---
title: Lean Hogs Futures (HE) Contract Specifications
description: HE product specs
---

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# Lean Hogs Futures (HE) Contract Specifications

#### What you're trading

The CME Lean Hogs future (HE) gives you exposure to 40,000 pounds of lean hog carcasses, cash-settled against the CME Lean Hog Index. Unlike Live Cattle, HE does not involve physical delivery of animals — it settles financially to a two-day weighted average of cash hog prices. HE is used by hog producers to lock in selling prices, by pork packers to hedge input costs, and by speculators to trade the semi-annual USDA Hogs and Pigs Report, feed costs, export demand (particularly from China and Mexico), and seasonal patterns.

#### Contract size

40,000 pounds of lean hogs. 

#### Tick value

Minimum price fluctuation is $0.00025 per pound (0.025 cents), and each tick is worth $10.00 per contract. A 1-cent move equals $400, and a 10-cent move equals $4,000 per contract — same tick economics as Live Cattle.

#### Trading hours

CME Globex: Monday–Friday 8:30 a.m. – 1:05 p.m. CT. Like LE, HE trades only during a limited day session with no overnight electronic session — expect gap risk on weekend and overnight news.

#### Settlement type

Cash-settled against the CME Lean Hog Index (a two-day weighted average of negotiated cash hog prices at representative U.S. plants). Contract months are February, April, May, June, July, August, October, and December. Trading terminates on the 10th business day of the contract month.

#### Margin snapshot

Lean Hogs margin reflects gap risk from the limited trading hours and can shift around USDA Hogs and Pigs reports (quarterly) and disease events (ASF, PED).

| **Initial margin (overnight)** | ~$1,800–$3,200 per contract (approximate; varies with volatility) |
| --- | --- |
| **Maintenance margin** | ~$1,640–$2,910 per contract |
| **Day-trade margin** | Broker-set; often a fraction of overnight margin |
| **Notional value (reference)** | ~$36,000 at $0.90/pound |

*Margins change with market volatility and vary by broker. The figures above are approximate and for reference only — always confirm current requirements with MetroTrade support or on the CME margin page before trading.*

#### Related learning

- CME official contract specifications: [Lean Hogs Futures Contract Specs](https://www.cmegroup.com/markets/agriculture/livestock/lean-hogs.contractSpecs.html)
- [Live Cattle (LE)](https://www.cmegroup.com/markets/agriculture/livestock/live-cattle.contractSpecs.html)
- [Corn (ZC) — primary hog feed input](https://www.cmegroup.com/markets/agriculture/grains/corn.contractSpecs.html)
- [CME initial margin requirements (all products)](https://www.cmegroup.com/clearing/margins/)
- [MetroTrade intraday margin requirements ](https://www.metrotrade.com/margins/)

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