Livestock Market Enhancements

Participate in the Live Cattle futures survey

CME Group is conducting a survey to gather valuable insights from industry participants like you, regarding potential amendments to the Live Cattle futures contract. Your participation is crucial in helping us ensure our product offerings continue to meet the evolving needs of the market. We are interested in your feedback on these issues, and request that you complete the survey by Friday, August 30, 2024.

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May 2024: Resetting of Price Limits for Live Cattle and Feeder Cattle Futures

Effective Friday, May 31, 2024 for trade date Monday, June 3, 2024, Chicago Mercantile Exchange Inc. (“CME”) will reset price limits for Live Cattle and Feeder Cattle futures contracts (the “Contracts). This is the annual reset that is stipulated by the variable price limits mechanism pursuant to CME Rulebook Chapters 101 and 102, as linked below.

The new futures price limits effective on trade date June 3, 2024 are shown in the table below and will remain in effect until the first trading day in June 2025.

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SER-9325

January 2024: Live Cattle Futures Delivery Fees (Standard Freight Rate for Carcass Graded Deliveries and Grading Fee for Live Graded Deliveries)

A standard freight rate is used for applicable carcass graded Live Cattle Futures deliveries. Pursuant to CME Rule 10103.C.8. (“Cost of Grading, Weighing, and Transportation”), this rate is established annually by the Exchange. Effective for trade date February 5, 2024, the 2024 standard freight rate will be $5.30 per mile per contract. This represents an increase of $0.20 from the 2023 standard freight rate of $5.10 per mile per contract.

A standard grading fee is used for Live Cattle Futures deliveries. Pursuant to CME Rule 10103.B.7. (“Cost of Grading and Weighing”), the grading fee associated with live graded Live Cattle Futures deliveries is established annually by the Exchange. Effective for trade date February 5, 2024, the grading fee will be $100 for live graded deliveries. This represents no change from the current and long-standing grading fee.

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SER-9329

January 2024: Amendments to Rule XXX.03. (“Settlement Procedures”) of Lean Hog, Pork Cutout, Feeder Cattle, and Live Cattle Futures Contracts to Codify Contingency Plans

Effective January 25, 2024, and pending all relevant CFTC regulatory review periods, Chicago Mercantile Exchange Inc. (“CME” or “Exchange”) will amend the Lean Hog, Pork Cutout, Feeder Cattle, and Live Cattle Futures contracts noted in the table below (“the Contracts”) to codify contingency plans in the event that United States Department of Agriculture (“USDA”) reporting is unavailable, such as a possible U.S. federal government shutdown.

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SER-9317

October 2023: Amendments to the Live Cattle Feeding Affidavit of the Live Cattle Futures Contract to Include Language Regarding Animal Husbandry Practices

Commencing with the December 2023 contract month, Chicago Mercantile Exchange Inc. (“CME” or “Exchange”) will amend the Live Cattle Feeding Affidavit (the “Affidavit”) which is required for delivery of steers or heifers in connection with the Live Cattle Futures contract (Rulebook Chapter: 101; Clearing Code: 48; CME Globex Code: LE; CME ClearPort Code: 48) (the “Contract”) effective November 3, 2023 and pending all relevant CFTC regulatory review periods (collectively, the “Rule Amendments”). Specifically, CME is amending the Affidavit to include language which shall require that any cattle being tendered for delivery have been managed in accordance with industry standards of animal husbandry practices.  

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SER-9279

August 2023: Resetting of Price Limits for Lean Hog Futures and Pork Cutout Futures

Effective Thursday, August 31, 2023 for trade date Friday, September 1, 2023, Chicago Mercantile Exchange Inc. (“CME”) will reset price limits for Lean Hog futures and Pork Cutout futures. This is the annual reset that is stipulated by the variable price limits mechanism pursuant to CME Rulebook Chapters 152 and 156, respectively, as linked below. The new futures price limits effective on trade date September 1, 2023 are shown in the table below and will remain in effect until the first trading day in September 2024. There shall be no price limits on the current month contract during the last two trading days for Lean Hog futures and during the last five trading days for Pork Cutout futures.

