The paper considers an industry transforming primary commodities (farm products) into processed commodities (food products). It focuses on the allocation of embedded characteristics (carbohydrate, protein, etc.) both across space and among commodities. The approach generates a spatial...

In January 2000, all federal milk marketing orders began using a common set of product price formulas to establish milk component values and related Class prices. For roughly forty years before then, order Class prices were tied to the price paid for milk by unregulated manufacturing plants in...

Despite the growing volume, trading in milk remains small in comparison to grain and livestock. Part of the reason for limited trading volume is that dairy futures trading is very new compared to grain and livestock trading. There is less experience with risk management strategies and a much...