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CME Group to revamp cattle delivery rules before meat labeling vote

Published 2015-12-04, 12:15 p/m
CME Group to revamp cattle delivery rules before meat labeling vote
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CME
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CHICAGO, Dec 4 (Reuters) - CME Group Inc CME.O plans
changes to its rules for live cattle futures, requiring that all
cattle delivered against the contract must be born and raised
solely in the United States, the exchange said in a statement on
Friday.
The new requirement, effective Dec. 18, covers all currently
listed trading months through April 2017.
CME said the amendments are intended to clarify existing
live cattle futures delivery regulations in the event of a U.S.
Senate and U.S. Department of Agriculture repeal of the Country
of Origin Labeling (COOL) law for beef and pork.
The Senate is expected to vote on the matter as early as
Monday after the U.S. House of Representatives had already voted
to repeal COOL legislation.
Canada and Mexico are prepared to impose trade sanctions
against the United States after the World Trade Organization
recently ruled for the fourth time that the COOL law violates
trade agreements.
"The purpose of these rule changes is to maintain the status
quo in an uncertain policy environment, since the current U.S.
origin requirement is dependent on COOL being in place," the
exchange said.
CME said it will not list additional live cattle futures and
options contract months until it is determined, through further
discussions with the industry, whether cattle of non-U.S. origin
should be allowed for delivery against live cattle futures
contracts after the April 2017 trading month.

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