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CORRECTED-CME Group to again list new live cattle futures, options contracts

Published 2016-02-03, 03:43 p/m
© Reuters. CORRECTED-CME Group to again list new live cattle futures, options contracts
LCc1
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CME
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(Corrects third paragraph to read...does not allow delivery of
non-U.S. origin cattle... instead of...allows delivery of
non-U.S. origin cattle)
CHICAGO, Feb 3 (Reuters) - CME Group Inc CME.O plans to
resume the listing schedule for live cattle futures and options
contracts, effective Feb. 18, the exchange said in statement on
Wednesday.
CME will post the June 2017 live cattle futures and options
contract that was originally scheduled to be listed on January
4.
The exchange will not amend CME Rule 10101, which does not
allow delivery of non-U.S. origin cattle, and will continue to
require that all cattle delivered against the contract must be
born and raised only in the United States.
CME Group temporarily delayed listing new contracts in early
December 2015 to evaluate possible delivery changes of non-U.S.
origin cattle in anticipation of a repeal of beef, as a covered
commodity, subject to mandatory Country of Origin Labeling
(COOL) requirements.
Later that month, the U.S. Congress passed a broad 2016
spending package that included the repeal of a meat labeling law
in order to avoid more than $1 billion in trade retaliation by
Mexico and Canada.
"Upon feedback from market participants, and the lack of
publicly available data on discounts or premiums based on the
country of origin of slaughter cattle, CME has determined not to
amend Rule 10101 regarding country of origin delivery at this
time," the exchange said.

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