CME to raise feeder cattle index weight requirements

Chicago | Reuters –– CME Group plans to increase the weight ranges for its feeder cattle index, which is associated with the feeder cattle futures contract, the exchange said in a statement on Tuesday.

The amendment will become effective when the November 2016 contract is listed for trading on Nov. 20, after the expiration of the November 2015 trading month.

Beginning with the November 2016 contract, the weight range for cattle included in the index will be increased to 700-899 pounds from 650-849 pounds, according to CME.

CME gave no reason for the change.

The feeder cattle index reflects the sale of steers over a seven-day period in a 12-state region, with futures tracking the index as the spot trading month approaches its final settlement.

Reporting for Reuters by Theopolis Waters in Chicago.

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