for less than one hour each day but ultimately determines how much dairy farmers are paid for raw milk.
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