futuresspecs

CME · Livestock · Futures

Live Cattle Futures (LE)

CME Live Cattle (LE): 40,000 pounds of live steers, physically delivered – the US beef benchmark.

Tick size / value
0.025 ¢/lb = $10.00
Point value
$400 / 1¢
Active contract
LEZ26 Dec 2026
Next roll
Nov 23 in 55 days
Globex right now
Checking…
01

Contract specifications

Exchange
Chicago Mercantile Exchange (CME Group)
Underlying
Live steers (55% Choice, 45% Select)
Contract unit
40,000 pounds
Minimum tick
0.025 cent per pound = $10.00 per contract
Point value
$400.00 per 1 cent per pound · 40 ticks per 1¢
Price quotation
U.S. cents per pound
Contract months
February, April, June, August, October, December (G, J, M, Q, V, Z)
Settlement
Physical delivery
Final settlement
Delivery of live cattle at approved livestock yards
Termination of trading
Last business day of the contract month
Globex code
LE

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

02

Roll dates, first notice & expiration

ContractRoll dateFirst noticeLast trading dayDays left
LEV26 Oct 2026 Thu, Sep 24, 2026 n/a Fri, Oct 30, 2026 31
LEZ26 Dec 2026 Active Mon, Nov 23, 2026 n/a Thu, Dec 31, 2026 93
LEG27 Feb 2027 Mon, Jan 25, 2027 n/a Fri, Feb 26, 2027 150
LEJ27 Apr 2027 Wed, Mar 24, 2027 n/a Fri, Apr 30, 2027 213
LEM27 Jun 2027 Mon, May 24, 2027 n/a Wed, Jun 30, 2027 274
LEQ27 Aug 2027 Mon, Jul 26, 2027 n/a Tue, Aug 31, 2027 336

Roll. The date shown is five business days before the contract month starts.

First notice day. Deliveries can be tendered during the contract month – brokers usually require speculative longs to exit before the contract month begins.

Last trading day. Last business day of the contract month (12:00 p.m. CT).

US exchange holidays ahead: Nov 26 · Dec 25 · Jan 1 · Jan 18 · Feb 15 · Mar 26 · May 31 · Jun 18

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
LEV26 Oct 2026 $3,200
LEZ26 Dec 2026 Active $3,200
LEG27 Feb 2027 $3,200
Apr 2027 – Jun 2027 $3,200

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

−87,543 net contracts

−1,215 vs. prior week · −30.7% of OI

COT Index 26 wk 98
COT Index 3 yr 79

Movement (6 wk): +14

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

Swap Dealers

+64,316 net contracts

−908 vs. prior week · +22.6% of OI

COT Index 26 wk 67
COT Index 3 yr 86

Movement (6 wk): −1

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

Managed Money

+49,090 net contracts

+1,394 vs. prior week · +17.2% of OI

COT Index 26 wk 2
COT Index 3 yr 25

Movement (6 wk): −12

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 284,889 (+2,771 w/w)
GroupLongShortNet Δ 1 wkΔ 4 wkIndex 26 wkIndex 3 yrMove 6 wk
Producers / Merchants 42,214129,757−87,543 −1,215+6,789 9879+14
Swap Dealers 68,0383,722+64,316 −908−1,441 6786−1
Managed Money 80,27031,180+49,090 +1,394−10,639 225−12
Other Reportables 12,90233,680−20,778 −1,850+3,105 9031+2
Nonreportables 25,04730,132−5,085 +2,579+2,186 10081+13
Legacy Report · open interest 284,889 (+2,771 w/w) · WILLCO (26 wk, commercials vs. OI): 91
GroupLongShortNet Δ 1 wkΔ 4 wkIndex 26 wkIndex 3 yrMove 6 wk
Commercials 111,820135,047−23,227 −2,123+5,348 9593+15
Non-Commercials 93,17264,860+28,312 −456−7,534 15−16
Nonreportables (small) 25,04730,132−5,085 +2,579+2,186 10081+13
Weekly net positions, last 12 reports (Disaggregated Report)
Report dateProducers / MerchantsSwap DealersManaged MoneyOther ReportablesNonreportablesOpen interest
Sep 22, 2026−87,543+64,316+49,090−20,778−5,085284,889
Sep 15, 2026−86,328+65,224+47,696−18,928−7,664282,118
Sep 8, 2026−86,862+65,233+48,905−19,882−7,394294,350
Sep 1, 2026−88,111+68,818+48,851−21,471−8,087300,731
Aug 25, 2026−94,332+65,757+59,729−23,883−7,271288,743
Aug 18, 2026−94,662+64,260+62,967−23,383−9,182280,826
Aug 11, 2026−98,530+63,369+65,949−21,937−8,851276,625
Aug 4, 2026−96,909+61,170+64,966−21,378−7,849291,760
Jul 28, 2026−98,985+61,596+67,025−22,702−6,934298,449
Jul 21, 2026−112,021+63,096+75,681−20,667−6,089303,089
Jul 14, 2026−121,261+59,937+98,135−28,430−8,381311,766
Jul 7, 2026−129,405+58,512+114,908−33,240−10,775316,893
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 057642 (LIVE CATTLE - CHICAGO MERCANTILE EXCHANGE)

06

LE 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 live cattle futures (LE)?

One tick is 0.025 cent per pound, worth $10.00 per contract. A 1-cent move is worth $400.

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.