CME Group Lean Hogs

CME Group Lean Hogs are a cash-settled futures contract. The lean hog contract replaced the physically delivered live hog contract. Futures and futures options on lean hogs are based on a 40,000-pound contract, and are offered for trading both on through open outcry at CME Group and on the CME Globex electronic trading platform.
The contract months in the lean hog futures are February, April, May, June, July, August, October and December. The commodity symbol for the floor-traded hogs is LH, and for Globex-traded hogs, HE.
On December 4, 2006, CME launched options on live cattle and lean hogs futures traded on the CME Globex electronic trading platform. 
Lean Hog Futures 	Lean Hog Futures 	Lean Hog Futures
Contract Unit 	40,000 pounds 	40,000 pounds
Price Quotation 	U.S. cents per pound 	U.S. cents per pound
Trading Hours 	CME Globex: 	Monday - Friday: 8:30 a.m. - 1:05 p.m. CT (9:30 a.m - 2:05 p.m. ET)
TAS: Monday - Friday 8:30 a.m. - 1:00 p.m. CT (9:30 a.m - 2:00 p.m. ET)
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
Minimum Price Fluctuation 	0.00025 per pound = $10.00
TAS: Zero or +/- 4 ticks in the minimum tick increment of the outright	0.00025 per pound = $10.00
TAS: Zero or +/- 4 ticks in the minimum tick increment of the outright
Product Code 	CME Globex: HE
CME ClearPort: LN
Clearing: LN
TAS: HET 	CME Globex: HE
CME ClearPort: LN
Clearing: LN
TAS: HET
Listed Contracts 	2 Feb monthly contracts listed the business day after the termination of trading in the Aug contract month
2 Apr monthly contracts listed the business day after the termination of trading in the Oct contract month
2 May monthly contracts listed the business day after the termination of trading in the Dec contract month
2 Jun monthly contracts listed the business day after the termination of trading in the Dec contract month
2 Jul monthly contracts listed the business day after the termination of trading in the Feb contract month
2 Aug monthly contracts listed the business day after the termination of trading in the Apr contract month
2 Oct monthly contracts listed the business day after the termination of trading in the May contract month
2 Dec monthly contracts listed the business day after the termination of trading in the Jun contract month	2 Feb monthly contracts listed the business day after the termination of trading in the Aug contract month
2 Apr monthly contracts listed the business day after the termination of trading in the Oct contract month
2 May monthly contracts listed the business day after the termination of trading in the Dec contract month
2 Jun monthly contracts listed the business day after the termination of trading in the Dec contract month
2 Jul monthly contracts listed the business day after the termination of trading in the Feb contract month
2 Aug monthly contracts listed the business day after the termination of trading in the Apr contract month
2 Oct monthly contracts listed the business day after the termination of trading in the May contract month
2 Dec monthly contracts listed the business day after the termination of trading in the Jun contract month
Settlement Method 	Financially Settled 	Financially Settled
Termination of Trading 	Trading terminates on the 10th business day of the contract month.	Trading terminates on the 10th 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	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 	Lean Hog Settlement Procedures 	Lean Hog Settlement Procedures
Position Limits 	CME Position Limits 	CME Position Limits
Exchange Rulebook 	CME 152 	CME 152
Block Minimum 	Block Minimum Thresholds 	Block Minimum Thresholds
Price Limit or Circuit 	Price Limits 	Price Limits
Vendor Codes 	Quote Vendor Symbols Listing 	Quote Vendor Symbols Listing
Lean Hog Options 	Lean Hog Options 	Lean Hog Options
Contract Unit 	1 futures contract for 40,000 pounds 	1 futures contract for 40,000 pounds
Minimum Price Fluctuation 	Full Tick = $.00025 per pound (=$10 per contract);
Half Tick = $.000125 per pound (=$5 per contract) 	Full Tick = $.00025 per pound (=$10 per contract);
Half Tick = $.000125 per pound (=$5 per contract)
Price Quotation 	U.S. cents per pound 	U.S. 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
Trading Hours 	CME Outcry: 	Monday - Friday: 8:30 a.m. - 1:05 p.m. CT
Product Code 	CME Globex: HE
CME ClearPort: LN
Open Outcry: Put: PH Call: CH
Clearing: LN 	CME Globex: HE
CME ClearPort: LN
Open Outcry: Put: PH Call: CH
Clearing: LN
Listed Contracts 	Monthly contracts listed as follows:
2 months each of May and Jun listed in December.
2 months of Jul listed in February.
2 months of Aug listed in April.
2 months of Oct listed in May.
2 months of Dec listed in June.
2 months of Feb listed in August.
2 months of Apr listed in October 	Monthly contracts listed as follows:
2 months each of May and Jun listed in December.
2 months of Jul listed in February.
2 months of Aug listed in April.
2 months of Oct listed in May.
2 months of Dec listed in June.
2 months of Feb listed in August.
2 months of Apr listed in October
Termination of Trading 	Trading terminates on the10th business day of the contract month, 12:00 p.m. 	Trading terminates on the10th business day of the contract month, 12:00 p.m.
Position Limits 	CME Position Limits 	CME Position Limits
Exchange Rulebook 	CME 152A 	CME 152A
Vendor Codes 	Quote Vendor Symbols Listing 	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 months.	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 months.
Exercise Procedure 	American Style See CME Rule 152A02 	American Style See CME Rule 152A02
Settlement Method 	Deliverable 	Deliverable
Underlying 	Lean Hog Futures 	Lean Hog Futures
== Futures Contracts Volume ==
In 2014, the volume of CME Group Lean Hogs futures traded ranked twentieth among all agricultural futures and options contracts according to the FIA.
Year	Total Annual Volume	Percent Change
2014	10,656,944 	(-)5.5%
2013	11,227,038 	(-)1.6%
2012	11,461,892 	15.0%
2011	9,969,961 	--
== Also See ==
CME Group commodity products
== Resources ==
*CME Group lean Hogs Contract Specs
*CME Group Web siteCategory:CME Group
*Lean Hog Settlement Procedures
*CME Position Limits
*CME 152
*Block Minimum Thresholds
*Quote Vendor Symbols Listing
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