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SER-9231

May 2023: Resetting of Price Limits for Live Cattle and Feeder Cattle Futures

Effective Wednesday, May 31, 2023 for trade date Thursday, June 1, 2023, Chicago Mercantile Exchange Inc. (“CME”) will reset price limits for Live Cattle and Feeder Cattle futures contracts. This is the annual reset that is stipulated by the variable price limits mechanism pursuant to CME Rulebook Chapters 101 and 102, as linked below. The new futures price limits effective on trade date June 1, 2023 are shown in the table below and will remain in effect until the first trading day in June 2024.

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SER-9196

January 2023: Live Cattle Futures Delivery Fees (Standard Freight Rate for Carcass Graded Deliveries and Grading Fee for Live Graded Deliveries)

A standard freight rate is used for applicable carcass graded Live Cattle Futures deliveries. Pursuant to CME Rule 10103.C.8. (“Cost of Grading, Weighing, and Transportation”), this rate is established annually by the Exchange. Effective for trade date February 6, 2023, the 2023 standard freight rate will be $5.10 per mile per contract. This represents an increase of $0.50 from the 2022 standard freight rate of $4.60 per mile per contract.

A standard grading fee is used for Live Cattle Futures deliveries. Pursuant to CME Rule 10103.B.7. (“Cost of Grading and Weighing”), the grading fee associated with live graded Live Cattle Futures deliveries is established annually by the Exchange. Effective for trade date February 6, 2023, the grading fee will be $100 for live graded deliveries. This represents no change from the current and long-standing grading fee.

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SER-9129

August 2022: Resetting of Price Limits for Lean Hog Futures and Pork Cutout Futures

Effective Wednesday, August 31, 2022 for trade date Thursday, September 1, 2022, Chicago Mercantile Exchange Inc. (“CME”) will reset price limits for Lean Hog futures and Pork Cutout futures. This is the annual reset that is stipulated by the variable price limits mechanism pursuant to CME Rulebook Chapters 152 and 156, respectively, as linked below. The new futures price limits effective on trade date September 1, 2022 are shown in the table below and will remain in effect until the last trading day in August 2023. There shall be no price limits on the current month contract during the last two trading days for Lean Hog futures and during the last five trading days for Pork Cutout futures.

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SER-9038

May 2022: Resetting of Price Limits for Live Cattle and Feeder Cattle Futures

Effective Tuesday, May 31, 2022 for trade date Wednesday, June 1, 2022, Chicago Mercantile Exchange Inc. (“CME”) will reset price limits for Live Cattle and Feeder Cattle futures contracts. This is the annual reset that is stipulated by the variable price limits mechanism pursuant to CME Rulebook Chapters 101 and 102, as linked below. The new futures price limits effective on trade date June 1, 2022 are shown in the table and will remain in effect until the first trading day in June 2023.

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SER 8990

December 2021: Amendments to Rule 10103.B. (“Live Graded Deliveries”), Rule 10103.C. (Carcass Graded Deliveries”), and Related Delivery Affidavits to Prohibit Redelivery of Cattle Within the Current Delivery Period in Live Cattle Futures

Effective Monday, February 7, 2022, pending Commodity Futures Trading Commission (“CFTC”) approval, Chicago Mercantile Exchange Inc. (“CME” or “Exchange”) will amend Rule 10103.B. (“Live Graded Deliveries”), Rule 10103.C. (“Carcass Graded Deliveries”),and related delivery affidavits to prohibit redelivery of cattle within the current delivery period for steers or heifers in connection with the Live Cattle Futures contract (Rulebook chapter: 101; Clearing Code: 48; CME Globex Code: LE; CME ClearPort Code: 48) commencing with the February 2022 contract month and beyond (collectively, the “Rule Amendments”). There is open interest in the impacted contract months.

The cattle industry is continually working towards appropriate animal husbandry practices to ensure herd productivity that will yield high quality beef. The Rule Amendments are intended to expressly align the text of the Exchange’s delivery rules with prevailing commercial animal husbandry practices and the Exchange’s longstanding intended application of its delivery rules. The Rule Amendments will not impact current procedures regarding retendering as more specifically set forth under Rule 10104. (“Procedures for Tender, Demand, Retender, Reclaim, and Assignment of Certificates of Delivery”). Amendments to Rule 10103.B. and 10103.C. are provided in Appendix A below in blackline format. Appendix B further below provides amendments to the related affidavits in blackline format.

