Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 193.05 190.97 Change from prior day: (0.06) (1.28) ------------------------------------------------------------------------------- Choice/Select spread: 2.08

Total Load Count (Cuts, Trimmings, Grids): 99 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 285.25 278.76 Primal Chuck 153.29 153.15 Primal Round 163.01 163.65 Primal Loin 273.78 266.29 Primal Brisket 137.31 134.87 Primal Short Plate 140.40 144.34 Primal Flank 119.32 118.67 -------------------------------------------------------------------------------- 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 43.36 loads 1,734,580 pounds Select Cuts 29.86 loads 1,194,500 pounds Trimmings 9.49 loads 379,538 pounds Ground Beef 16.51 load 660,483 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 14 9,457 561.00 597.25 579.27 112A 3 Rib, ribeye, bnls, light 8 34,111 631.00 676.25 636.02 112A 3 Rib, ribeye, bnls, heavy 29 56,172 582.13 667.00 604.35 113C 1 Chuck, semi-bnls, neck/off 7 66,737 201.00 208.40 206.55 114 1 Chuck, shoulder clod 13 39,146 195.00 207.25 202.38 114A 3 Chuck, shoulder clod, trmd 11 83,748 196.11 215.00 201.49 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 4 3,207 249.90 288.00 259.32 114F 5 Chuck, clod tender (IM) 10 7,863 321.44 361.76 331.97 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 30 76,659 207.00 231.79 213.65 116B 1 Chuck, chuck tender (IM) 14 10,758 235.00 250.00 245.14

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 32 116,903 200.00 217.75 205.50 120A 3 Brisket, point/off, bnls 4 10,340 336.50 349.95 341.19 123A 3 Short Plate, short rib 22 29,182 301.00 375.00 333.69 130 4 Chuck, short rib 14 34,729 206.75 236.89 220.07 160 1 Round, bone-in 7 16,069 197.00 221.50 210.98 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 24 76,945 234.00 253.74 238.02 168 1 Round, top inside round 21 206,040 189.40 207.39 192.61 168 3 Round, top inside round 10 110,487 197.00 211.50 203.64 169 5 Round, top inside, denuded 11 28,415 225.00 256.74 234.90

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 42 250,606 195.00 216.50 199.22 171C 3 Round, eye of round (IM) 28 39,311 225.50 242.74 233.62 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 9 21,942 525.00 557.00 529.51 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 5 1,802 529.00 544.00 538.86 180 3 Loin, strip, bnls, 0x1 21 28,022 564.76 604.95 582.41 184 1 Loin, top butt, bnls, heavy 5 4,299 325.00 331.42 326.03 184 3 Loin, top butt, boneless 15 42,754 319.21 356.00 330.54 185A 4 Loin, bottom sirloin, flap 9 45,285 420.00 452.00 426.47 185B 1 Loin, ball-tip, bnls, heavy 185C 1 Loin, sirloin, tri-tip (IM) 6 39,570 317.00 340.00 329.18 185D 4 Loin, tri-tip, pld (IM) 10 3,014 480.76 482.74 481.40 189A 4 Loin, tndrloin, trmd, heavy 13 25,357 968.67 1026.67 983.29 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 16 19,251 456.42 480.57 462.05 ------------------------------------------------------------------------------- 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 10 4,036 544.21 570.00 549.57 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 12 5,449 610.00 625.60 621.14 113C 1 Chuck, semi-bnls, neck/off 7 22,093 196.00 214.75 205.61 114 1 Chuck, shoulder clod 5 9,133 190.43 210.00 197.60 114A 3 Chuck, shoulder clod, trmd 4 12,642 210.75 213.00 211.14 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 4 2,920 321.44 349.94 337.87 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 21 241,546 203.00 222.00 206.21 116B 1 Chuck, chuck tender (IM) 3 14,142 242.00 248.00 245.04

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 12 22,074 201.00 205.89 204.14 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 3 5,851 331.04 375.00 351.97 130 4 Chuck, short rib 4 6,134 208.00 225.00 217.13 160 1 Round, bone-in 161 1 Round, boneless 3 3,148 211.17 214.75 213.26

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 5 10,517 239.00 252.00 242.29 168 1 Round, top inside round 9 17,209 199.00 210.00 206.64 168 3 Round, top inside round 10 63,495 197.94 220.00 204.65 169 5 Round, top inside, denuded

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 9 34,522 195.00 211.00 202.74 171C 3 Round, eye of round (IM) 6 8,577 229.69 240.04 233.68 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 13 19,241 517.00 538.50 528.11 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 0 0 180 3 Loin, strip, bnls, 0x1 17 19,922 530.00 551.00 537.13 184 1 Loin, top butt, bnls, heavy 0 0 184 3 Loin, top butt, boneless 19 148,566 306.00 340.00 308.15 185A 4 Loin, bottom sirloin, flap 6 17,892 429.00 439.94 433.26 185B 1 Loin, ball-tip, bnls, heavy 8 30,676 287.00 316.79 299.27 185C 1 Loin, sirloin, tri-tip (IM) 4 25,874 322.00 335.00 333.99 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 15 17,190 930.00 970.87 945.06 191A 4 Loin, butt tender, trimmed 8 12,516 867.09 900.00 896.26 193 4 Flank, flank steak (IM) 10 13,375 430.00 461.89 448.26 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 5 11,030 111.76 118.00 113.62 121D 4 Plate, Inside Skirt (IM) 14 38,138 349.98 380.60 352.72 121C 4 Plate, Outside Skirt (IM) 4 4,616 534.39 570.00 545.71 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 48 314,526 227.00 264.00 233.36

Pectoral Meat 15 114,522 249.35 275.00 250.89 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 16 92,989 161.00 184.00 165.31 Ground Beef 75% Ground Beef 81% 23 150,694 172.00 191.50 177.89 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 14 89,756 242.00 261.00 242.92 Ground Beef Chuck 80% 18 138,000 175.00 190.36 180.18 Ground Beef Round 85% 12 30,860 208.65 220.47 211.10 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% 4 7,207 200.00 206.60 201.15 Blended Ground Beef 85% Blended Ground Beef 90% Blended Ground Beef 93% 0 0 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 12 379,538 93.22 100.00 95.05 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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