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. (“CME”) will reset price limits for Lean Hog futures and initially reset price limits for Pork Cutout futures. Appendix B further below provides amendments to the related affidavits in blackline format.Īugust 2021: Resetting of Price Limits for Lean Hog Futures and Initial Resetting of Price Limits for Pork Cutout FuturesĮffective Tuesday, Augfor trade date Wednesday, September 1, 2021, Chicago Mercantile Exchange Inc. are provided in Appendix A below in blackline format. (“Procedures for Tender, Demand, Retender, Reclaim, and Assignment of Certificates of Delivery”). The Rule Amendments will not impact current procedures regarding retendering as more specifically set forth under Rule 10104. 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 cattle industry is continually working towards appropriate animal husbandry practices to ensure herd productivity that will yield high quality beef. There is open interest in the impacted contract months.
(“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”). (“Live Graded Deliveries”), Rule 10103.C.
(“CME” or “Exchange”) will amend Rule 10103.B. (Carcass Graded Deliveries”), and Related Delivery Affidavits to Prohibit Redelivery of Cattle Within the Current Delivery Period in Live Cattle FuturesĮffective Monday, February 7, 2022, pending Commodity Futures Trading Commission (“CFTC”) approval, Chicago Mercantile Exchange Inc. 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.ĭecember 2021: Amendments to Rule 10103.B. The new futures price limits effective on trade date Septemare shown in the table below and will remain in effect until the last trading day in August 2023. (“CME”) will reset price limits for Lean Hog futures and Pork Cutout futures. This represents no change from the current and long-standing grading fee.Īugust 2022: Resetting of Price Limits for Lean Hog Futures and Pork Cutout FuturesĮffective Wednesday, Augfor trade date Thursday, September 1, 2022, Chicago Mercantile Exchange Inc. Effective for trade date February 6, 2023, the grading fee will be $100 for live graded deliveries. (“Cost of Grading and Weighing”), the grading fee associated with live graded Live Cattle Futures deliveries is established annually by the Exchange. This represents an increase of $0.50 from the 2022 standard freight rate of $4.60 per mile per contract.Ī standard grading fee is used for Live Cattle Futures deliveries. Effective for trade date February 6, 2023, the 2023 standard freight rate will be $5.10 per mile per contract. (“Cost of Grading, Weighing, and Transportation”), this rate is established annually by the Exchange. January 2023: Live Cattle Futures Delivery Fees (Standard Freight Rate for Carcass Graded Deliveries and Grading Fee for Live Graded Deliveries)Ī standard freight rate is used for applicable carcass graded Live Cattle Futures deliveries. 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. The new futures price limits effective on trade date Septemare shown in the table below and will remain in effect until the first trading day in September 2024. August 2023: Resetting of Price Limits for Lean Hog Futures and Pork Cutout FuturesĮffective Thursday, Augfor trade date Friday, September 1, 2023, Chicago Mercantile Exchange Inc.
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