Live cattle refer to commodity futures contracts that represent cattle ready for slaughter, typically weighing between 1,050 and 1,500 pounds. These contracts are traded on the Chicago Mercantile Exchange and are used by producers, processors, and traders to hedge against or speculate on beef price movements. Live cattle prices are influenced by factors such as feed costs, weather conditions, consumer demand, and global trade policies, making them an important benchmark in the agricultural commodities market.