Bloomberg News

USDA Boxed Beef Cutout Midday Prices for February 27

February 27, 2012

February 27 (Bloomberg) -- This table details boxed beef cutout prices supplied daily by the U.S. Department of Agriculture. Prices and loads traded are as of 11:30 a.m. U.S. central time.

Prices are determined from cuts in dollars a hundredweight and vary between higher-quality choice cuts and select beef cuts for sale f.o.b. Omaha, Nebraska.

CHOICE SELECT

600-900 600-900 ------------------------------------------------------------------------------- Current Cutout Values: 198.75 193.62 Change from prior day: 1.33 0.22 ------------------------------------------------------------------------------- Choice/Select spread: 5.13

Total Load Count (Cuts, Trimmings, Grids): 102 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 283.82 275.04 Primal Chuck 164.72 161.56 Primal Round 173.73 172.33 Primal Loin 271.72 257.65 Primal Brisket 143.91 142.52 Primal Short Plate 142.99 146.05 Primal Flank 119.31 117.52 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 02/24 61 47 26 24 157 197.42 193.40 02/23 88 48 23 40 199 196.86 193.02 02/22 92 62 17 37 208 196.88 192.63 02/21 77 38 18 28 160 194.15 191.15 02/20 87 39 28 28 181 191.81 188.38 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 195.42 191.71 -------------------------------------------------------------------------------- NATIONAL BOXED BEEF CUTS - NEGOTIATED SALES FOB Plant basis negotiated sales for delivery within 0-21 day period. Prior days sales after 1:30pm are included.

CURRENT VOLUME - (one load equals 40,000 pounds)

Choice Cuts 52.24 loads 2,089,614 pounds Select Cuts 32.18 loads 1,287,327 pounds Trimmings 9.83 loads 393,054 pounds Ground Beef 7.62 load 304,991 pounds ------------------------------------------------------------------------------- Choice Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted

rades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 32 308,530 540.28 575.00 548.14 112A 3 Rib, ribeye, bnls, light 5 2,133 613.11 650.00 632.86 112A 3 Rib, ribeye, bnls, heavy 17 30,525 599.21 645.30 606.15 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 9 130,437 214.40 219.00 217.67 114A 3 Chuck, shoulder clod, trmd 8 17,631 225.05 238.00 229.78 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 11 30,959 248.62 268.00 251.60 114F 5 Chuck, clod tender (IM) 3 3,598 317.50 346.00 325.60 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 17 99,814 230.30 246.50 235.37 116B 1 Chuck, chuck tender (IM) 18 38,178 237.83 255.00 244.37

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 16 76,144 209.00 220.74 213.65 120A 3 Brisket, point/off, bnls 9 30,889 323.00 360.00 331.60 123A 3 Short Plate, short rib 18 79,472 305.00 360.00 349.64 130 4 Chuck, short rib 13 21,762 213.00 263.00 224.87 160 1 Round, bone-in 3 3,382 214.00 221.42 217.23 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 28 80,888 242.00 261.79 251.12 168 1 Round, top inside round 23 110,832 210.00 225.99 217.69 168 3 Round, top inside round 4 11,294 215.00 236.63 230.18 169 5 Round, top inside, denuded 22 123,081 253.62 262.00 257.90

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 10,720 215.00 215.00 215.00 171B 3 Round, outside round 24 130,839 217.75 243.00 225.90 171C 3 Round, eye of round (IM) 26 43,335 242.00 256.50 249.33 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 17 81,744 517.19 552.60 533.63 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 6 4,041 510.00 526.00 513.73 180 3 Loin, strip, bnls, 0x1 36 81,842 564.21 601.50 576.37 184 1 Loin, top butt, bnls, heavy 184 3 Loin, top butt, boneless 33 271,676 333.27 351.50 336.44 185A 4 Loin, bottom sirloin, flap 12 16,760 415.25 441.63 430.34 185B 1 Loin, ball-tip, bnls, heavy 6 13,028 308.11 320.00 319.76 185C 1 Loin, sirloin, tri-tip (IM) 6 15,234 333.21 339.76 335.36 185D 4 Loin, tri-tip, pld (IM) 5 17,439 434.79 465.00 439.51 189A 4 Loin, tndrloin, trmd, heavy 23 54,304 928.62 960.00 941.50 191A 4 Loin, butt tender, trimmed 12 20,212 833.00 890.00 851.29 193 4 Flank, flank steak (IM) 8 24,396 436.00 456.00 442.70 ------------------------------------------------------------------------------- Select Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted

