Benchmark contracts
| Benchmark | Type | Contract spec | Unit | Range | As of | Deliverable grade |
|---|---|---|---|---|---|---|
| Chicago Mercantile Exchange, USHeadline | futures | Cash-settled futures on live steers, 40,000 lb (~18.14 MT) per contract, 55–80% Choice, yield grade 3, delivery at approved US stockyards.[7] | USD/MT | 5200–5600 | May 2026 | — |
| Chicago Mercantile Exchange, US | futures | Cash-settled futures on 50,000 lb (~22.68 MT) of 650–849 lb medium and large frame #1 and #1–2 feeder steers.[7] | USD/MT | 5100–5500 | May 2026 | — |
| Eastern Australia export plants (e.g., Brisbane) | physical_fob | Frozen 85% chemical lean manufacturing beef, boneless, export spec, packed in ~27 kg cartons, FOB major Australian ports.[10] | USD/MT | 5200–5800 | Apr 2026 | — |
| Brazil (Santos/Paranaguá) | physical_fob | Mixed frozen boneless beef cuts, export specification to China/Middle East, in 20–27 kg cartons, FOB main Brazilian ports.[6][9] | USD/MT | 4300–4800 | Apr 2026 | — |
Premium structure
Differentials between benchmarks reveal where physical beef trades relative to the futures reference and how regional grades price against the global standard.
| Benchmark | Differential | Notes |
|---|---|---|
| Chicago Mercantile Exchange, US | — | |
| Chicago Mercantile Exchange, US | — | |
| Eastern Australia export plants (e.g., Brisbane) | Typically quoted at a differential to US lean beef values in imported beef trade. | |
| Brazil (Santos/Paranaguá) | Typically trades at a discount to Australian and US grain-fed beef. |
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