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SER-8885

August 2021: Resetting of Price Limits for Lean Hog Futures and Initial Resetting of Price Limits for Pork Cutout Futures

Effective Tuesday, August 31, 2021 for trade date Wednesday, September 1, 2021, Chicago Mercantile Exchange Inc. (“CME”) will reset price limits for Lean Hog futures and initially reset price limits for Pork Cutout futures. This is the annual reset that is stipulated by the variable price limits mechanism pursuant to CME Rulebook Chapters 152 and 156, respectively, as linked below. The new futures price limits effective on trade date September 1, 2021 are shown in the table below and will remain in effect until the first trading day in September 2022. There shall be no price limits on the current month contract during the last two trading days for Lean Hog futures and during the last five trading days for Pork Cutout futures.

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SER-8334

May 2021: Initial Resetting of Price Limits for Live Cattle and Feeder Cattle Futures

Effective Monday, May 31, 2021 for trade date Tuesday, June 1, 2021, Chicago Mercantile Exchange Inc. (“CME” of “Exchange”) will reset price limits for the Live Cattle and Feeder Cattle futures contracts (the “Contracts”). This represents the initial annual reset that is stipulated by the variable price limits mechanisms pursuant to CME Rulebook Chapters 101 & 102, as linked below. The new futures price limits effective on trade date June 1, 2021 are shown in the table below and will remain in effect until the first trading day in June 2022.

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SER-8770

August 2020: Amendments to the Daily Price Limits Rule of the Live Cattle and Feeder Cattle Futures Contracts

Pending Commodity Futures Trading Commission (“CFTC” or “Commission”) approval, Chicago Mercantile Exchange, Inc. (“CME” or “Exchange”) will amend the Live Cattle and Feeder Cattle Futures contracts (the “Contracts”) effective on trade date Monday, October 5, 2020 as more specifically summarized below. Summary of the Rule Amendments:

1. Amend Rules 10102.D. and 10202.D. (“Daily Price Limits”) to adjust the current, initial daily price limit for Live Cattle futures from $0.03 to $0.040 per pound and for Feeder Cattle futures from $0.045 to $0.05 per pound. Maintain the existing practice of establishing expanded price limit levels at 150 percent of initial price limit levels, which will result in an increase in the expanded price limit for Live Cattle from $0.045 to $0.06 per pound and an increase in the expanded price limit for Feeder Cattle from $0.0675 to $0.075 per pound;
2. Amend Rules 10102.D. and 10202.D. to replace the current fixed daily price limit regimes (consisting of a fixed price limit and expansion mechanism) with a variable price limit regime that will be price-based and reset annually. It will set the price limit levels for the Feeder Cattle futures contract at a ratio of 1.25 times the Live Cattle futures contract price limit levels. Lastly, it will establish a minimum initial price limit level of $0.04 per pound for Live Cattle futures and $0.05 per pound for Feeder Cattle futures. The mechanism herein is similar to the variable price limit mechanism that has been previously approved by the Commission and implemented by CME in April of 2020 for Lean Hog futures (see CME Submission No. 20-112);
3. Amend Rules 10102.D. and 10202.D. to clarify the reversion back to initial daily price limits once they are expanded. Currently, the rulebook language states that expanded limits revert back to initial limit levels on the following business day when none of the front four (4) contracts in Live and Feeder Cattle settle at the expanded limit. Pursuant to the amendments to the Rule, daily price limits will remain at expanded levels until all the front four contracts in Live and Feeder Cattle settle below their respective initial levels;
4. Make permanent the daily price limit expansion triggering mechanisms on the last trade of an expiring contract which were previously implemented on a temporary basis in June of 2020 (see CME Submission No. 20-212SSS); and
5. Correction of a typographical error to the existing rulebook language in Rules 10102.D. and 10202.D. regarding the existing reversion to initial limits once they are expanded (replacing the word “or” with the word “and”) (collectively, the “Rule Amendments”).

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SER-8642

May 2020: Reduction of the Pre-Open Time Period for all Livestock Futures and Options Contracts

Effective Sunday, May 31, 2020 for trade date Monday, June 1, 2020, and pending all relevant regulatory CFTC review periods, Chicago Mercantile Exchange Inc. (“CME” or “Exchange”) will reduce the pre-open time period in connection with trading on the CME Globex electronic trading platform for all livestock futures and options contracts from 6:00 a.m. – 8:30 a.m. Central Time (CT) to 8:00 a.m. – 8:30 a.m. CT.

