Product specification: Male, castrated or not, common and tracked – non-castrated animals have been considered since August 1, 2011. 
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 for term prices: CDI (Interbank Deposit Rate); the Index is in cash prices;
Reference region (where slaughters take place):  São Paulo State, subdivided into five smaller regions: Presidente Prudente, Araçatuba, Bauru, São José do Rio Preto and Vale do Paraíba;
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. The participation of each region is defined by the sum of the volume slaughtered at units that are registered in SIF (Federal Inspection Service), considered in the data gathering of the day. 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;
Traceability: Prices that compose the sample must meet the statistical criteria (presented in the detailed version of this methodology).
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 sale offices and auction agencies;
Important: The values collected refer to closed trades in the spot market - prices to producers
Main application: Settlement of fed cattle future contracts at B3.
Other surveys conducted by Cepea for the cattle market (daily):

- Besides São Paulo, Cepea collects arroba prices of fed 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. They are simple arithmetic averages, 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;

- Esalq/BM&FBOVESPA Calf Price Index - Mato Grosso do Sul state;

- Monthly cattle production costs, in 10 states.

For further information, please check the complete methodology (in Portuguese).

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

Tayane Gobbi Olivotto

Ariane Sbravatti

Isabela Zavatti

Alice Alves dos Santos

Luana Xavier Proença

Nicole Demattê