Product specification: Male, castrated or not, common and tracked with 16 arrobas or more – non-castrated animals have been considered since August 1, 2011. Collected values refer to trades closed in the spot market – prices paid to growers;
Unit of measurement/currency: fed cattle arroba in Real and dollar. Commercial exchange rate is considered, asking prices quotes at 4:30 p.m;
Delivery: to be collected at the rural property;
Discount rate: CDI (Interbank Deposit Rate);
Reference region:  São Paulo State, subdivided into five smaller regions: Presidente Prudente, Araçatuba, Bauru/Marília, São José do Rio Preto and Vale do Ribeira;
Weighting base of regions: The weight of each region in the composition of the Index is defined based on the volume slaughtered by the sample slaughterhouses. When a slaughterhouse leaves the sample, due to the lack of price report or to exclusions by statistical criteria, the related importance of that unit is redistributed among the others. Thus, the weighting system can be changed daily;
Special categories: Prices that compose the sample must meet the statistical criteria (presented in the detailed version of this methodology). If prices are kept after the methodological criteria are applied, the animals will compose part of the Index final sample;
Taxes: The Index does not include ICMS nor CERSS (former Funrural);
Statistical treatment: The daily sample from São Paulo State is submitted to three statistical procedures: standard deviation (values accepted are those between two standard deviations up or down compared to the sample average), variation coefficient (up to 2.5%) and interval of regional prices;
Frequency: daily;
Historic:  since March 1994. In July 1997, the NPR discount rate was substituted by the CDI rate;
Agents surveyed for the research: slaughterhouses, cattle growers, cattle purchase and sales offices and auction agencies;
Main applications/uses: Liquidation of fed cattle future contracts at B3, reference for the closure of trades/contracts with cattle growers. For more information about fed cattle future contracts at BM&FBovespa, click here;
Other surveys conducted by Cepea for the cattle market (daily): Besides São Paulo, Cepea collects arroba prices of lean cattle and cow, as well as calf and lean cattle in the following states: Rio Grande do Sul, Minas Gerais, Paraná, Mato Grosso do Sul, Mato Grosso, Goiás, Pará, Rondônia, Bahia and Tocantins. These averages are simple arithmetic figures, differently from the Index, which is weighted;
  Price surveys of boned beef (carcass, hindquarter, forequarter and thin flank; for cows, only beef carcass prices are surveyed) in the wholesale market of the Greater São Paulo.


Source: Cepea




Geraldo Sant’Ana de Camargo Barros, Ph.D
Full professor of the Department of Economics, Management and Sociology


Executive manager

Gabriela Garcia Ribeiro, M.a 

Shirley Martins Menezes, M.a
Thiago Bernardino de Carvalho, Dr.

Research Assistants

Cristiane Mariano Spadoto

Marina Martins Rodomille

Bruna Caroline Pinto

Isabela Zavatti
Isabelle Martignago Marcolin
Karine Nova Penha
Letícia Bianchi Mantovan
Tayane Gobbi Olivotto