futuresspecs

CME · Livestock · Futures

Feeder Cattle Futures (GF)

CME Feeder Cattle (GF): 50,000 pounds, cash-settled against the CME Feeder Cattle Index.

Tick size / value
0.025 ¢/lb = $12.50
Point value
$500 / 1¢
Active contract
GFV26 Oct 2026
Next roll
Oct 22 in 23 days
Globex right now
Checking…
01

Contract specifications

Exchange
Chicago Mercantile Exchange (CME Group)
Underlying
Feeder steers (CME Feeder Cattle Index)
Contract unit
50,000 pounds
Minimum tick
0.025 cent per pound = $12.50 per contract
Point value
$500.00 per 1 cent per pound · 40 ticks per 1¢
Price quotation
U.S. cents per pound
Contract months
January, March, April, May, August, September, October, November (F, H, J, K, Q, U, V, X)
Settlement
Financially settled (cash)
Final settlement
Cash-settled to the CME Feeder Cattle Index
Termination of trading
Last Thursday of the contract month; in November the Thursday before Thanksgiving
Globex code
GF

Source: CME Group contract specifications · reviewed Sep 30, 2026

02

Roll dates, first notice & expiration

ContractRoll dateFirst noticeLast trading dayDays left
GFV26 Oct 2026 Active Thu, Oct 22, 2026 n/a Thu, Oct 29, 2026 30
GFX26 Nov 2026 Thu, Nov 12, 2026 n/a Thu, Nov 19, 2026 51
GFF27 Jan 2027 Thu, Jan 21, 2027 n/a Thu, Jan 28, 2027 121
GFH27 Mar 2027 Thu, Mar 18, 2027 n/a Thu, Mar 25, 2027 177
GFJ27 Apr 2027 Thu, Apr 22, 2027 n/a Thu, Apr 29, 2027 212
GFK27 May 2027 Thu, May 20, 2027 n/a Thu, May 27, 2027 240

Roll. The date shown is five business days before the last trading day; volume usually moves to the next month around then.

First notice day. None – the contract is cash-settled, so there is no delivery and no first notice day.

Last trading day. Last Thursday of the contract month; in November the Thursday before Thanksgiving.

US exchange holidays ahead: Nov 26 · Dec 25 · Jan 1 · Jan 18 · Feb 15 · Mar 26

Calculated from exchange rules and the US exchange holiday calendar. Confirm with the CME Group expiration calendar.

03

Trading hours (ET / CT)

SessionEastern (ET)Central (CT)Your time
CME GlobexMon–Fri 9:30 a.m. – 2:05 p.m.Mon–Fri 8:30 a.m. – 1:05 p.m. –
Daily settlement2:00 p.m.1:00 p.m. –

Holiday hours differ – check the exchange holiday calendar before trading around US holidays. ET is New York time, CT is Chicago time (always one hour behind ET).

04

Margins

CME Group maintenance margin per contract, outright position · as of Sep 30, 2026
ContractMaintenance
Sep 2026 – Oct 2026 Active $5,700
GFX26 Nov 2026 $5,700
Jan 2027 – Oct 2027 $5,700

Exchange margins are the minimum your clearing firm must collect for positions held overnight. Brokers may require more – and usually offer much lower day-trading margins for positions closed before the session ends. A neutral broker day-margin comparison is coming soon.

05

COT positioning

CFTC Disaggregated Report, futures only · positions as of Tue, Sep 22, 2026 · released Sep 25, 2026

Producers / Merchants

−1,827 net contracts

−61 vs. prior week · −2.9% of OI

COT Index 26 wk 92
COT Index 3 yr 60

Movement (6 wk): +10

Producers, merchants, processors and users hedging physical business – the classic commercials. They tend to buy weakness and sell strength.

Swap Dealers

+6,053 net contracts

−1,482 vs. prior week · +9.8% of OI

COT Index 26 wk 59
COT Index 3 yr 79

Movement (6 wk): −17

Swap dealers – banks hedging OTC swaps, including commodity index money. Often structurally positioned; read against their own range, not the sign.

