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An update on proposed changes to the live cattle futures contract

At the Iowa Cattlemen’s Association’s (ICA) summer policy conference this week in Ames, ICA president Ed Greiman, a cattle producer from Garner, Iowa, gave an update on efforts to move the live cattle futures contract to a position where it converges with the cash market.

Greiman heads up a special task force of the National Cattlemen’s Beef Association that has been having those discussions with the CME Group.

Specifically, the cattlemen have asked that fed heifers be included as deliverable cattle to honor a contract. Theyare also asking for an increase in maximum live weights from 1,500 pounds to 1,650 pounds.

In a phone interview with Brownfield, Greiman discussed the progress of those negotiations.  He also talked about an issue of particular concern to Iowa cattlemen—a proposal by the CME Group to add a one dollar discount to the Worthing, South Dakota delivery point.

AUDIO: Ed Greiman (1:49 MP3)

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