Hemp is gradually being recognized as a primary agricultural product with the recent pricing data featured on the CME (Chicago Mercantile Exchange)
The CME is a distinct derivatives market that allows patrons to trade options, futures and over-the-counter markets such as agricultural metals, products and energy. On Tuesday, it announced that clients can get hemp pricing data from its self-service and web-based data platform, DataMine.
Hemp pricing data is an optional dataset offered by Hemp Benchmarks, a price reporting department and a subsidiary of New Leaf Data Services LLC that’s based in Connecticut. Customers also receive petabyte of past data for alternatives and futures across each asset class.
New Leaf Data Services was launched in 2015 and is the planet’s foremost independent price reporting body for worldwide hemp and cannabis markets.
The firm’s datasets enable CME DataMine clients to receive wholesale hemp pricing details monthly for over twenty forms of hemp produce such as cannabinoid isolate and distillates, CBG products and CBD biomass.
Trey Berre, Data Services’ Global head at the Chicago Mercantile Exchange, said that market stakeholders use past market information to try out strategies and measure prospective risks and returns in various markets.
He further said that with the consistent growth of America’s hemp market, they expect this standard pricing data to help their clients’ hedging and trading strategies.
Jonathan Rubin, the CEO of Hemp Benchmarks said that hemp as an upcoming product has a wide assortment of current applications including health products, biofuels, building materials and textiles. He added that the firm’s information gives a clear and comprehensive view of hemp whole pricing.
Hemp is a form of marijuana plant that produces non-psychoactive cannabinoids and is grown for commercial use. This year American farmers cultivated around 400,000 acres of hemp. The American Hemp market is estimated to accrue about $20 billion come 2025.