National Cheese Exchange

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National Cheese Exchange

The National Cheese Exchange (NCE) was an institution based in the United States that played a significant role in the dairy industry. It was established in 1918 and was operational until 1997. The NCE was a private, members-only exchange where the price of cheese was determined.

History

The NCE was founded in Green Bay, Wisconsin in 1918. It was initially established as a platform for dairy producers and processors to trade cheese and other dairy products. Over the years, the NCE grew in prominence and became a significant player in the dairy industry, influencing the price of cheese not only in the United States but also globally.

Function

The primary function of the NCE was to set the price of cheese. Every week, members of the NCE would gather and bid on blocks and barrels of cheese. The highest bid would then be used to determine the price of cheese for that week. This price was used as a benchmark by the United States Department of Agriculture (USDA) to set the price of milk.

Controversy and Closure

The NCE faced criticism and controversy in the 1980s and 1990s. Critics argued that the NCE was susceptible to manipulation and that a small number of traders could influence the price of cheese. In 1997, the NCE was replaced by the Chicago Mercantile Exchange (CME), which introduced an electronic trading system for dairy products.

Legacy

Despite its closure, the NCE has left a lasting impact on the dairy industry. Its pricing mechanism continues to be used as a reference by the USDA and the CME. The NCE's history and influence serve as a reminder of the importance of transparency and fairness in commodity trading.

See Also

References


External Links

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Contributors: Prab R. Tumpati, MD