Bloomberg News

USDA Boxed Beef Cutout Closing Prices for March 13

March 13, 2012

March 13 (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: 192.13 190.90 Change from prior day: (0.98) (1.35) ------------------------------------------------------------------------------- Choice/Select spread: 1.23

Total Load Count (Cuts, Trimmings, Grids): 227 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 285.54 279.03 Primal Chuck 152.89 154.92 Primal Round 161.91 162.12 Primal Loin 271.61 265.45 Primal Brisket 136.61 135.03 Primal Short Plate 139.42 143.33 Primal Flank 118.73 117.56 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 03/12 128 38 28 36 230 193.11 192.25 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 195.68 193.88 -------------------------------------------------------------------------------- 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 108.36 loads 4,334,268 pounds Select Cuts 65.20 loads 2,607,899 pounds Trimmings 25.05 loads 1,002,104 pounds Ground Beef 28.11 load 1,124,378 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 29 35,559 561.00 602.00 578.57 112A 3 Rib, ribeye, bnls, light 10 37,695 631.00 682.00 638.69 112A 3 Rib, ribeye, bnls, heavy 56 75,931 580.00 667.00 608.07 113C 1 Chuck, semi-bnls, neck/off 10 72,041 201.00 210.00 206.51 114 1 Chuck, shoulder clod 27 163,344 189.19 210.21 199.72 114A 3 Chuck, shoulder clod, trmd 25 167,890 196.11 215.00 203.83 114D 3 Chuck, clod, top blade 6 32,762 249.90 280.00 255.21 114E 3 Chuck, clod, arm roast 14 13,915 240.00 288.00 253.08 114F 5 Chuck, clod tender (IM) 17 11,595 302.00 390.00 331.42 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 53 317,050 202.79 231.79 208.80 116B 1 Chuck, chuck tender (IM) 31 55,816 233.00 250.00 239.38

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 56 242,610 195.00 217.75 202.88 120A 3 Brisket, point/off, bnls 12 20,504 334.60 360.50 339.55 123A 3 Short Plate, short rib 30 36,057 301.00 375.00 335.26 130 4 Chuck, short rib 32 68,630 197.00 280.00 217.80 160 1 Round, bone-in 8 16,813 197.00 221.50 211.22 161 1 Round, boneless 3 1,186 221.50 224.75 222.33

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 40 134,062 230.00 255.00 238.59 168 1 Round, top inside round 38 311,600 189.40 207.39 193.18 168 3 Round, top inside round 34 354,456 196.31 224.00 202.35 169 5 Round, top inside, denuded 25 66,766 225.00 256.74 235.30

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 76 547,106 192.00 216.50 198.14 171C 3 Round, eye of round (IM) 47 75,578 220.00 242.74 231.23 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 22 80,966 509.00 569.00 526.21 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 12 6,704 517.00 544.00 527.54 180 3 Loin, strip, bnls, 0x1 39 107,541 549.00 604.95 567.65 184 1 Loin, top butt, bnls, heavy 13 46,753 309.00 331.42 315.06 184 3 Loin, top butt, boneless 34 207,696 315.00 356.00 319.59 185A 4 Loin, bottom sirloin, flap 19 90,671 414.00 452.00 426.09 185B 1 Loin, ball-tip, bnls, heavy 10 59,239 293.58 338.45 313.25 185C 1 Loin, sirloin, tri-tip (IM) 14 53,188 317.00 360.00 330.63 185D 4 Loin, tri-tip, pld (IM) 16 5,020 455.00 496.25 479.22 189A 4 Loin, tndrloin, trmd, heavy 22 172,622 928.00 1026.67 947.22 191A 4 Loin, butt tender, trimmed 9 5,806 870.60 920.00 875.96 193 4 Flank, flank steak (IM) 24 26,809 445.00 480.57 460.75 ------------------------------------------------------------------------------- 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 24 32,892 544.21 572.39 555.21 112A 3 Rib, ribeye, bnls, light 6 19,666 620.29 635.00 629.64 112A 3 Rib, ribeye, bnls, heavy 30 42,024 591.00 629.39 613.39 113C 1 Chuck, semi-bnls, neck/off 16 33,675 192.00 214.75 203.08 114 1 Chuck, shoulder clod 12 34,526 190.43 210.00 197.03 114A 3 Chuck, shoulder clod, trmd 11 17,492 203.50 224.00 210.84 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 7 6,138 314.63 349.94 330.96 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 41 312,122 202.53 230.00 207.40 116B 1 Chuck, chuck tender (IM) 14 24,438 228.80 248.00 241.17

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 19 73,777 195.00 217.76 202.59 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 4 8,442 331.04 375.00 359.04 130 4 Chuck, short rib 13 100,318 197.00 225.00 199.41 160 1 Round, bone-in 161 1 Round, boneless 6 4,941 211.17 225.50 216.73

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 18 32,818 235.00 255.00 239.82 168 1 Round, top inside round 16 29,508 195.00 219.00 206.09 168 3 Round, top inside round 29 194,248 196.31 220.00 204.38 169 5 Round, top inside, denuded 5 4,510 229.75 251.40 240.61

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 21 122,315 192.00 218.00 197.64 171C 3 Round, eye of round (IM) 19 28,316 226.90 250.00 230.66 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 28 85,786 493.80 542.39 516.02 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 0 0 180 3 Loin, strip, bnls, 0x1 36 67,204 524.53 556.39 540.37 184 1 Loin, top butt, bnls, heavy 4 8,220 310.50 321.00 313.32 184 3 Loin, top butt, boneless 40 245,922 304.59 340.00 313.23 185A 4 Loin, bottom sirloin, flap 14 42,979 414.00 439.94 426.81 185B 1 Loin, ball-tip, bnls, heavy 15 40,174 287.00 316.79 300.50 185C 1 Loin, sirloin, tri-tip (IM) 10 77,237 322.00 335.00 327.61 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 21 21,824 909.00 970.87 943.02 191A 4 Loin, butt tender, trimmed 10 12,695 852.76 900.00 895.82 193 4 Flank, flank steak (IM) 18 22,667 430.00 461.89 443.77 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 12 23,420 107.79 119.00 112.00 121D 4 Plate, Inside Skirt (IM) 36 228,440 349.69 380.60 355.35 121C 4 Plate, Outside Skirt (IM) 10 11,771 514.31 570.00 538.03 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 80 805,001 227.00 265.00 238.95

Pectoral Meat 37 125,940 249.35 285.00 253.05 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 38 156,378 161.00 184.00 166.56 Ground Beef 75% Ground Beef 81% 55 298,997 172.00 199.96 181.49 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 29 109,932 229.83 263.75 242.67 Ground Beef Chuck 80% 36 191,903 173.73 190.36 180.55 Ground Beef Round 85% 18 59,360 204.00 220.47 208.65 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% 8 37,595 197.00 207.00 201.53 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 31 1,002,104 86.00 100.00 90.74 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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