Rectangular button with yellow and purple background and image of cow; yellow and white lettering. Black cardboard backing and metal pin. Reads STOCKER CATTLE/FUTURES AND OPTIONS/NOVEMBER 30TH, 1998/CHICAGO MERCANTILE EXCHANGE
This promotional button was circulated by Chicago Mercantile Exchange in 1998.
The button bears the words Stocker Cattle Futures and Options. Stocker cattle refers to the practice of purchasing calves (stockers) in spring and selling them in the fall as feeder cattle.
This button is advertising the introduction of stocker cattle futures, or contracts obligating traders to buy or sell stocker cattle at a given point in the future at the CME in 1998. In general, this button helps to document the recent history of the Chicago Mercantile Exchange, one of the city's most important financial institutions. Founded in 1898 as the Chicago Butter and Egg Board, the Chicago Mercantile Exchange (CME) has revolutionized trading with innovative products and systems. Since the 1970s, CME has become the world's largest regulated marketplace for foreign exchange trading. Buttons like these broadcasted to the world that the CME was a premier trading marketplace. This button in particular advertised the application of a modern economic practice-- futures contracts--to livestock exchange, which had long been a staple of Chicago's economy.