Bloomberg News

USDA Boxed Beef Cutout Closing Prices for March 2

March 02, 2012

March 2 (Bloomberg) -- This table details boxed beef cutout prices supplied daily by the U.S. Department of Agriculture. Prices and loads traded are as of 3:00 p.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: 198.07 193.80 Change from prior day: (0.38) (1.35) ------------------------------------------------------------------------------- Choice/Select spread: 4.27

Total Load Count (Cuts, Trimmings, Grids): 226 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 284.21 276.35 Primal Chuck 161.20 159.45 Primal Round 168.89 169.16 Primal Loin 279.02 264.14 Primal Brisket 141.84 141.37 Primal Short Plate 142.24 145.40 Primal Flank 119.81 120.48 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 03/01 68 22 25 18 133 198.45 195.15 02/29 131 72 18 42 264 198.80 195.15 02/28 91 52 28 38 208 198.65 194.68 02/27 76 38 10 13 137 198.56 193.99 02/24 61 47 26 24 157 197.42 193.40 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 198.38 194.48 -------------------------------------------------------------------------------- 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 125.32 loads 5,012,747 pounds Select Cuts 41.25 loads 1,650,114 pounds Trimmings 6.09 loads 243,545 pounds Ground Beef 53.52 load 2,140,830 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 25 65,429 549.00 581.00 562.49 112A 3 Rib, ribeye, bnls, light 14 51,549 599.00 665.00 625.49 112A 3 Rib, ribeye, bnls, heavy 36 85,910 595.00 655.65 621.02 113C 1 Chuck, semi-bnls, neck/off 4 48,342 197.00 214.50 199.82 114 1 Chuck, shoulder clod 5 20,492 211.00 225.21 213.32 114A 3 Chuck, shoulder clod, trmd 35 138,698 215.00 236.79 221.04 114D 3 Chuck, clod, top blade 7 7,007 269.37 301.89 276.40 114E 3 Chuck, clod, arm roast 6 6,626 239.60 275.21 245.77 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 66 707,190 215.00 241.00 226.70 116B 1 Chuck, chuck tender (IM) 28 89,674 236.00 255.00 241.40

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 55 281,119 207.00 225.21 210.15 120A 3 Brisket, point/off, bnls 5 13,595 323.00 363.00 337.08 123A 3 Short Plate, short rib 10 20,863 294.06 388.00 367.21 130 4 Chuck, short rib 27 517,062 203.00 260.00 204.70 160 1 Round, bone-in 6 5,704 210.00 222.25 215.91 161 1 Round, boneless 9 34,997 220.00 232.39 220.91

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 48 128,724 240.00 264.00 253.88 168 1 Round, top inside round 62 827,753 201.00 225.99 204.55 168 3 Round, top inside round 39 407,648 209.01 231.79 213.50 169 5 Round, top inside, denuded 21 90,326 240.33 264.60 256.84

3 Round, top inside, side off 170 1 Round, bottom gooseneck 7 5,167 189.00 221.79 200.50 171B 3 Round, outside round 61 359,280 208.00 242.60 214.21 171C 3 Round, eye of round (IM) 41 89,154 239.00 261.79 246.33 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 19 62,794 543.00 571.00 551.09 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 12 22,059 518.77 528.00 525.35 180 3 Loin, strip, bnls, 0x1 36 75,477 580.00 611.00 593.57 184 1 Loin, top butt, bnls, heavy 7 23,805 325.00 331.00 327.36 184 3 Loin, top butt, boneless 33 75,725 341.00 358.00 344.75 185A 4 Loin, bottom sirloin, flap 18 58,946 435.00 453.45 438.58 185B 1 Loin, ball-tip, bnls, heavy 10 15,500 305.00 327.00 322.82 185C 1 Loin, sirloin, tri-tip (IM) 17 73,310 325.00 342.00 328.03 185D 4 Loin, tri-tip, pld (IM) 11 6,190 435.25 485.75 448.04 189A 4 Loin, tndrloin, trmd, heavy 26 52,150 923.00 1076.00 978.47 191A 4 Loin, butt tender, trimmed 8 8,366 865.00 900.00 870.55 193 4 Flank, flank steak (IM) 16 30,730 430.00 466.00 449.47 ------------------------------------------------------------------------------- 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 13 28,919 527.42 562.39 544.74 112A 3 Rib, ribeye, bnls, light 9 10,636 607.00 627.00 616.71 112A 3 Rib, ribeye, bnls, heavy 19 30,398 571.00 615.60 591.86 113C 1 Chuck, semi-bnls, neck/off 6 6,309 204.71 225.00 207.93 114 1 Chuck, shoulder clod 8 42,115 205.00 214.50 209.92 114A 3 Chuck, shoulder clod, trmd 19 27,104 215.00 231.50 221.55 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 26 222,552 214.34 236.50 226.56 116B 1 Chuck, chuck tender (IM) 9 52,460 235.00 253.00 238.23

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 16 82,702 208.32 217.00 210.30 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 4 6,880 299.05 376.00 354.29 130 4 Chuck, short rib 7 20,558 204.20 253.74 214.23 160 1 Round, bone-in 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 8 33,409 249.76 265.00 252.15 168 1 Round, top inside round 15 54,411 202.00 220.21 209.59 168 3 Round, top inside round 19 224,318 203.96 225.79 210.86 169 5 Round, top inside, denuded

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 9 104,235 200.00 220.21 200.26 171B 3 Round, outside round 14 83,864 212.00 228.00 215.11 171C 3 Round, eye of round (IM) 10 19,049 239.00 251.00 241.41 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 12 24,431 510.00 539.39 521.94 175 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 7 6,324 523.37 549.39 540.74 184 1 Loin, top butt, bnls, heavy 10 13,547 272.00 311.00 308.01 184 3 Loin, top butt, boneless 16 39,116 306.53 330.65 314.58 185A 4 Loin, bottom sirloin, flap 7 12,436 427.19 451.00 436.51 185B 1 Loin, ball-tip, bnls, heavy 7 6,675 291.00 310.21 297.19 185C 1 Loin, sirloin, tri-tip (IM) 7 20,763 316.00 340.21 324.09 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 9 8,544 926.50 1002.00 943.67 191A 4 Loin, butt tender, trimmed 5 4,389 849.26 880.50 853.95 193 4 Flank, flank steak (IM) ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 7 6,914 112.00 124.50 116.98 121D 4 Plate, Inside Skirt (IM) 42 188,019 342.00 370.00 349.72 121C 4 Plate, Outside Skirt (IM) 16 15,921 501.00 536.00 519.72 121E 6 Outside Skirt, pld (IM) 3 5,395 730.00 755.00 739.84

Cap, Wedge Meat & (IM) Lean 30 103,349 239.17 258.30 249.20

Pectoral Meat 18 70,535 264.00 291.50 269.02 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 42 821,260 171.00 191.00 174.70 Ground Beef 75% 0 0 Ground Beef 81% 36 229,231 174.00 198.00 186.87 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 10 39,276 250.00 272.75 254.01 Ground Beef Chuck 80% 26 201,654 178.75 197.00 188.86 Ground Beef Round 85% 9 20,539 211.00 221.00 212.74 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% Blended Ground Beef 81% 13 176,041 194.40 217.75 205.17 Blended Ground Beef 85% Blended Ground Beef 90% 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 6 243,545 98.50 101.00 100.41 Frozen 50% lean trimmings 0 0 -------------------------------------------------------------------------------- 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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