Benchmark contracts
| Benchmark | Type | Contract spec | Unit | Range | As of | Deliverable grade |
|---|---|---|---|---|---|---|
| USDA/MidwestHeadline | physical_fob | — | USD/lb | 1.15–1.65 | Dec 2024 | — |
| Rotterdam | physical_cif | — | USD/MT | 3200–4100 | Dec 2024 | — |
| São Paulo | physical_fob | — | USD/MT | 2800–3600 | Dec 2024 | — |
Premium structure
Differentials between benchmarks reveal where physical turkey trades relative to the futures reference and how regional grades price against the global standard.
| Benchmark | Differential | Notes |
|---|---|---|
| USDA/Midwest | — | |
| Rotterdam | — | |
| São Paulo | — |
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