Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 192.59 192.96 Change from prior day: (1.25) (0.40) ------------------------------------------------------------------------------- Choice/Select spread: (0.38)

Total Load Count (Cuts, Trimmings, Grids): 136 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 287.67 279.39 Primal Chuck 151.30 156.44 Primal Round 162.82 166.16 Primal Loin 272.84 267.12 Primal Brisket 136.88 135.87 Primal Short Plate 141.85 145.38 Primal Flank 119.59 121.19 -------------------------------------------------------------------------------- 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 85.60 loads 3,423,912 pounds Select Cuts 20.07 loads 802,780 pounds Trimmings 9.15 loads 365,935 pounds Ground Beef 21.36 load 854,325 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 32 111,337 558.40 596.00 564.15 112A 3 Rib, ribeye, bnls, light 9 13,934 615.00 660.00 646.11 112A 3 Rib, ribeye, bnls, heavy 20 42,116 599.87 666.00 626.34 113C 1 Chuck, semi-bnls, neck/off 6 15,499 200.00 212.00 201.29 114 1 Chuck, shoulder clod 8 17,711 195.00 214.50 198.35 114A 3 Chuck, shoulder clod, trmd 27 311,736 199.00 227.76 206.33 114D 3 Chuck, clod, top blade 3 2,964 271.50 300.00 281.03 114E 3 Chuck, clod, arm roast 13 70,167 248.62 288.00 263.49 114F 5 Chuck, clod tender (IM) 7 22,053 309.00 390.00 338.73 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 52 723,752 205.00 231.50 206.91 116B 1 Chuck, chuck tender (IM) 14 26,520 230.50 250.00 241.45

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 16 80,511 198.65 210.52 201.88 120A 3 Brisket, point/off, bnls 7 17,640 311.00 341.12 331.78 123A 3 Short Plate, short rib 12 33,740 305.00 380.00 354.18 130 4 Chuck, short rib 13 29,030 200.00 260.30 212.19 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 36 88,143 238.00 257.76 249.09 168 1 Round, top inside round 29 244,621 190.00 211.50 194.26 168 3 Round, top inside round 11 77,498 200.00 224.76 203.90 169 5 Round, top inside, denuded 23 137,591 228.00 254.00 246.72

3 Round, top inside, side off 170 1 Round, bottom gooseneck 0 0 171B 3 Round, outside round 32 212,506 195.00 236.00 205.01 171C 3 Round, eye of round (IM) 32 65,483 230.00 252.00 237.89 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 9 31,859 542.94 564.00 545.39 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 9 13,971 518.00 542.00 518.69 180 3 Loin, strip, bnls, 0x1 41 475,358 545.00 591.95 561.98 184 1 Loin, top butt, bnls, heavy 5 7,938 325.00 325.00 325.00 184 3 Loin, top butt, boneless 32 140,412 320.79 350.52 330.06 185A 4 Loin, bottom sirloin, flap 9 43,348 420.00 449.00 425.91 185B 1 Loin, ball-tip, bnls, heavy 8 6,550 306.50 335.00 327.52 185C 1 Loin, sirloin, tri-tip (IM) 7 16,847 335.63 360.00 337.51 185D 4 Loin, tri-tip, pld (IM) 5 21,264 444.26 472.76 456.72 189A 4 Loin, tndrloin, trmd, heavy 25 50,678 965.00 996.79 975.16 191A 4 Loin, butt tender, trimmed 8 9,127 874.00 925.00 875.01 193 4 Flank, flank steak (IM) 9 15,819 445.76 480.00 454.93 ------------------------------------------------------------------------------- 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 8 5,803 557.42 564.50 562.06 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 10 15,032 605.00 625.00 620.85 113C 1 Chuck, semi-bnls, neck/off 3 2,095 206.50 210.00 207.91 114 1 Chuck, shoulder clod 114A 3 Chuck, shoulder clod, trmd 6 52,482 205.00 224.74 213.11 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 12 78,911 205.00 229.74 214.59 116B 1 Chuck, chuck tender (IM) 3 32,962 230.00 242.50 230.11

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 8 30,107 197.00 217.76 201.61 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 130 4 Chuck, short rib 5 31,931 200.00 237.76 203.12 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 6 20,233 240.00 253.25 243.47 168 1 Round, top inside round 9 21,889 200.30 210.00 206.90 168 3 Round, top inside round 7 26,311 208.00 224.50 213.07 169 5 Round, top inside, denuded

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 3 5,387 203.00 215.00 206.80 171B 3 Round, outside round 6 11,508 195.00 222.76 204.71 171C 3 Round, eye of round (IM) 7 9,496 231.26 250.00 237.75 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 8 6,436 519.60 541.63 525.43 175 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 9 30,269 536.95 556.89 549.50 184 1 Loin, top butt, bnls, heavy 7 92,194 311.00 321.63 312.31 184 3 Loin, top butt, boneless 14 84,159 309.20 336.75 315.74 185A 4 Loin, bottom sirloin, flap (M) 185B 1 Loin, ball-tip, bnls, heavy 7 15,380 300.18 311.50 301.46 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 5 15,138 930.00 945.00 932.17 191A 4 Loin, butt tender, trimmed 0 0 193 4 Flank, flank steak (IM) 5 4,019 452.00 475.00 469.50 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 7 32,564 97.63 130.00 101.43 121D 4 Plate, Inside Skirt (IM) 11 30,185 349.00 375.00 365.15 121C 4 Plate, Outside Skirt (IM) 6 15,073 520.00 566.00 554.15 121E 6 Outside Skirt, pld (IM) 8 20,660 756.00 812.00 773.30

Cap, Wedge Meat & (IM) Lean 26 211,043 232.00 251.00 236.86

Pectoral Meat 25 35,071 256.41 287.60 277.39 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 17 191,621 157.70 187.00 162.03 Ground Beef 75% 0 0 Ground Beef 81% 24 100,784 173.00 199.00 185.67 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 10 31,482 252.00 264.00 252.82 Ground Beef Chuck 80% 30 433,462 174.00 197.60 185.39 Ground Beef Round 85% 10 40,327 209.00 217.00 212.52 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% Blended Ground Beef 85% Blended Ground Beef 90% Blended Ground Beef 93% 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 12 361,535 87.23 99.54 95.32 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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