CME Group Live Cattle

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 	Live cattle Futures 	Live cattle Futures
Contract Unit 	40,000 pounds (~18 metric tons) 	40,000 pounds (~18 metric tons)
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
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: LE
CME ClearPort: 48
Clearing: 48
TAS: LET 	CME Globex: LE
CME ClearPort: 48
Clearing: 48
TAS: LET
Listed Contracts 	9 monthly contracts of Feb, Apr, Jun, Aug, Oct, Dec 	9 monthly contracts of Feb, Apr, Jun, Aug, Oct, Dec
Settlement Method 	Deliverable 	Deliverable
Termination of Trading 	Trading terminates at 12:00 Noon CT on the last business day of the contract month.	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	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 	Live Cattle Settlement Procedures
Position Limits 	CME Position Limits 	CME Position Limits
Exchange Rulebook 	CME 101 	CME 101
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
Live Cattle Options 	Live Cattle Options 	Live Cattle Options
Minimum Price Fluctuation 	Full Tick = $.00025 per pound (=$10.00 per contract) 	Full Tick = $.00025 per pound (=$10.00 per contract)
Price Quotation 	Cents per pound 	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 	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 	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 	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. 	First Friday of the contract month, 1:00 p.m. - See CME Rule 101A01.I.
Position Limits 	CME Position Limits 	CME Position Limits
Exchange Rulebook 	CME 101A 	CME 101A
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
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.	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 	American Style See CME Rule 101A02
Settlement Method 	Deliverable 	Deliverable
Underlying 	Live Cattle Futures 	Live Cattle Futures
== Futures Contracts Volume ==
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 ==
CME Group commodity products
== Resources ==
*CME Group Live Cattle Contract Specs
*CME Group Web site
*Live Cattle Settlement Procedures
*CME Position Limits
*CME 101
*Block Minimum Thresholds
*Price Limits
*Quote Vendor Symbols Listing
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