CME Group announced that it will launch Block Cheese futures and options in January 2020, pending regulatory review. The new futures and options contracts will be cash-settled to the monthly average price for 40-lb. block cheddar cheese as reported by the USDA's National Dairy Products Sales Report (NDPSR) with each contract representing the equivalent of 20,000 pounds of block cheddar cheese and the tick size of $0.001 per pound.