Please find details of two upcoming changes which will affect CME® E-Livestock Spreads traded on CME® Globex®, effective Monday, October 31, 2005:

Implied Meat Spreads on CME Globex

Effective Monday, October 31, 2005, implied spread pricing for E-Live Cattle (LE) and E-Lean Hogs (HE) Calendar spreads will be available on CME Globex.  Implied spread pricing enhances trading and risk management opportunities on these products.  To understand how implied spread pricing works, please refer to our “Implied Pricing for Eurodollar Futures on Globex” document, located athttp://www.cme.com../files/EUImpliedPrice.pdf, which explains the concept thoroughly.