Trades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 4 61,171 527.00 545.00 527.05 112A 3 Rib, ribeye, bnls, light 6 10,923 594.00 610.30 602.28 112A 3 Rib, ribeye, bnls, heavy 6 10,646 583.00 610.00 585.00 113C 1 Chuck, semi-bnls, neck/off 6 26,046 209.00 216.00 209.53 114 1 Chuck, shoulder clod 5 14,557 215.00 220.60 217.97 114A 3 Chuck, shoulder clod, trmd 5 20,869 225.25 229.63 226.95 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 5 26,863 233.34 239.00 233.86 116B 1 Chuck, chuck tender (IM) 6 23,539 235.50 255.00 242.85

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 5 163,895 210.00 211.50 210.36 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 7 164,398 255.00 282.00 256.97 130 4 Chuck, short rib 160 1 Round, bone-in 0 0 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 168 1 Round, top inside round 3 8,950 210.00 221.76 213.32 168 3 Round, top inside round 12 443,996 223.25 225.00 224.98 169 5 Round, top inside, denuded 0 0

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 0 0 171B 3 Round, outside round 171C 3 Round, eye of round (IM) 5 26,014 250.00 261.63 252.03 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 7 18,247 499.46 523.65 513.79 184 1 Loin, top butt, bnls, heavy 3 5,330 285.00 311.63 304.15 184 3 Loin, top butt, boneless 5 34,149 303.11 312.00 308.06 185A 4 Loin, bottom sirloin, flap (M) 185B 1 Loin, ball-tip, bnls, heavy 9 25,463 289.00 307.00 296.63 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 4 4,840 895.00 929.45 910.08 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 0 0 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 4 8,450 110.11 119.62 119.05 121D 4 Plate, Inside Skirt (IM) 16 56,119 345.00 362.50 358.26 121C 4 Plate, Outside Skirt (IM) 5 7,069 481.79 495.00 490.20 121E 6 Outside Skirt, pld (IM) 5 9,999 667.00 710.00 674.31

Cap, Wedge Meat & (IM) Lean 12 72,430 250.00 256.00 250.38

Pectoral Meat 8 23,173 277.21 287.60 280.67 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 10 105,408 171.95 181.00 174.88 Ground Beef 75% 0 0 Ground Beef 81% 12 52,868 183.00 199.00 188.09 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 5 19,116 255.00 263.11 255.42 Ground Beef Chuck 80% 17 94,490 185.55 196.00 190.41 Ground Beef Round 85% Ground Beef Sirloin 90% ------------------------------------------------------------------------------- BLENDED GB - STEER/HEIFER/COW SOURCE- 10 Pound Chub Basis - Coarse & Fine Grind ------------------------------------------------------------------------------- Blended Ground Beef 73% Blended Ground Beef 75% 0 0 Blended Ground Beef 81% 0 0 Blended Ground Beef 85% Blended Ground Beef 90% Blended Ground Beef 93% 0 0 Blended Ground Beef Chuck 80% 0 0 Blended Ground Beef Round 85% Blended Ground Beef Sirloin 90% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 12 351,554 100.00 105.55 103.05 Frozen 50% lean trimmings -------------------------------------------------------------------------------- FAT LIMITATIONS (FL) DESCRIPTION Maximum Average Fat Thickness Maximum Fat at any point 1. 3/4" (19mm) 1.0" 2. 1/4" (6mm) 1/2" 3. 1/8" (3mm) 1/4" 4. Practically free (75% surface lean exposed) 1/8" 5. Peeled/Denuded 1/8" 6. Peeled/Denuded, surface membrane removed 1/8" -------------------------------------------------------------------------------- Items that have no entries indicate there were trades but not reportable because they did not meet the daily 3/70/20 guideline. Please refer to weekly LM_XB459 as the item may qualify. --------------------------------------------------------------------------------

A cutout value is an average of the prices tallied for cuts of beef from cattle carcasses weighing 550-850 pounds. Cutout values are separated into three main product types. Fabricated loads are beef cuts taken from an animal's ribs, chuck, round, loin, brisket, short plate and flank; 50 percent loads are 50 percent lean beef trimmings. Ground loads may contain 73, 75, or 80 percent ground beef. A typical refrigerated truckload carries 40,000 pounds.

Choice 1-3 grade is a better grade than Select 1-3, partly because Choice cuts have more fat, or marbling, than Select cuts.

Grade quality is determined using a 1-5 yield grade scale. A rating of 1 is the highest ratio of muscle to fat, while 5 is the lowest. Marbling is an important flavor factor.


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