Intercontinental Exchange Will Launch Livestock Futures

Livestock producers and traders will gain a new venue for cattle and hog hedging starting in late 2026.

Updated on Oct. 13, 2026 in Agriculture

Intercontinental Exchange Will Launch Livestock Futures

Live Poll

Does increased competition between financial exchanges provide better long-term security for food prices?

Intercontinental Exchange plans to introduce physically settled cattle futures and three cash-settled contracts for cattle and hog prices on December 7, 2026. The move establishes a direct competitor to CME Group, which has dominated the livestock market since the 1960s.

Why it matters

The entry of a new exchange offers operators alternative hedging venues amid a U.S. cattle herd currently at its smallest size in over 50 years. This development follows sustained inbound customer demand for more options in agricultural commodities trading.

Intercontinental Exchange will launch three cash-settled contracts alongside physically settled options, challenging a market structure held by CME Group since the 1960s. The U.S. cattle herd currently sits at its smallest size in over 50 years.

The players

Intercontinental Exchange

A global operator of financial and commodity exchanges and clearing houses that provides risk management and hedging services.

CME Group

The world's leading derivatives marketplace that provides a broad range of futures and options products for risk management.

The details

The new exchange, which will list its contracts under the codes COW, MOO, and SOW, plans to operate on a cloud-based infrastructure. Simultaneously, CME Group is transitioning its technical operations to a new Google Cloud data center in Aurora, Illinois. The shift by both entities reflects a broader industry move to leverage cloud efficiencies and real-time analytical capabilities for agricultural trading.

1960s: CME Group began offering cattle and hog trading.
December 7, 2026: Targeted launch date for the new futures contracts.

Market Landscape

The new offering marks a departure from the historical dominance of CME Group in livestock futures, which has persisted since the 1960s. This competition arrives as both exchanges modernize their technical infrastructure by migrating matching engines to cloud-based data centers.

Operators currently utilizing livestock futures should evaluate whether the upcoming December 7, 2026 launch date provides more favorable liquidity or execution costs. Keep monitoring regulatory disclosures as the exchange approaches its planned launch to confirm final clearing requirements.

The takeaway

The addition of a new exchange offers a strategic opportunity for producers to diversify their hedging counterparties. Operators should review their current futures trading costs and prepare to evaluate the new COW, MOO, and SOW contract specifications closer to the December 2026 launch date.