Bloomberg News

USDA Boxed Beef Cutout Closing Prices for March 26

March 26, 2012

March 26 (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: 186.75 186.56 Change from prior day: (0.66) (0.01) ------------------------------------------------------------------------------- Choice/Select spread: 0.20

Total Load Count (Cuts, Trimmings, Grids): 169 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 281.98 280.84 Primal Chuck 148.73 149.56 Primal Round 156.74 159.88 Primal Loin 261.69 255.07 Primal Brisket 132.08 131.90 Primal Short Plate 138.03 141.99 Primal Flank 113.86 117.20 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 03/23 86 42 19 30 177 187.41 186.57 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 189.62 188.11 -------------------------------------------------------------------------------- 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 90.33 loads 3,613,315 pounds Select Cuts 36.62 loads 1,464,968 pounds Trimmings 15.81 loads 632,250 pounds Ground Beef 25.76 load 1,030,522 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 38 224,896 550.00 601.00 560.32 112A 3 Rib, ribeye, bnls, light 13 32,343 600.00 676.00 628.04 112A 3 Rib, ribeye, bnls, heavy 73 77,889 593.78 657.00 628.86 113C 1 Chuck, semi-bnls, neck/off 13 136,317 190.00 213.00 194.62 114 1 Chuck, shoulder clod 14 24,838 184.83 200.21 190.91 114A 3 Chuck, shoulder clod, trmd 21 140,360 196.00 212.00 200.87 114D 3 Chuck, clod, top blade 8 13,921 240.31 290.00 262.03 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 11 32,381 310.00 390.00 334.28 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 44 155,989 199.00 226.00 211.10 116B 1 Chuck, chuck tender (IM) 27 125,988 210.00 236.74 218.48

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 44 168,967 193.30 210.00 199.18 120A 3 Brisket, point/off, bnls 9 3,300 330.00 363.00 344.90 123A 3 Short Plate, short rib 52 65,238 303.50 386.00 353.49 130 4 Chuck, short rib 20 26,403 194.00 280.00 210.73 160 1 Round, bone-in 3 1,997 195.00 216.63 203.06 161 1 Round, boneless 3 1,202 212.00 220.55 213.62

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 46 197,127 224.15 247.79 230.80 168 1 Round, top inside round 17 117,119 192.00 202.50 194.86 168 3 Round, top inside round 39 659,823 199.70 215.00 200.36 169 5 Round, top inside, denuded 18 62,673 236.00 255.00 242.75

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 32 71,215 195.00 209.75 201.17 171C 3 Round, eye of round (IM) 26 36,280 209.83 231.79 218.13 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 26 117,926 508.07 560.00 513.25 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 9 11,546 480.00 490.00 483.68 180 3 Loin, strip, bnls, 0x1 74 270,770 515.00 592.00 526.22 184 1 Loin, top butt, bnls, heavy 30 20,079 290.21 323.00 307.78 184 3 Loin, top butt, boneless 31 257,683 296.00 341.50 311.25 185A 4 Loin, bottom sirloin, flap 46 91,651 378.00 425.00 398.69 185B 1 Loin, ball-tip, bnls, heavy 15 22,537 279.21 315.00 289.51 185C 1 Loin, sirloin, tri-tip (IM) 18 25,560 330.00 365.00 339.46 185D 4 Loin, tri-tip, pld (IM) 11 4,440 458.21 508.00 473.46 189A 4 Loin, tndrloin, trmd, heavy 52 110,077 928.50 1082.00 962.50 191A 4 Loin, butt tender, trimmed 10 3,006 881.50 942.00 902.81 193 4 Flank, flank steak (IM) 20 16,446 427.50 458.55 449.51 ------------------------------------------------------------------------------- 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 23 210,977 548.00 584.00 548.55 112A 3 Rib, ribeye, bnls, light 3 3,990 591.00 621.00 601.55 112A 3 Rib, ribeye, bnls, heavy 31 46,087 590.00 622.55 607.35 113C 1 Chuck, semi-bnls, neck/off 7 34,806 188.50 204.00 193.49 114 1 Chuck, shoulder clod 9 32,881 190.00 204.60 193.90 114A 3 Chuck, shoulder clod, trmd 18 85,905 197.00 208.50 200.94 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 7 13,670 309.50 390.00 323.57 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 20 168,753 200.00 220.00 208.61 116B 1 Chuck, chuck tender (IM) 13 53,612 210.00 235.00 219.08

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 8 43,000 192.00 205.11 192.67 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 6,772 275.00 376.00 298.96 130 4 Chuck, short rib 5 38,997 194.00 210.65 196.33 160 1 Round, bone-in 161 1 Round, boneless 3 6,164 212.00 240.00 227.46

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 16 54,415 227.65 240.50 231.44 168 1 Round, top inside round 10 24,400 194.10 209.00 200.53 168 3 Round, top inside round 9 27,008 204.24 214.00 208.64 169 5 Round, top inside, denuded 3 1,574 241.40 242.00 241.70

3 Round, top inside, side off 170 1 Round, bottom gooseneck 0 0 171B 3 Round, outside round 13 19,707 190.00 212.60 198.41 171C 3 Round, eye of round (IM) 11 28,467 203.22 232.00 210.01 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 13 10,737 469.83 523.00 493.20 175 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 28 19,641 496.00 541.00 521.53 184 1 Loin, top butt, bnls, heavy 4 6,066 280.00 320.00 292.31 184 3 Loin, top butt, boneless 21 123,549 291.00 335.00 296.07 185A 4 Loin, bottom sirloin, flap 5 4,446 385.00 414.24 400.16 185B 1 Loin, ball-tip, bnls, heavy 7 18,326 273.00 300.06 283.96 185C 1 Loin, sirloin, tri-tip (IM) 3 5,091 325.50 336.56 334.48 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 13 16,666 921.50 951.79 931.02 191A 4 Loin, butt tender, trimmed 7 7,251 840.00 908.00 872.29 193 4 Flank, flank steak (IM) 6 7,878 425.00 459.45 447.66 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 4 3,512 111.50 130.00 115.25 121D 4 Plate, Inside Skirt (IM) 33 166,510 341.00 385.00 354.99 121C 4 Plate, Outside Skirt (IM) 8 52,268 484.35 561.00 498.68 121E 6 Outside Skirt, pld (IM) 6 18,598 755.00 790.00 759.22

Cap, Wedge Meat & (IM) Lean 23 108,436 234.00 253.95 242.69

Pectoral Meat 25 103,625 228.87 259.50 233.53 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 20 202,120 139.80 174.85 150.94 Ground Beef 75% 0 0 Ground Beef 81% 44 348,947 155.00 196.00 166.15 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 8 16,323 236.00 258.50 241.81 Ground Beef Chuck 80% 30 188,021 165.00 186.60 172.79 Ground Beef Round 85% 9 43,694 187.25 209.00 204.11 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% 5 21,200 195.00 208.00 206.79 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 23 611,250 81.00 106.00 95.51 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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