Managed Money

+8,005 net contracts

+794 vs. prior week · +12.9% of OI

COT Index 26 wk 5
COT Index 3 yr 30

Movement (6 wk): −7

Managed money – CTAs, commodity pools and hedge funds. Trend followers; their positioning tends to peak near turning points.

Net positions, last 3 years contracts, long minus short
Producers / MerchantsSwap DealersManaged Money
COT Index, 3-year window 0 = most net short in 3 years, 100 = most net long · shaded: extreme zones
Producers / MerchantsManaged Money
Disaggregated Report · open interest 61,983 (+2,350 w/w)
GroupLongShortNet Δ 1 wkΔ 4 wkIndex 26 wkIndex 3 yrMove 6 wk
Producers / Merchants 7,8209,647−1,827 −61−486 9260+10
Swap Dealers 6,674621+6,053 −1,482−1,746 5979−17
Managed Money 16,2428,237+8,005 +794−881 530−7
Other Reportables 1,68314,147−12,464 −1,400+1,927 3815+15
Nonreportables 10,56010,327+233 +2,149+1,186 10094+4
Legacy Report · open interest 61,983 (+2,350 w/w) · WILLCO (26 wk, commercials vs. OI): 81
GroupLongShortNet Δ 1 wkΔ 4 wkIndex 26 wkIndex 3 yrMove 6 wk
Commercials 16,46512,239+4,226 −1,543−2,232 7880+7
Non-Commercials 17,92522,384−4,459 −606+1,046 610−6
Nonreportables (small) 10,56010,327+233 +2,149+1,186 10094+4
Weekly net positions, last 12 reports (Disaggregated Report)
Report dateProducers / MerchantsSwap DealersManaged MoneyOther ReportablesNonreportablesOpen interest
Sep 22, 2026−1,827+6,053+8,005−12,464+23361,983
Sep 15, 2026−1,766+7,535+7,211−11,064−1,91659,633
Sep 8, 2026−2,020+7,346+7,448−10,842−1,93262,097
Sep 1, 2026−2,207+6,428+8,436−11,165−1,49264,359
Aug 25, 2026−1,341+7,799+8,886−14,391−95369,166
Aug 18, 2026−2,722+6,984+10,261−14,392−13165,267
Aug 11, 2026−4,016+6,775+10,902−13,283−37865,594
Aug 4, 2026−4,314+6,770+10,400−11,423−1,43365,728
Jul 28, 2026−4,362+7,069+8,987−9,994−1,70066,369
Jul 21, 2026−3,156+7,080+9,345−11,348−1,92165,505
Jul 14, 2026−3,782+6,669+11,286−12,263−1,91065,681
Jul 7, 2026−5,325+6,857+14,566−12,040−4,05864,535
How to read these numbers
  • Net position = long minus short contracts (spread positions excluded).
  • COT Index = where today's net position sits within its range over the window: 100 × (net − min) / (max − min). It is a stochastic, not a percentile. Readings above 80 or below 20 are commonly treated as positioning extremes (after Stephen Briese and Larry Williams).
  • Movement Index = change of the 3-year COT Index over 6 weeks. Moves of ±40 points mark unusually fast repositioning.
  • WILLCO (Legacy report) = COT Index of commercials' net position as a share of open interest, 26-week window.
  • Positions are as of Tuesday and released Friday at 3:30 p.m. ET. COT data shows positioning, not timing – it is context, not a trading signal. Open-interest-based indicators are left out for stock index futures because quarterly expirations distort open interest.

Source: CFTC Public Reporting Environment · contract market code 061641 (FEEDER CATTLE - CHICAGO MERCANTILE EXCHANGE)

06

GF profit & loss calculator

Price change– Ticks– Profit / loss–

Before commissions and exchange fees. Prices round to the nearest tick of 0.025.

07

FAQ

What is the tick value of feeder cattle futures (GF)?

One tick is 0.025 cent per pound, worth $12.50 per contract. A 1-cent move is worth $500.

What does the COT Index show?

The COT Index places a group's current net position within its own range over a lookback window: 100 = the most net long in that window, 0 = the most net short. It measures positioning extremes, not timing.