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SER-8599

May 2020: Amendments to Daily Price Limit Rule of All Livestock Futures Contracts

Pending Commodity Futures Trading Commission (“CFTC” or “Commission”) approval, Chicago Mercantile Exchange Inc. (“CME” or “Exchange”) will amend the Daily Price Limit Rule of all Livestock and Dairy contracts in the following table (the “Contracts”) as more specifically summarized further below (collectively, the “Rule Amendments”). The Exchange has requested the Commission’s expedited approval of the Rule Amendments.  Pending CFTC approval, the Exchange may implement the Rule Amendments effective on Sunday, June 21, 2020 for trade date Monday, June 22, 2020.

Summary of the Rule Amendments:

CME Livestock:

• Link Live Cattle and Feeder Cattle futures regarding when the daily limits are expanded and when they revert so that both contracts are always at initial price limits together or at expanded price limits together.
• Amend the methodology that triggers the expanded/reverted daily price limits from being based on the settlement from the front two (2) contract months in Live Cattle and Feeder Cattle futures to the front four (4) contract months of Live Cattle and Feeder Cattle futures.
• Include a price limit floor of $3.00/cwt in Lean Hog futures.
• Add a mechanism that allows for the triggering of an additional expanded daily price limit in the expiring contract for Live Cattle and Feeder Cattle futures for the last trade date.

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SER-8600R

April 2020: Amendments to the Lean Hogs Futures Contract

Pending Commodity Futures Trading Commission (“CFTC” or “Commission”) approval, Chicago Mercantile Exchange, Inc. (“CME” or “Exchange”) will amend the Lean Hog Futures contract (the “Contract”) as more specifically summarized below.

Specifically, the Exchange is requesting approval to:

1. Amend Rule 15202.D. (“Daily Price Limits”) of the Contract to replace the current fixed daily price limit regime (consisting of a fixed price limit and expansion mechanism) with a variable price limit regime which will be price-based and reset annually. The mechanism herein is similar to the variable price limit mechanism, which has been previously approved by the Commission and implemented by The Board of Trade of the City of Chicago, Inc. (“CBOT”) in 2014 on grain and oilseed futures (see SER 7075 dated April 22, 2014);
2. Amend Rule 15202.D. to adjust the current daily price limits of the Contract to $3.75/cwt., expandable to $5.50/cwt. from $3.00/$4.50 initial and expanded limit based on the price-based methodology and observation from 2019;
3. Amend Rule 15202.D. regarding the triggering of expanded daily limits and the reversion back to initial limits. Currently, expanded limits are triggered if any of the front three (3) contract months settle at the initial daily limit. Pursuant to the amendments to the Rule, an expansion will be triggered should any of the front eight (8) contract months settle at limit. (Note: according the listing schedule of the Contract, the front eight (8) contract months of the Contract encompass one (1) calendar year); and
4. Amend Rule 15202.D. regarding the reversion back to the initial daily price limit from the expanded limit. Currently, daily price limits revert from the expanded limit back to the initial limit on the following business day when none of the front three (3) contracts settle at the expanded limit. Pursuant to the amendments to the Rule, daily price limits will remain expanded until all of the front eight (8) contract months settle below the initial level (collectively, the “Rule Amendments”).

Pending CFTC approval, the Exchange intends to implement the Rule Amendments effective on Sunday, April 12, 2020 for trade date Monday, April 13, 2020.

Resources

SER-8540

January 2020: Amendment to the Spot Month Position Limits for Live Cattle Futures Contract

Pending Commodity Futures Trading Commission (“CFTC” or “Commission”) approval, the Chicago Mercantile Exchange Inc. (“CME” or “Exchange”) will increase the initial spot month speculative position limit from 450 contracts to 600 for Live Cattle Futures (Rule Chapter 101, Commodity Code 48) effective on trade date Monday, March 2, 2020 and commencing with the April 2020 contract month and beyond. The second and third spot month limits of 300 and 200 contracts remain unchanged.

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MSN01-07-20

Second Industry Survey Regarding Amendments to the Choice/Select Percentage of the CME Live Cattle Futures Contract - PART II

Chicago Mercantile Exchange Inc. (“CME” or “Exchange”) is soliciting additional feedback from market participants regarding potential amendments to the Live Cattle Futures contract (CME Rulebook Chapter 101; CME Globex Code: LE; Clearing Code: 48) (the “Contract”).

