Expired Oct 2013 hogs final settlement is 90.62 cents -CME

Reuters

CHICAGO, Oct 16 (Reuters) - CME Group Inc said onWednesday that the final settlement price for October 2013 leanhog futures and options contracts that expired on Oct. 14 is90.62 cents per lb, based on a volume weighted average, theexchange said in a statement.

"This final settlement price will be applied to any openpositions in October 2013 futures and options on the normallyscheduled date of October 16, 2013," the CME said.

The exchange revamped the final settlement price, that isusually based on cash hog prices, after the government'sshutdown stemmed the flow of crucial data from the U.S.Department of Agriculture, typically used to calculate finalsettlement.

The lack of USDA price information forced the country'sleading meat packers, including Smithfield Foods,Tyson Foods and Cargill Inc to adopt newmethods while negotiating contracts with hog producers until thegovernment resumes its daily market reports.

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