Effective Monday, November 24, 2008, options on Feeder Cattle futures will now trade electronically on the CME Globex trading platform.

The electronically traded feeder cattle options will be offered virtually 23 hours a day each weekday, including side-by-side with the floor traded product that will continue to trade from 9:05 a.m. to 1:02 p.m. Chicago time. Electronic trading begins on Mondays at 9:05 a.m. and remains open through Fridays at 1:55 p.m. with daily hour-long trading halts from 4:00 p.m. to 5:00 p.m.

Feeder Cattle futures provide a way to:

• Engage in price discovery for cattle to be placed in feedyards for fattening
• Participate in a market in which prices are influenced by factors that affect both feedgrain and feeder cattle prices
• Effectively manage the price risk that merchandisers, producers, processors and others have related to the purchase or sale of feeder cattle
• Evaluate or reflect on both the current and future supply and demand situation for feeder cattle, other meats and feedgrains
• Trade to hedge or speculate based on expectations of directional price, spread movement or volatility in feeder cattle

Things to Know:

• Feeder Cattle futures are a cash-settled 50,000 pound contract
• You can view free electronic real-time price quotes on Feeder Cattle futures, including:
  • Best bids and offers
  • Daily trading activity
  • Outright and spread markets
• Contracts trade virtually 24 hours a day on the CME Globex electronic trading platform and side by side during regular trading hours on the CME Group trading floor
• Electronically traded Feeder Cattle futures offer:
  • Direct participation in the trading process
  • Greater pricing efficiency
  • Millisecond response time
  • Designated market makers
  • Implied spread functionality
• Sign up for free daily email commentary on CME Group Livestock markets by visiting www.dailylivestockreport.com