futuresspecs

CME · Livestock · Futures

Lean Hog Futures (HE)

CME Lean Hogs (HE): 40,000 pounds, cash-settled against the CME Lean Hog Index – the US pork benchmark.

Tick size / value
0.025 ¢/lb = $10.00
Point value
$400 / 1¢
Active contract
HEV26 Oct 2026
Next roll
Oct 7 in 8 days
Globex right now
Checking…
01

Contract specifications

Exchange
Chicago Mercantile Exchange (CME Group)
Underlying
Lean hog carcasses (CME Lean Hog Index)
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, May, June, July, August, October, December (G, J, K, M, N, Q, V, Z)
Settlement
Financially settled (cash)
Final settlement
Cash-settled to the CME Lean Hog Index
Termination of trading
10th business day of the contract month
Globex code
HE

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

02

Roll dates, first notice & expiration

ContractRoll dateFirst noticeLast trading dayDays left
HEV26 Oct 2026 Active Wed, Oct 7, 2026 n/a Wed, Oct 14, 2026 15
HEZ26 Dec 2026 Mon, Dec 7, 2026 n/a Mon, Dec 14, 2026 76
HEG27 Feb 2027 Fri, Feb 5, 2027 n/a Fri, Feb 12, 2027 136
HEJ27 Apr 2027 Wed, Apr 7, 2027 n/a Wed, Apr 14, 2027 197
HEK27 May 2027 Fri, May 7, 2027 n/a Fri, May 14, 2027 227
HEM27 Jun 2027 Mon, Jun 7, 2027 n/a Mon, Jun 14, 2027 258

Roll. The date shown is five business days before the last trading day; volume usually moves to the next month around then.

First notice day. None – the contract is cash-settled, so there is no delivery and no first notice day.

Last trading day. 10th business day of the contract month.

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

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
HEV26 Oct 2026 Active $1,500
HEZ26 Dec 2026 $1,500
HEG27 Feb 2027 $1,500
Apr 2027 – May 2027 $1,500

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

−6,997 net contracts

+2,110 vs. prior week · −2.4% of OI

COT Index 26 wk 100
COT Index 3 yr 100

Movement (6 wk): +6

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

Swap Dealers

+73,741 net contracts

−3,117 vs. prior week · +25.6% of OI

COT Index 26 wk 75
COT Index 3 yr 91

Movement (6 wk): −3

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

Managed Money

−42,140 net contracts

−4,372 vs. prior week · −14.6% of OI

COT Index 26 wk 1
COT Index 3 yr 1

Movement (6 wk): −9

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 287,713 (+1,790 w/w)
GroupLongShortNet Δ 1 wkΔ 4 wkIndex 26 wkIndex 3 yrMove 6 wk
Producers / Merchants 30,08437,081−6,997 +2,110+2,011 100100+6
Swap Dealers 77,8394,098+73,741 −3,117+506 7591−3
Managed Money 62,744104,884−42,140 −4,372−6,042 11−9
Other Reportables 16,23542,390−26,155 +5,288+3,668 6458+11
Nonreportables 21,55720,006+1,551 +91−143 9396+18
Legacy Report · open interest 287,713 (+1,790 w/w) · WILLCO (26 wk, commercials vs. OI): 99
GroupLongShortNet Δ 1 wkΔ 4 wkIndex 26 wkIndex 3 yrMove 6 wk
Commercials 110,76344,019+66,744 −1,007+2,517 9999+4
Non-Commercials 78,979147,274−68,295 +916−2,374 11−5
Nonreportables (small) 21,55720,006+1,551 +91−143 9396+18
Weekly net positions, last 12 reports (Disaggregated Report)
Report dateProducers / MerchantsSwap DealersManaged MoneyOther ReportablesNonreportablesOpen interest
Sep 22, 2026−6,997+73,741−42,140−26,155+1,551287,713
Sep 15, 2026−9,107+76,858−37,768−31,443+1,460285,923
Sep 8, 2026−12,544+69,149−29,634−28,355+1,384283,094
Sep 1, 2026−9,595+71,152−34,691−28,080+1,214286,408
Aug 25, 2026−9,008+73,235−36,098−29,823+1,694275,011
Aug 18, 2026−11,872+75,480−28,997−33,658−953275,817
Aug 11, 2026−16,967+73,502−24,363−31,006−1,166265,819
Aug 4, 2026−20,254+71,508−19,179−29,718−2,357261,932
Jul 28, 2026−25,543+68,655−19,118−23,312−682268,375
Jul 21, 2026−20,681+69,173−27,791−21,011+310267,566
Jul 14, 2026−9,733+72,886−43,181−22,047+2,075284,729
Jul 7, 2026−9,177+71,445−40,390−24,031+2,153296,501
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 054642 (LEAN HOGS - CHICAGO MERCANTILE EXCHANGE)

06

HE 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 lean hog futures (HE)?

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.