The deadline for the Exchange to receive such feedback is Friday, March 22, 2019.

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SER 8341

September 2018: Industry Survey Regarding Amendments to Choice/Select Quality of CME Live Cattle Futures Contract

Chicago Mercantile Exchange Inc. (“CME” or “Exchange”) is soliciting feedback from market participants regarding potential amendments to the Live Cattle Futures contract (CME Rulebook Chapter 101; CME Globex Code:  LE; Clearing Code:  48) (the “Contract”). Specifically, the Exchange is in the process of determining the potential benefits of implementing a mechanism to periodically update the Choice/Select quality percentage for the par value of the Contract using a public report published by the United States Department of Agriculture (“USDA”).

The deadline for the Exchange to receive such feedback is Friday, October 12, 2018.

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SER 8243

May 2018: Amendments to the Feeder Cattle Futures and Options Contracts - Inclusion of Commented Cattle in the CME Feeder Cattle Index and Temporary Listing Delay of the May 2019 Feeder Cattle Futures and Options Contract

Effective Friday, May 25, 2018, and pending all relevant CFTC regulatory review periods, Chicago Mercantile Exchange Inc. ("CME" or "Exchange") will amend the Rule 10203.A.1. ("The Sample") of the Feeder Cattle Futures contract (CME Rulebook Chapter 102; CME Globex Code GF; Clearing Code: 62) to include commented cattle in the calculation of the Feeder Cattle Index ("Index") price. Rule 10203.A.1. shall no longer exclude cattle identified on USDA-AMS reports as being fancy, thin, fleshy, gaunt or full. CME Rule 10203.A.1 is provided below in blackline format. Amendments to Rule 10203.A.1. shall be effective with the May 2019 contract and all subsequent contract months.

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SER-8154

March 2018: Industry Survey Regarding Amendments to the Calculation of the CME Feeder Cattle Index and the Feeder Cattle Futures Contract

Chicago Mercantile Exchange Inc. ("CME" or "Exchange") is soliciting feedback from market participants regarding amendments to the calculation of the CME Feeder Cattle Index® (the "Index") in connection with the Feeder Cattle Futures contract (Rulebook Chapter 102; CME Globex Code: GF/Clearing Code: 62) (the "Contract"). The deadline for the Exchange to receive such feedback is Monday, April 9, 2018. Specifically, the Exchange is in the process of determining the potential benefits of including fancy, thin, fleshy, gaunt, or fill feeder cattle from the sample of transactions used to calculate the Index.

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Feeder Cattle Index Survey

March 2018: Live Cattle Futures - Interactive Delivery Map

View the location and contact information for all CME-approved Live Cattle stockyards and slaughter plants.

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Livestock Delivery Map

January 2018: U.S. Government Shutdown Livestock and Dairy Futures and Options Contingency Plans

In the event of a U.S. federal government shutdown in January 2018 and in an effort to ensure orderly markets, Chicago Mercantile Exchange Inc. (“CME” or “Exchange”) is advising market participants of its contingency plans in connection with a number of livestock and dairy products.

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SER-8081

November 2017: Live Cattle Delivery Manual

General outline of the procedures for delivery of live cattle against the Live Cattle futures contract at CME.

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Live Cattle Delivery Manual

August 2017: Amendment to the Single Month Position Limits for Lean Hog Futures and Option Contracts

Pending Commodity Futures Trading Commission ("CFTC" or "Commission") approval, the Chicago Mercantile Exchange Inc. ("CME" or "Exchange") will implement an increase in the single month speculative position limit from 4,575 contracts to 6,000 contracts for Lean Hog Futures and Options on Lean Hog Futures (Rule Chapters 152 and 152A, Commodity Code LN) effective on trade date Monday, October 16, 2017 and commencing with the December 2017 contract month and beyond. The spot month limit of 950 contracts remains unchanged.

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SER-7987 (Amended August 29, 2017)

August 2017: Livestock Daily Price Limits Survey

CME Group is soliciting feedback from a wide range of market participants on the potential for changing price limits in CME Live Cattle, Feeder Cattle, and Lean Hog futures. If you wish to voice your opinion on this topic, please complete the following survey no later than Friday, August 25, 2017.

