Kentucky Purchase and Maintenance Agreement for Cattle - Feeder Contract

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US-01157BG
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Description

Beef is raised in three phases before it is processed: calves are raised on pasture and range land, as feeder cattle they feed on pasture, crop residue, and range land, and finally they go to feedlots, where they are fattened for slaughter. Feeder contracts are a type of futures contract based on young cattle that are sent to feedlots in preparation for slaughter. The Chicago Mercantile Exchange first introduced a feeder cattle contract in 1971.


It is important make sure the agreement is clear as to whether a bailment or an actual sale of the animals is intended. In order to constitute a bailment and not a sale, a fattening or raising agreement should provide that the owner agrees to provide the animals involved to the feeder with the owner retaining title to the animals, and the feeder or raiser is to feed or raise them for sale as the owner deems proper. This form is a sample of a sale rather than a bailment.

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  • Preview Purchase and Maintenance Agreement for Cattle - Feeder Contract
  • Preview Purchase and Maintenance Agreement for Cattle - Feeder Contract
  • Preview Purchase and Maintenance Agreement for Cattle - Feeder Contract
  • Preview Purchase and Maintenance Agreement for Cattle - Feeder Contract
  • Preview Purchase and Maintenance Agreement for Cattle - Feeder Contract
  • Preview Purchase and Maintenance Agreement for Cattle - Feeder Contract
  • Preview Purchase and Maintenance Agreement for Cattle - Feeder Contract

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FAQ

Feeder cattle futures contract specifications 0.025/cwt (0.025 cents per pound), worth $12.50 per contract. Feeder cattle futures are traded electronically on the Globex® platform Monday from a.m. U.S. ET to p.m. U.S. ET.

Feeder Cattle consist of calves weighing 600-800 pounds while Live Cattle are cattle fed to the point of harvest weight. A contract size is 40,000 lbs. for Live Cattle or 50,000 lbs. for Feeder Cattle, and they are priced in cents per pound.

A CME Feeder Cattle put option with the same expiration month and a nearby strike price of USD 0.9500 is being priced at USD 0.0600/lb. Since each underlying CME Feeder Cattle futures contract represents 50,000 pounds of feeder cattle, the premium you need to pay to own the put option is USD 3,000.

Feeder Cattle futures (GF) represent young cattle that have grazed on pasture and reached a weight of 700 to 899 pounds. These cattle will be placed in a feedlot where they will be fed a customized grain-based diet for approximately four to six months or until they reach their full frame and weight potential.

Live cattle futures contract specifications $0.025/cwt (0.025 cents per pound), worth $10.00 per contract. Live cattle futures trade electronically on the Globex® trading platform Monday a.m. U.S. ET to p.m. U.S. ET.

A cattle crush trade that represents the cattle feeding process consists of a purchase of Feeder Cattle futures and Corn futures, combined with a sale of Live Cattle futures.

Feeder Cattle are weaned calves that have been raised to a weight of 600 to 800 pounds.

Live cattle is a type of futures contract that can be used to hedge and to speculate on fed cattle prices.

The Contracts The Feeder Cattle futures contract represents 50,000 pounds with a minimum tick increment of $. 00025 per pound, or $12.50 per tick. The contract also trades Monday-Friday from a.m. to p.m. Central Time (CT).

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Kentucky Purchase and Maintenance Agreement for Cattle - Feeder Contract