I looked Elm up in my copy of "Encyclopedia of Wood" (http://www.amazon.com/The-Encyclopedia-Wood-Tree-By-Tree-Versatile/dp/0816061815). It says: "American Elm is used in boat and ship building for stern posts, ribs, general framing, gunwales, bilge stringers, keels, rubbing strips, and components that are completely submerged in water; also for underwater parts in dock and harbour work. Other uses are wheel hubs, blades of ice hockey sticks, agricultural implements, chair rockers, gym equip., bent work for car bodies and ladder rungs, It is excellent for turning, and can be sliced for decorative veneers and burls. White Elm has high, and Rock Elm has very high resistance to shock loads."
So, even though it doesn't mention cutting boards, I would think it would work fine, seeing it can withstand water and is very durable. That is just my guess, since I have not used it.