CME Group Live Cattle

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Futures on CME Group Live Cattle have been offered for trading at the Chicago Mercantile Exchange since 1964. Today these physically delivered livestock futures trade through both open outcry on the CME Group and on the CME Globex electronic trading platform.

The contract trading unit of the Live Cattle futures and Live cattle options is 40,000 pounds.

When Live cattle futures were introduced by CME in 1964, it became the first-ever non-storable futures contract.

The CME launched electronic options trading on Live cattle futures options on December 4, 2006.

On February 1, 2012, CME Group released a clearing advisory listing the stockyards and slaughter plants that have been approved for deliveries against the CME Group Live Cattle futures contract from February 1, 2012 through January 31, 2013. The advisory can be found here.

Live cattle Futures
Contract Unit 40,000 pounds (~18 metric tons)
Price Quotation U.S. cents per pound
Trading Hours CME Globex: Monday - Friday: 8:30 a.m. - 1:05 p.m. CT

TAS: Monday - Friday 8:30 a.m. - 1:00 p.m. CT (9:30 a.m - 2:00 p.m. ET)

CME ClearPort: Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday from 5:45 p.m. – 6:00 p.m. CT
Minimum Price Fluctuation 0.00025 per pound = $10.00

TAS: Zero or +/- 4 ticks in the minimum tick increment of the outright

Product Code CME Globex: LE

CME ClearPort: 48

Clearing: 48

TAS: LET

Listed Contracts 9 monthly contracts of Feb, Apr, Jun, Aug, Oct, Dec
Settlement Method Deliverable
Termination of Trading Trading terminates at 12:00 Noon CT on the last business day of the contract month.
Trade at Marker or Trade at Settlement Rules Trading at Settlement (TAS) is subject to the requirements of Rule 524.A. TAS trades off a ""Base Price"" of zero (equal to the daily settlement price) to create a differential versus the daily settlement price in the underlying futures contract month. The TAS clearing price equals the daily settlement price of the underlying futures contract month plus or minus the TAS transaction price.

TAS Table

Settlement Procedures Live Cattle Settlement Procedures
Position Limits CME Position Limits
Exchange Rulebook CME 101
Block Minimum Block Minimum Thresholds
Price Limit or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Live Cattle Options
Minimum Price Fluctuation Full Tick = $.00025 per pound (=$10.00 per contract)
Price Quotation Cents per pound
Trading Hours CME ClearPort: Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday from 5:45 p.m. – 6:00 p.m. CT
Open Outcry: Monday - Friday: 8:30 a.m. - 1:05 p.m. CT
Product Code CME Globex: LE

CME ClearPort: 48

Open Outcry: Put: PK Call: CK

Clearing: 48

Listed Contracts 9 months of Feb, Apr, Jun, Aug, Oct, Dec, plus one serial month of Jan, Mar, May, Jul, Sep, or Nov
Termination of Trading First Friday of the contract month, 1:00 p.m. - See CME Rule 101A01.I.
Position Limits CME Position Limits
Exchange Rulebook CME 101A
Block Minimum Block Minimum Thresholds
Price Limit or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Strike Price Listing Procedures Strikes listed for 50% of the underlying settlement price above and below the at-the-money strike at $0.02 per pound increments in all months and additional strikes listed for 25% of the underlying settlement price above and below the at-the-money strike at $0.01 per pound increments in the nearest 3 Standard months and 1 Serial month.
Exercise Procedure American Style See CME Rule 101A02
Settlement Method Deliverable
Underlying Live Cattle Futures

Futures Contracts Volume[edit]

In 2014, the volume of CME Group Live Cattle futures traded ranked nineteenth among all agricultural futures and options contracts according to the FIA.

Year Total Annual Volume Percent Change
2014 13,599,292 9.1%
2013 12,463,043 (-)10.9%
2012 13,985,374 3.3%
2011 13,352,554 --

Also See[edit]

CME Group commodity products

Resources[edit]