Bloomberg News

USDA Boxed Beef Cutout Midday Prices for February 28

February 28, 2012

February 28 (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: 198.62 194.93 Change from prior day: 0.06 0.94 ------------------------------------------------------------------------------- Choice/Select spread: 3.68

Total Load Count (Cuts, Trimmings, Grids): 110 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 286.25 275.79 Primal Chuck 163.14 163.66 Primal Round 172.94 172.77 Primal Loin 272.60 259.85 Primal Brisket 144.74 142.49 Primal Short Plate 143.04 146.10 Primal Flank 119.53 118.88 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 02/27 76 38 10 13 137 198.56 193.99 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 196.77 192.84 -------------------------------------------------------------------------------- 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 47.97 loads 1,918,604 pounds Select Cuts 19.94 loads 797,609 pounds Trimmings 20.72 loads 828,811 pounds Ground Beef 21.09 load 843,409 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 16 13,778 537.76 583.00 567.30 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 24 39,096 614.00 652.40 635.93 113C 1 Chuck, semi-bnls, neck/off 6 35,891 202.00 221.00 211.20 114 1 Chuck, shoulder clod 7 15,986 211.04 221.42 214.07 114A 3 Chuck, shoulder clod, trmd 16 140,715 220.00 237.76 225.09 114D 3 Chuck, clod, top blade 5 12,102 264.90 290.00 277.72 114E 3 Chuck, clod, arm roast 7 18,805 233.73 266.00 241.21 114F 5 Chuck, clod tender (IM) 7 6,895 321.00 392.00 350.06 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 20 135,107 227.00 247.50 238.19 116B 1 Chuck, chuck tender (IM) 13 24,508 240.00 250.00 244.43

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 19 154,918 212.52 218.00 214.96 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 19 23,248 305.00 397.00 360.89 130 4 Chuck, short rib 15 34,902 211.00 242.89 223.05 160 1 Round, bone-in 8 33,281 203.00 225.00 214.64 161 1 Round, boneless 3 7,540 227.00 230.12 227.17

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 19 40,185 250.00 268.00 255.33 168 1 Round, top inside round 7 19,033 215.00 221.42 217.93 168 3 Round, top inside round 20 393,561 220.00 230.00 223.53 169 5 Round, top inside, denuded 10 24,922 254.55 270.29 257.06

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 19,225 211.00 215.00 212.18 171B 3 Round, outside round 27 207,527 212.00 230.00 215.70 171C 3 Round, eye of round (IM) 18 28,986 246.00 261.42 249.95 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 19 26,218 550.00 561.99 553.77 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 9 20,803 510.00 525.00 512.98 180 3 Loin, strip, bnls, 0x1 31 86,280 574.63 600.90 578.96 184 1 Loin, top butt, bnls, heavy 4 5,246 309.68 331.42 312.50 184 3 Loin, top butt, boneless 12 55,688 332.21 351.50 336.31 185A 4 Loin, bottom sirloin, flap 14 32,569 411.00 445.40 429.38 185B 1 Loin, ball-tip, bnls, heavy 8 20,001 306.98 325.00 315.00 185C 1 Loin, sirloin, tri-tip (IM) 4 16,742 325.00 336.00 330.28 185D 4 Loin, tri-tip, pld (IM) 9 5,132 435.79 485.00 457.95 189A 4 Loin, tndrloin, trmd, heavy 17 23,796 921.00 980.00 956.67 191A 4 Loin, butt tender, trimmed 6 1,419 866.76 890.00 886.28 193 4 Flank, flank steak (IM) 17 17,615 430.00 466.00 452.54 ------------------------------------------------------------------------------- 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 14 30,078 526.63 555.00 540.87 112A 3 Rib, ribeye, bnls, light 5 15,993 601.00 617.00 606.98 112A 3 Rib, ribeye, bnls, heavy 18 31,312 571.00 614.75 594.34 113C 1 Chuck, semi-bnls, neck/off 3 18,462 211.00 215.50 211.99 114 1 Chuck, shoulder clod 4 4,931 213.00 218.00 215.70 114A 3 Chuck, shoulder clod, trmd 12 52,497 218.00 231.00 225.87 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 0 0 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 13 73,377 231.00 250.50 234.96 116B 1 Chuck, chuck tender (IM) 5 17,823 240.00 260.00 247.67

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 8 2,725 215.00 222.76 217.37 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 6 34,184 211.00 235.00 213.96 160 1 Round, bone-in 161 1 Round, boneless 5 5,807 224.00 232.50 225.74

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 5 11,278 244.50 265.00 250.12 168 1 Round, top inside round 4 8,976 211.00 219.89 213.07 168 3 Round, top inside round 7 3,829 225.40 231.75 228.17 169 5 Round, top inside, denuded 3 15,094 261.74 270.23 261.93

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 13 43,071 214.00 230.14 222.26 171C 3 Round, eye of round (IM) 14 61,255 232.50 253.89 246.00 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 16 31,729 505.00 527.65 524.77 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 19 86,738 512.76 530.00 521.79 184 1 Loin, top butt, bnls, heavy 5 3,325 277.50 295.00 286.25 184 3 Loin, top butt, boneless 11 18,851 300.00 315.29 309.66 185A 4 Loin, bottom sirloin, flap 5 10,434 411.00 441.42 418.73 185B 1 Loin, ball-tip, bnls, heavy 6 44,991 300.00 305.72 301.95 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 13 14,786 870.90 931.25 916.72 191A 4 Loin, butt tender, trimmed 11 15,904 859.50 872.74 868.30 193 4 Flank, flank steak (IM) 6 6,432 440.00 457.76 444.46 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 5 7,110 111.63 124.62 123.57 121D 4 Plate, Inside Skirt (IM) 11 30,088 350.00 360.00 356.34 121C 4 Plate, Outside Skirt (IM) 5 10,881 485.00 514.40 508.13 121E 6 Outside Skirt, pld (IM) 5 5,466 685.00 725.00 711.00

Cap, Wedge Meat & (IM) Lean 19 39,724 246.44 271.00 255.13

Pectoral Meat 8 18,688 273.01 293.29 281.29 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 27 291,497 170.00 181.00 175.37 Ground Beef 75% Ground Beef 81% 20 121,559 182.00 197.75 190.74 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 14 81,204 249.65 269.75 250.70 Ground Beef Chuck 80% 10 79,963 190.31 210.96 193.11 Ground Beef Round 85% 6 11,291 212.00 217.52 216.16 Ground Beef Sirloin 90% 0 0 ------------------------------------------------------------------------------- BLENDED GB - STEER/HEIFER/COW SOURCE- 10 Pound Chub Basis - Coarse & Fine Grind ------------------------------------------------------------------------------- Blended Ground Beef 73% Blended Ground Beef 75% Blended Ground Beef 81% 4 21,137 198.00 210.00 207.91 Blended Ground Beef 85% Blended Ground Beef 90% 0 0 Blended Ground Beef 93% Blended Ground Beef Chuck 80% Blended Ground Beef Round 85% Blended Ground Beef Sirloin 90% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 26 706,411 98.41 103.50 99.80 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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