CME broke the mold of traditional futures markets, in the mid-1960's by introducing a futures contract on a non-storable commodity - live cattle. The Live Cattle contract has undergone significant changes. Each of these changes has enhanced the usefulness of the contract in risk management programs.
These tools have enabled cattle producers who use them to manage their risk more effectively. CME continues to work with the cattle industry to meet producers' changing needs by improving these contracts.
Live Cattle Futures: 40,000 lbs. of 55% choice, 45% select grade live steers
Live Cattle Options: One Live Cattle Futures Contract
Feeder Cattle Futures: 50,000 lbs. of 700 to 849 lb. Medium Frame #1 and Medium and Large Frame #1 feeder steers
Feeder Cattle Options: One Feeder Cattle Futures Contract
Futures: 9:05 a.m. - 1:00 p.m. LTD (12:00p.m.)
Options: 9:05 a.m. - 1:02 p.m. LTD (12:00p.m.)
Live Cattle Futures: Feb, Apr, Jun, Aug, Oct, Dec, Seven months in the February Bi-monthly Cycle
Feeder Cattle Futures: Jan, Mar, Apr, May, Aug, Sept, Oct, and Nov, Eight months listed at a time Live Cattle Options: Feb, Apr, Jun, Aug, Oct, Dec, Serial Months
Flex Options: Six months in Feb Bi-monthly cycle. One serial month
Feeder Cattle Options: Jan, Mar, Apr, May, Aug, Sep, Oct, Nov.
Flex Options: Eight options months listed
Live Cattle Futures and Options: 1 point = $.0001 per pound = $4.00
Feeder Futures and Options: 1 point = $.0001 per pound = $5.00
Minimum Price Fluctuation
Live Cattle Futures and Options-regular: 0.00025 = $10.00
Feeder Cattle Futures and Options-regular: 0.00025 = $12.50
Live Cattle Options-cab: 0.000125 = $5.00
Feeder Cattle Options-cab: 0.000125 = $6.25
Options Strike Prices
Live Cattle Options: Cents per pound. First two months only- $0.01 intervals e.g. $0.76, $0.77, $0.78. All other months $0.02 intervals e.g. $0.76, $0.78;
Serial Options - $0.01 intervals. Flex Options are listed in intervals of $0.0025.
Feeder Cattle Options: Cents per pound. First two months only- $0.01 intervals, $0.60, $0.61, $062 etc. All other months- $0.02 intervals, $0.62, $0.64, $0.66, etc.
For spot month, $0.005 intervals, $0.605, $0.610, $0.615, etc.
Flex Options are listed in intervals of $0.0025
Live Cattle Futures: LC
Feeder Cattle Futures: FC