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CME Livestock Daily Price Limits Survey

June 2017: Amendments to Live Cattle Futures and Options Contract Specifications

Based on its May request for industry feedback, CME Group notified customers of plans to amend Live Cattle futures and options contract specifications.

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SER-7915RR (Amended September 5, 2017) – amends live-graded delivery and times associated with tender, demand, retender and assignment of Certificates of Delivery.

SER-7937R – resumes regular contract listing schedule, amends quality and grade specifications for Live Cattle, and clarifies penalty for failure to pre-sort cattle for live-graded delivery.

May 2017: Planned Changes to Live Cattle Futures Contract Specifications

Based on discussions with market participants and the USDA, CME Group recent requested industry feedback regarding plans to implement possible changes to Live Cattle futures that expand delivery capacity, update the choice/select spread, revise the penalty structure, and return to a normal contract listing cycle. Click below for more information and to comment.

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Planned Changes to Live Cattle Futures Contract Specifications

September 2016: Listing of December 2017 CME Live Cattle Contracts

Based on feedback from customers, CME Group will list the December 2017 Live Cattle futures and options contract months effective Monday, October 3, pending all relevant regulatory periods.

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Customer Letter, Sept. 20, 2016

SER 7747

August 2016: New Steps to Enhance Cattle Futures Markets

Based on continued collaboration with the cattle industry and results from an independent study conducted by Informa Economics, CME Group recently announced it will take additional actions to enhance Live Cattle futures markets and address cattle market performance.

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News Release: CME Group Announces New Steps to Enhance Live Cattle Futures Markets

Informa Economics study

Customer Letter, Aug. 5, 2016

SER 7716

Seasonal Discount to Worthing, South Dakota Delivery Point

Based on extensive customer feedback, internal review and Informa’s independent research, CME Group will add a seasonal discount of $1.50 per hundredweight on live cattle tendered to its Worthing, South Dakota delivery location for the October contract only. The new discount will be effective with the October 2017 contract, which will be listed for trading on Monday, August 22, 2016, pending CFTC review. The extensive research supporting this decision concluded that this discount would better align delivery values with cash market prices and maintain compliance with CFTC’s policy on location price differentials, while resulting in little or no impact on local cash cattle prices.

Revised Grading and Quality Specifications

Based on industry feedback and increasing quality grades seen in all major fed cattle regions, CME Group will update par quality grades for both live and carcass-graded deliveries to 60 percent choice and 40 percent select, from 55 percent and 45 percent respectively. Pending regulatory reviews, these changes will be effective with the October 2017 contract month.

Delayed Listing of Additional Contracts

CME Group applauds the efforts of the industry to create additional market transparency, particularly through efforts like the recently introduced cash cattle auctions.Transparent negotiated or auction-based cash markets are a prerequisite for effective futures markets, particularly those with physical delivery. However, only approximately 20 percent of cattle sales are negotiated in cash markets across the U.S. today with less than five percent in major producing states like Texas and Oklahoma. As a result, CME Group will delay listing any additional contract months beyond October 2017 as we continue working with the industry to evaluate ways to improve cash market transparency, review cash market developments and consider the introduction of cash-settled products if transparency does not improve.  

Based on customer requests, CME Livestock futures and options trading hours were reduced to align with the period of greatest liquidity in these markets. During 2015, roughly 87% of daily Livestock futures and options trades occurred during the proposed hours.

Effective Monday, 29 February, the proposed trading hours for Live Cattle, Feeder Cattle and Lean Hog futures and options were as follows:

• CME Globex futures and options: 8:30 a.m. to 1:05 p.m. Central Time (CT) Monday to Friday
• Open outcry options: 8:30 a.m. to 1:02 p.m. CT Monday to Friday

The daily settlement period and procedures for CME Livestock contracts remain unchanged.

CME Group formed a working group with the National Cattlemen’s Beef Association to discuss other possible enhancements to its cattle markets, including, but not limited to, circuit breakers and other measures to further heighten market quality.

Press release: CME Group Announces Measures to Further Enhance Livestock Markets (February 10, 2016)

SER: Amendments to CME Globex Electronic Trading and Open Outcry Trading Hours for CME Livestock Futures and Options Contracts (February 10, 2016)

Cattle Markets: Why Cash and Futures Need to Converge