Hedged physical position · live
Lot #C-1407
Crestline Cattle Fund I, LP · Cimarron Feedyard, Guymon OK
Proj. marketing window
Oct-26
Head count
2,650
On feed 132 days
Weight in / now / target
745/1,180/1,400
66% to target · lbs / head
Capital deployed
$5.00M
+ $2.98M feed & ops budget
Futures hedge leg
SHORT 53× LE
@ 238.500 entry · 2.12M lbs (57%)
Unrealized hedge gain
+$260,760
entry 238.500 → live 226.200
Expected base profit
$505K
underwriting @ 228.8¢ settle
Hedged outcome range
$412K – $965K
settle 210 – 244.8 ¢/lb
MTM P&L at live board
$670K
cattle + futures, settled today
Payoff at expiry
Net P&L vs LE settle, 200 – 260 ¢/lb
Hover for exact dollars at any settle price
Unhedged cattle
Current hedge
+ Draft overlay
Live options chain · LE
CME Live Cattle Options (simulated, Black-76 · 16.0% vol)
Click a bid to sell that leg, an ask to buy — legs load into the builder at 53 lots
| CALLS | STRIKE | PUTS | ||||||
|---|---|---|---|---|---|---|---|---|
| Δ | Bid | Mid | Ask | Bid | Mid | Ask | Δ | |
LEV26 · exp 9-Oct-26 · 120 DTE
Vol 16.0% flat · r 4.50%
1 contract = 40,000 lbs · $400 / point
ATM 225.0
Strategy builder
Draft Overlay
| Side | Type | Exp | Strike | Qty | Mid ¢ | $ Total |
|---|
No legs yet — click the chain, a preset, or run the optimizer below.
Net premium
—
Overlay net Δ
0.0
futures-equivalent contracts
Net position Δ
+39.8
cattle 92.8 − fut 53 + overlay
Max profit · 200–260
$1.21M
@ 260.0 settle
Max loss · 200–260
$253K
@ 200.0 settle
Scenario matrix
P&L by settle price
| Settle ¢/lb | Base hedge | With overlay | Improvement |
|---|
Overlay optimizer
Find the best options structure for your view
Brute-force search over the live chain — expected P&L integrated over a normal distribution centered on your settle view, downside-constrained across your band.
Expected settle228.0 ¢
Confidence band (90%)± 8.0 ¢
Max downside vs base$K
Max legs
Universe: strikes within ±18¢ of your view · both expiries · buy/sell calls & puts · 53 lots per leg
Evaluating 0 structures…
Set your view and hit Optimize — HedgeLab will search every 1–3 leg structure in the chain and surface the three best overlays.