Bloomberg News

USDA Boxed Beef Cutout Closing Prices for March 12

March 12, 2012

March 12 (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: 193.11 192.25 Change from prior day: (0.73) (1.11) ------------------------------------------------------------------------------- Choice/Select spread: 0.86

Total Load Count (Cuts, Trimmings, Grids): 230 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 287.86 278.90 Primal Chuck 152.45 155.69 Primal Round 163.57 165.26 Primal Loin 273.12 266.62 Primal Brisket 136.82 134.87 Primal Short Plate 141.10 144.87 Primal Flank 119.36 119.78 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 03/09 91 22 45 30 189 193.84 193.36 03/08 94 34 23 47 199 195.80 193.95 03/07 168 48 20 32 269 197.53 195.08 03/06 85 48 6 27 166 198.11 194.75 03/05 77 38 17 20 152 197.99 194.19 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 196.65 194.27 -------------------------------------------------------------------------------- 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 127.59 loads 5,103,511 pounds Select Cuts 37.81 loads 1,512,439 pounds Trimmings 28.45 loads 1,137,991 pounds Ground Beef 36.35 load 1,453,826 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 47 198,819 556.70 598.00 562.42 112A 3 Rib, ribeye, bnls, light 14 16,395 615.00 675.00 648.46 112A 3 Rib, ribeye, bnls, heavy 34 56,157 599.87 668.00 633.70 113C 1 Chuck, semi-bnls, neck/off 11 28,975 198.25 212.00 200.94 114 1 Chuck, shoulder clod 16 55,344 189.70 214.50 197.47 114A 3 Chuck, shoulder clod, trmd 44 351,816 193.69 229.00 206.72 114D 3 Chuck, clod, top blade 7 7,977 268.21 300.00 275.11 114E 3 Chuck, clod, arm roast 24 125,204 239.60 288.00 256.91 114F 5 Chuck, clod tender (IM) 11 27,103 309.00 390.00 337.36 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 78 843,499 202.00 236.00 207.69 116B 1 Chuck, chuck tender (IM) 29 63,276 230.50 250.60 242.79

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 38 177,653 193.00 214.31 202.23 120A 3 Brisket, point/off, bnls 13 31,675 311.00 350.00 334.02 123A 3 Short Plate, short rib 24 44,257 305.00 382.00 353.83 130 4 Chuck, short rib 23 66,556 200.00 260.30 220.35 160 1 Round, bone-in 3 2,068 209.50 216.63 214.55 161 1 Round, boneless 7 5,994 210.00 225.00 222.05

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 66 146,920 229.75 260.00 248.86 168 1 Round, top inside round 42 349,378 189.81 211.50 194.84 168 3 Round, top inside round 19 93,881 200.00 230.76 204.22 169 5 Round, top inside, denuded 32 174,720 228.00 255.60 248.38

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 12,633 189.30 200.00 193.12 171B 3 Round, outside round 56 296,347 195.00 236.00 209.44 171C 3 Round, eye of round (IM) 49 104,863 230.00 252.00 238.65 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 22 76,133 532.00 569.00 543.94 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 10 14,289 493.00 542.00 518.11 180 3 Loin, strip, bnls, 0x1 58 505,792 545.00 600.00 563.56 184 1 Loin, top butt, bnls, heavy 5 7,938 325.00 325.00 325.00 184 3 Loin, top butt, boneless 53 204,586 320.79 357.60 330.78 185A 4 Loin, bottom sirloin, flap 12 46,982 420.00 449.00 426.67 185B 1 Loin, ball-tip, bnls, heavy 10 10,008 296.50 335.00 317.67 185C 1 Loin, sirloin, tri-tip (IM) 11 21,955 335.63 360.00 339.54 185D 4 Loin, tri-tip, pld (IM) 6 22,848 444.26 472.76 456.94 189A 4 Loin, tndrloin, trmd, heavy 37 64,255 965.00 1000.00 975.79 191A 4 Loin, butt tender, trimmed 14 19,640 870.60 925.00 879.47 193 4 Flank, flank steak (IM) 13 17,594 445.76 480.00 456.68 ------------------------------------------------------------------------------- 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 20,828 554.43 587.00 557.61 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 16 56,628 605.00 625.00 616.35 113C 1 Chuck, semi-bnls, neck/off 6 3,889 196.50 210.00 204.38 114 1 Chuck, shoulder clod 8 16,152 191.85 214.50 196.52 114A 3 Chuck, shoulder clod, trmd 12 63,125 204.53 224.74 212.44 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 4 5,213 311.00 390.00 343.63 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 29 203,748 202.00 230.50 211.00 116B 1 Chuck, chuck tender (IM) 8 38,530 224.30 250.00 229.93

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 16 149,676 193.00 217.76 198.19 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 3 7,535 275.00 276.00 275.07 130 4 Chuck, short rib 7 41,994 200.00 237.76 203.95 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 11 28,400 240.00 253.25 245.26 168 1 Round, top inside round 18 100,130 189.81 210.00 198.92 168 3 Round, top inside round 10 31,453 195.00 224.50 212.22 169 5 Round, top inside, denuded 3 2,009 251.09 260.40 255.80

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 5 8,852 189.30 215.00 200.39 171B 3 Round, outside round 12 34,452 195.00 222.76 206.85 171C 3 Round, eye of round (IM) 11 37,947 223.00 250.00 229.46 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 13 16,764 519.60 555.07 525.83 175 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 12 34,636 536.95 556.89 548.43 184 1 Loin, top butt, bnls, heavy 8 96,814 310.00 321.63 312.20 184 3 Loin, top butt, boneless 24 179,886 307.00 336.75 316.75 185A 4 Loin, bottom sirloin, flap 11 22,451 419.00 441.00 428.37 185B 1 Loin, ball-tip, bnls, heavy 10 18,524 300.00 311.50 302.33 185C 1 Loin, sirloin, tri-tip (IM) 5 5,575 328.11 360.00 336.85 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 9 16,289 930.00 946.00 933.00 191A 4 Loin, butt tender, trimmed 5 2,309 873.21 909.00 878.60 193 4 Flank, flank steak (IM) 10 18,789 442.00 479.00 459.80 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 8 32,623 97.63 130.00 101.45 121D 4 Plate, Inside Skirt (IM) 24 83,086 349.00 390.00 358.37 121C 4 Plate, Outside Skirt (IM) 7 15,637 520.00 566.00 553.10 121E 6 Outside Skirt, pld (IM) 13 23,711 756.00 790.25 772.37

Cap, Wedge Meat & (IM) Lean 44 291,405 232.00 256.00 239.78

Pectoral Meat 47 117,616 254.00 295.00 268.97 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 29 297,640 155.00 187.00 164.61 Ground Beef 75% 0 0 Ground Beef 81% 30 155,510 173.00 199.00 188.75 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 17 65,339 235.84 266.50 247.13 Ground Beef Chuck 80% 41 704,840 171.65 197.60 183.50 Ground Beef Round 85% 13 68,052 209.00 218.80 214.31 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% 5 19,081 198.20 207.00 201.66 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% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 32 1,137,991 87.23 99.90 94.26 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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