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National Cheese Exchange (NCE): A now defunct private
non-profit corporation that operated in Green Bay, Wisconsin. Every Friday
morning for one-half hour, members of the NCE met to buy or sell cheddar cheese
in 40-pound blocks and 500-pound barrels on the exchange. The closing prices
were published and widely circulated throughout the dairy industry, and were
used as the basis for buying and selling cheese throughout the food distribution
system. Up until April 1997 the USDA used changes
in the NCE price as a principal component in determining the basic
formula price for all milk sold under federal milk
marketing orders. Activity on the NCE was regulated by the
Wisconsin Department of Agriculture and the Wisconsin Attorney General.
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