Bloomberg News

USDA Boxed Beef Cutout Midday Prices for March 23

March 23, 2012

March 23 (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: 188.40 186.56 Change from prior day: (0.52) (1.11) ------------------------------------------------------------------------------- Choice/Select spread: 1.84

Total Load Count (Cuts, Trimmings, Grids): 100 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 278.78 273.72 Primal Chuck 153.78 151.37 Primal Round 159.18 159.36 Primal Loin 262.27 258.53 Primal Brisket 131.48 132.11 Primal Short Plate 136.32 140.02 Primal Flank 113.89 111.00 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 03/22 74 34 20 29 157 188.92 187.67 03/21 135 57 18 46 256 188.97 188.32 03/20 89 44 20 26 179 191.09 188.98 03/19 69 34 8 24 136 191.74 189.02 03/16 59 69 9 40 177 189.91 188.17 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 190.13 188.43 -------------------------------------------------------------------------------- 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 44.30 loads 1,772,178 pounds Select Cuts 24.22 loads 968,878 pounds Trimmings 10.44 loads 417,792 pounds Ground Beef 20.94 load 837,478 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 4 42,979 559.00 585.20 560.28 112A 3 Rib, ribeye, bnls, light 7 12,073 612.15 662.00 632.55 112A 3 Rib, ribeye, bnls, heavy 17 36,504 587.76 655.00 605.09 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 6 20,028 187.00 203.00 193.05 114A 3 Chuck, shoulder clod, trmd 11 31,415 195.00 210.00 203.15 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 4 12,988 235.40 255.50 238.52 114F 5 Chuck, clod tender (IM) 3 1,066 300.50 338.00 309.65 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 13 72,976 200.00 220.54 208.94 116B 1 Chuck, chuck tender (IM) 11 25,910 220.00 240.00 226.85

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 24 332,005 193.00 210.00 194.05 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 4 7,523 310.50 360.00 348.25 130 4 Chuck, short rib 14 72,445 204.20 259.75 207.38 160 1 Round, bone-in 0 0 161 1 Round, boneless 3 1,046 211.75 221.50 214.44

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 16 65,226 228.00 246.00 233.46 168 1 Round, top inside round 11 61,431 195.00 210.00 196.81 168 3 Round, top inside round 9 28,853 201.00 212.00 206.57 169 5 Round, top inside, denuded 10 69,876 232.60 248.00 235.46

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 19 95,076 193.00 209.75 199.03 171C 3 Round, eye of round (IM) 16 144,373 190.00 234.25 205.44 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 8 12,817 509.91 560.00 515.86 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 7 14,630 481.00 506.50 487.38 180 3 Loin, strip, bnls, 0x1 20 323,915 506.00 555.00 509.52 184 1 Loin, top butt, bnls, heavy 3 4,075 320.00 322.00 320.54 184 3 Loin, top butt, boneless 9 23,757 314.00 340.00 330.20 185A 4 Loin, bottom sirloin, flap 13 151,288 380.00 430.00 389.67 185B 1 Loin, ball-tip, bnls, heavy 3 6,135 305.00 310.00 309.74 185C 1 Loin, sirloin, tri-tip (IM) 4 23,992 329.69 352.00 348.86 185D 4 Loin, tri-tip, pld (IM) 4 2,175 427.00 471.00 451.69 189A 4 Loin, tndrloin, trmd, heavy 10 25,441 945.00 990.54 958.65 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 5 2,881 455.00 475.00 464.01 ------------------------------------------------------------------------------- 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 112A 3 Rib, ribeye, bnls, light 4 8,910 615.46 620.00 618.11 112A 3 Rib, ribeye, bnls, heavy 13 7,167 584.52 627.00 610.19 113C 1 Chuck, semi-bnls, neck/off 8 265,485 188.50 201.24 188.77 114 1 Chuck, shoulder clod 9 11,153 190.50 200.00 194.63 114A 3 Chuck, shoulder clod, trmd 4 9,793 202.00 216.50 210.69 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 7 8,492 208.00 220.00 211.01 116B 1 Chuck, chuck tender (IM) 3 10,849 222.00 240.00 227.80

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 12 104,090 193.25 204.50 196.87 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 0 0 130 4 Chuck, short rib 16 58,907 195.00 211.00 204.29 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 9 10,287 234.11 242.50 236.32 168 1 Round, top inside round 5 6,341 198.00 203.00 198.57 168 3 Round, top inside round 8 29,450 201.00 217.00 207.23 169 5 Round, top inside, denuded 4 5,827 232.60 248.00 235.82

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 8 24,572 198.44 205.50 202.07 171C 3 Round, eye of round (IM) 5 8,878 199.25 230.00 215.97 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 6 14,592 499.74 520.00 514.57 175 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 7 1,809 519.75 550.00 526.09 184 1 Loin, top butt, bnls, heavy 7 43,768 281.00 300.00 282.26 184 3 Loin, top butt, boneless 12 66,401 300.00 335.00 307.89 185A 4 Loin, bottom sirloin, flap (M) 185B 1 Loin, ball-tip, bnls, heavy 5 9,606 280.00 300.46 289.79 185C 1 Loin, sirloin, tri-tip (IM) 5 8,431 315.26 338.00 318.14 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 4 6,164 931.00 945.20 935.87 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 4 2,535 475.00 480.00 476.37 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 121D 4 Plate, Inside Skirt (IM) 11 71,337 336.00 375.00 347.73 121C 4 Plate, Outside Skirt (IM) 7 2,230 525.00 569.00 552.54 121E 6 Outside Skirt, pld (IM) 0 0

Cap, Wedge Meat & (IM) Lean 16 116,347 235.00 257.46 244.25

Pectoral Meat 9 17,282 234.00 285.00 242.45 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 14 128,954 144.35 177.00 149.44 Ground Beef 75% Ground Beef 81% 13 126,003 158.32 196.00 167.42 Ground Beef 85% 0 0 Ground Beef 90% 0 0 Ground Beef 93% 6 25,839 236.00 245.00 244.49 Ground Beef Chuck 80% 16 211,223 162.68 189.55 173.62 Ground Beef Round 85% 19 271,960 204.50 214.00 204.98 Ground Beef Sirloin 90% 0 0 ------------------------------------------------------------------------------- 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% 3 20,640 206.50 215.60 207.22 Blended Ground Beef 85% Blended Ground Beef 90% 0 0 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 11 417,792 87.00 90.00 87.84 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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