Effective January 2, 2015, the Chicago Mercantile Exchange will permit freshening of delivery dates in live cattle futures. Currently, purchases and sales by a long position holder following the first date on which holders of long position may be assigned for delivery must first be netted out, before any excess is applied against an existing position. Beginning January 2, sell transactions may close out existing long positions, and buy transactions may establish new positions. The CME cautions, however, that freshening may not occur through illegal pre-arranged trades.