In 1961, the Chicago Mercantile Exchange developed a futures contract on pork bellies (bacon), the first futures contract based on frozen, stored meats.
Almost eight years after it was delisted, CME Group announced in May 2019 it would publish a new CME Fresh Bacon Index as a new price reference for pork bellies. The index provides a weekly price each Monday, and is based on a combination of negoiated and formula transactions from the USDA. It reflects the price of one load, or 40,000 pounds, of fresh skinless pork bellies in cents per pound. No futures contract was announced, however.
Pork bellies traded primarily on the CME trading floor, but CME Group in August 2007 announced that when the CME and CBOT trading floors combined at the CBOT in 2008, pork bellies would only trade on the Globex electronic trading platform and would no longer have a pit presence. In early 2008, this decision was overturned; thus when CME Group moved its pit-traded commodities to the Chicago Board of Trade floor, pork bellies shared a section of a pit with futures on Lean hogs.
On July 15, 2011, CME Group announced it had delisted pork belly futures.
- Bacon is Back: CME Group Launches New, Fresh Bacon Index. CME Group.
- Frozen Pork Bellies Delisting: July 15, 2011. CME Group.