Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 186.25 186.45 Change from prior day: (1.16) (0.12) ------------------------------------------------------------------------------- Choice/Select spread: (0.20)

Total Load Count (Cuts, Trimmings, Grids): 91 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 281.23 281.48 Primal Chuck 148.79 149.89 Primal Round 157.23 159.99 Primal Loin 260.20 254.23 Primal Brisket 131.47 132.03 Primal Short Plate 136.34 140.42 Primal Flank 111.74 116.66 -------------------------------------------------------------------------------- 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 51.91 loads 2,076,361 pounds Select Cuts 25.60 loads 1,024,074 pounds Trimmings 0.13 loads 5,250 pounds Ground Beef 13.61 load 544,243 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 17 192,387 558.00 581.79 559.22 112A 3 Rib, ribeye, bnls, light 5 8,290 640.00 676.00 649.01 112A 3 Rib, ribeye, bnls, heavy 18 28,900 620.50 655.00 632.03 113C 1 Chuck, semi-bnls, neck/off 11 93,295 190.00 213.00 196.24 114 1 Chuck, shoulder clod 5 12,405 184.83 197.00 188.15 114A 3 Chuck, shoulder clod, trmd 13 104,054 196.00 211.87 201.43 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 5 15,875 344.50 390.00 358.61 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 23 94,631 199.00 222.79 207.37 116B 1 Chuck, chuck tender (IM) 20 110,367 214.56 235.00 218.45

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 27 126,976 193.30 210.00 199.63 120A 3 Brisket, point/off, bnls 3 1,998 330.00 340.00 338.27 123A 3 Short Plate, short rib 13 35,986 315.79 376.00 350.15 130 4 Chuck, short rib 14 13,275 204.75 280.00 222.04 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 23 100,400 226.00 247.79 234.40 168 1 Round, top inside round 14 112,401 192.00 202.50 194.60 168 3 Round, top inside round 11 78,224 199.70 212.50 204.23 169 5 Round, top inside, denuded 11 55,038 240.00 245.00 242.59

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 16 35,122 196.50 209.75 201.80 171C 3 Round, eye of round (IM) 16 29,817 209.83 231.79 217.99 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 7 46,775 508.07 551.00 510.38 175 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 29 221,486 516.90 553.79 522.30 184 1 Loin, top butt, bnls, heavy 4 3,588 310.00 321.42 312.14 184 3 Loin, top butt, boneless 21 249,849 296.00 334.75 310.85 185A 4 Loin, bottom sirloin, flap 19 70,020 378.00 425.00 392.94 185B 1 Loin, ball-tip, bnls, heavy 11 18,446 279.21 315.00 288.64 185C 1 Loin, sirloin, tri-tip (IM) 7 17,399 330.21 346.63 337.08 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 15 56,699 945.00 980.00 954.23 191A 4 Loin, butt tender, trimmed 3 1,240 881.50 925.00 886.82 193 4 Flank, flank steak (IM) ------------------------------------------------------------------------------- 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 10 197,230 548.00 565.11 548.05 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 8 6,037 601.42 622.00 615.90 113C 1 Chuck, semi-bnls, neck/off 5 33,879 188.50 201.24 193.25 114 1 Chuck, shoulder clod 6 19,497 190.00 204.60 193.12 114A 3 Chuck, shoulder clod, trmd 13 53,638 197.00 208.50 200.43 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 5 4,759 309.50 390.00 348.98 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 12 99,767 203.00 220.00 210.33 116B 1 Chuck, chuck tender (IM) 6 31,403 214.56 225.55 220.24

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 7 3,938 197.00 205.11 199.34 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 9 32,553 230.00 240.50 231.85 168 1 Round, top inside round 5 15,914 194.10 202.00 197.80 168 3 Round, top inside round 7 21,122 204.24 214.00 207.71 169 5 Round, top inside, denuded 0 0

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 0 0 171B 3 Round, outside round 6 11,098 190.00 212.60 197.96 171C 3 Round, eye of round (IM) 5 3,733 219.00 240.00 228.53 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 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 7 2,397 525.00 548.00 535.02 184 1 Loin, top butt, bnls, heavy 184 3 Loin, top butt, boneless 12 107,738 291.00 335.00 294.92 185A 4 Loin, bottom sirloin, flap 3 2,321 388.22 414.24 409.58 185B 1 Loin, ball-tip, bnls, heavy 5 14,501 273.00 300.06 283.28 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 4 8,404 921.50 951.79 931.07 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 4 6,201 436.42 451.63 449.62 ------------------------------------------------------------------------------- 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) 19 119,422 344.00 375.00 350.54 121C 4 Plate, Outside Skirt (IM) 6 50,900 484.35 561.00 497.12 121E 6 Outside Skirt, pld (IM) 5 8,448 755.00 790.00 764.29

Cap, Wedge Meat & (IM) Lean 17 89,454 234.00 253.11 242.20

Pectoral Meat 12 62,295 228.87 257.50 231.79 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 9 87,404 139.80 163.50 144.92 Ground Beef 75% 0 0 Ground Beef 81% 29 198,116 155.00 194.50 160.17 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 6 9,013 236.00 258.50 243.63 Ground Beef Chuck 80% 21 80,786 165.00 186.60 171.86 Ground Beef Round 85% 6 15,729 187.25 208.00 199.49 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% 0 0 Blended Ground Beef 81% Blended Ground Beef 85% 0 0 Blended Ground Beef 90% 0 0 Blended Ground Beef 93% Blended Ground Beef Chuck 80% 0 0 Blended Ground Beef Round 85% Blended Ground Beef Sirloin 90% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 0 0 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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