Bloomberg News

USDA Boxed Beef Cutout Midday Prices for March 15

March 15, 2012

March 15 (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: 190.51 188.89 Change from prior day: (0.36) (0.26) ------------------------------------------------------------------------------- Choice/Select spread: 1.62

Total Load Count (Cuts, Trimmings, Grids): 206 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 278.97 278.91 Primal Chuck 151.11 149.22 Primal Round 159.28 160.53 Primal Loin 273.13 265.16 Primal Brisket 134.44 135.31 Primal Short Plate 139.91 143.70 Primal Flank 118.33 119.48 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 03/14 154 77 53 40 324 190.87 189.15 03/13 108 65 25 28 227 192.13 190.90 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 193.15 191.92 -------------------------------------------------------------------------------- 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 114.67 loads 4,586,644 pounds Select Cuts 56.21 loads 2,248,371 pounds Trimmings 11.42 loads 456,601 pounds Ground Beef 23.37 load 934,611 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 11 10,175 565.00 581.21 573.55 112A 3 Rib, ribeye, bnls, light 13 70,089 590.00 656.89 621.06 112A 3 Rib, ribeye, bnls, heavy 43 144,297 582.13 653.21 615.52 113C 1 Chuck, semi-bnls, neck/off 7 13,733 196.00 208.00 203.75 114 1 Chuck, shoulder clod 25 93,067 192.00 207.79 195.42 114A 3 Chuck, shoulder clod, trmd 26 248,247 200.00 217.79 202.60 114D 3 Chuck, clod, top blade 6 8,183 258.25 290.00 263.36 114E 3 Chuck, clod, arm roast 5 10,742 249.66 280.00 257.94 114F 5 Chuck, clod tender (IM) 11 11,549 320.00 390.00 339.75 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 68 763,535 203.00 218.00 206.80 116B 1 Chuck, chuck tender (IM) 9 20,740 230.79 242.00 237.50

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 31 91,328 193.00 205.00 200.40 120A 3 Brisket, point/off, bnls 10 20,592 335.25 359.75 341.30 123A 3 Short Plate, short rib 22 34,730 286.00 375.00 326.19 130 4 Chuck, short rib 12 87,524 200.00 233.50 210.53 160 1 Round, bone-in 3 4,540 205.50 216.71 208.01 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 59 398,485 230.00 249.75 234.94 168 1 Round, top inside round 30 114,539 190.00 201.50 196.27 168 3 Round, top inside round 29 254,252 200.00 212.00 206.29 169 5 Round, top inside, denuded 10 18,289 230.00 244.50 236.24

3 Round, top inside, side off 170 1 Round, bottom gooseneck 7 7,007 190.25 216.25 197.22 171B 3 Round, outside round 66 1,000,492 186.26 210.50 191.38 171C 3 Round, eye of round (IM) 33 146,066 214.61 236.73 225.12 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 15 32,217 519.61 571.00 557.94 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 8 9,513 505.00 540.65 508.11 180 3 Loin, strip, bnls, 0x1 39 228,907 526.50 591.91 546.69 184 1 Loin, top butt, bnls, heavy 6 10,208 315.00 326.25 318.67 184 3 Loin, top butt, boneless 29 92,884 313.50 347.00 325.54 185A 4 Loin, bottom sirloin, flap 25 62,862 405.13 455.00 425.97 185B 1 Loin, ball-tip, bnls, heavy 21 63,027 281.25 336.00 302.59 185C 1 Loin, sirloin, tri-tip (IM) 15 74,692 326.25 360.20 335.64 185D 4 Loin, tri-tip, pld (IM) 4 2,697 455.79 478.00 466.86 189A 4 Loin, tndrloin, trmd, heavy 19 44,918 951.00 996.89 963.36 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 16 36,893 437.46 475.00 452.57 ------------------------------------------------------------------------------- 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 12,027 556.00 566.50 560.08 112A 3 Rib, ribeye, bnls, light 10 11,012 614.93 625.50 617.24 112A 3 Rib, ribeye, bnls, heavy 17 17,463 575.00 627.00 615.78 113C 1 Chuck, semi-bnls, neck/off 9 74,093 197.00 208.00 200.91 114 1 Chuck, shoulder clod 13 140,089 188.00 198.00 192.11 114A 3 Chuck, shoulder clod, trmd 17 106,431 200.00 215.00 204.23 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 5 3,912 326.50 390.00 358.63 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 51 838,998 202.96 220.00 207.76 116B 1 Chuck, chuck tender (IM) 5 3,981 235.79 247.93 240.66

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 3 3,667 201.00 203.99 202.85 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 4 25,887 201.75 207.00 203.13 160 1 Round, bone-in 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 17 125,146 231.00 246.50 236.38 168 1 Round, top inside round 16 78,680 191.79 210.91 195.86 168 3 Round, top inside round 16 65,202 201.79 212.00 205.87 169 5 Round, top inside, denuded 11 29,270 230.50 247.00 240.52

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 3 5,462 195.79 215.00 206.69 171B 3 Round, outside round 24 203,562 188.00 210.00 193.58 171C 3 Round, eye of round (IM) 16 27,677 225.00 236.00 228.45 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 12 12,497 499.48 541.79 514.19 175 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 11 9,824 530.00 556.25 545.31 184 1 Loin, top butt, bnls, heavy 6 16,301 301.00 320.00 312.43 184 3 Loin, top butt, boneless 19 62,261 311.00 335.00 318.88 185A 4 Loin, bottom sirloin, flap 5 2,549 415.00 460.00 426.34 185B 1 Loin, ball-tip, bnls, heavy 7 23,170 300.90 310.00 305.62 185C 1 Loin, sirloin, tri-tip (IM) 6 6,594 329.00 360.00 358.25 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 11 42,052 900.00 951.84 924.73 191A 4 Loin, butt tender, trimmed 0 0 193 4 Flank, flank steak (IM) 4 2,695 443.00 475.00 460.08 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 15 49,591 94.62 128.00 98.88 121D 4 Plate, Inside Skirt (IM) 22 32,809 343.43 375.00 352.17 121C 4 Plate, Outside Skirt (IM) 11 16,326 500.00 571.00 542.51 121E 6 Outside Skirt, pld (IM) 4 14,326 765.00 819.00 768.29

Cap, Wedge Meat & (IM) Lean 41 240,390 235.00 251.50 244.50

Pectoral Meat 22 51,672 249.45 284.55 257.32 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 16 132,191 161.00 175.00 165.00 Ground Beef 75% Ground Beef 81% 44 290,948 168.00 187.00 175.63 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 9 46,249 249.91 261.00 256.75 Ground Beef Chuck 80% 8 47,300 179.24 186.00 181.13 Ground Beef Round 85% 4 4,672 210.24 212.00 211.09 Ground Beef Sirloin 90% 0 0 ------------------------------------------------------------------------------- BLENDED GB - STEER/HEIFER/COW SOURCE- 10 Pound Chub Basis - Coarse & Fine Grind ------------------------------------------------------------------------------- Blended Ground Beef 73% 0 0 Blended Ground Beef 75% 0 0 Blended Ground Beef 81% 6 17,070 202.60 215.70 207.02 Blended Ground Beef 85% 0 0 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 13 414,601 85.00 99.90 92.85 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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