HE is the CME Globex code for Lean Hog futures. An HE price is a futures quote for a particular contract month, expressed in U.S. cents per pound—not a retail pork price, a cash hog bid, or the CME Lean Hog Index. Because quotes change and some displayed data is delayed, read every price with its contract month, timestamp, and delay status.
What does HE mean?
HE identifies CME Lean Hog futures on CME Globex. CME describes the contract as a way to manage price risk in the U.S. pork industry and support price discovery. A futures price represents the market for a specified delivery-month contract; it does not tell you what consumers are paying for pork or what a producer is receiving in a particular cash transaction. CME Group’s Lean Hog page
How to read a Lean Hog futures quote
Check the contract month and timestamp
There is no single HE price independent of contract month: each listed month has its own quote. CME’s contract page showed December 2026 futures, code HEZ6, at 70.375, down 0.575 (0.81%), in a quote snippet updated October 6, 2026, at 8:52:51 p.m. Central Time. CME says displayed market data is delayed by at least 10 minutes. This is a dated example, not a verified live price for October 8, 2026. For a current quote, check the selected month and the displayed time and delay information on CME’s Lean Hog contract page.
Understand the units
CME quotes Lean Hog futures in U.S. cents per pound. The contract represents 40,000 pounds, so a 70.375 quote means 70.375 cents per pound for that contract, not 70.375 dollars per hog or per pound. CME’s minimum price fluctuation is $0.00025 per pound, equivalent to $10 per contract tick. These are CME contract specifications; see the specifications for operational details.
Futures price, cash index, and pork prices are different
The CME Lean Hog Index is the reference used to settle CME Lean Hog futures and options. CME says the index is posted weekly on Tuesdays and reflects USDA transactions reported over the prior week. It is an index value, not a live quote for an individual futures month. Retail pork prices and cash hog bids are also separate price measures, so comparisons need to identify exactly which series is being shown.
For any comparison, label the contract month or index, distinguish futures from cash or index values, state units in U.S. cents per pound, and include the quote timestamp and any delay. Without those details, two numbers may look comparable when they describe different markets or times.
How are Lean Hog futures settled?
CME Lean Hog futures are financially settled rather than settled by delivery of hogs. The CME Lean Hog Index provides the settlement reference. The distinction matters: a contract-month futures quote is a market price before settlement, while the index is the designated reference for the settlement process.
A separate example of futures settlements being used in a calculation appears in USDA’s 2026 Livestock Gross Margin for Swine endorsement. For its October 2026 insurance calculation, USDA defines the actual lean hog price as the simple average of final daily settlements for October 5–9 and October 12–13, before the October contract’s October 14 last trade date. Those dates describe that insurance program’s calculation, not a current market price or a general settlement schedule.
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What can move HE prices?
Supply and demand, USDA statistics, historical data, and weather are among the inputs CME highlights for market analysis. CME also describes a broad historical seasonal tendency: prices have generally been highest from May through July and relatively low during the October–November corn harvest. That is a historical description, not a guaranteed annual pattern or a forecast for 2026; the cited overview does not assign a specific numeric effect to seasonality. CME’s Lean Hogs Product Overview
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Contract details at a glance
| Specification | CME Lean Hog futures |
|---|---|
| Globex product code | HE |
| Contract unit | 40,000 pounds |
| Price quotation | U.S. cents per pound |
| Minimum price fluctuation | $0.00025 per pound ($10 per contract tick) |
| Listed months | February, April, May, June, July, August, October, and December |
| Settlement | Financially settled |
| Trading termination | 10th business day of the contract month |
| Other CME codes | LN for CME ClearPort and clearing; HET for TAS |
| CME Globex hours listed | Monday–Friday, 8:30 a.m.–1:05 p.m. Central Time |
These figures and hours are CME’s published contract specifications and may be updated; consult CME’s specifications page for current operational information. CME lists separate hours for TAS and ClearPort.
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