As with most futures contracts, livestock futures contracts specify the commodity, quantity, and the delivery point. Beyond these, livestock futures also specify the quality of the commodity in particular U.S. grades.
Livestock Futures Markets
Feeder Cattle Futures - In order to be transferred to the feedlot and fattened for slaughter, feeder cattle must be between 1-2 years of age.
Lean Hog Futures - Hogs are bred twice a year continuously in order to ensure a constant wave of production Live Cattle Futures - Live cattle are specially raised for beef production. Contracts for live cattle in the CME are for 18 metric tons.
Milk Futures - Today, the largest milk and dairy producers in the world are India, the U.S., Germany, and Pakistan.