CHICAGO, IL – With demand for beef growing around the globe, the CME Group is announcing the rollout of their Boxed Beef Index which reflects the prices paid for Choice and Select beef using the daily cutout values, as defined and reported by USDA. Though it is being launched by the largest commodity exchange in the country, CME Group assures the industry that publishing the Index is a courtesy to market participants and is not a tradeable product. Similar to the Pork Cutout Index, the Boxed Beef Index reflects the price of the wholesale product after processing. The index calculates the carcass cutout price of Choice and Select quality grade beef in cents per pound (or dollars per hundredweight) and provides a daily indication of the supply and demand of beef. In December of 2020, the US exported over 285 million pounds of beef, just shy of a new all-time record.
(SOURCE: All Ag News)