Bloomberg News

USDA Boxed Beef Cutout Closing Prices for March 27

March 27, 2012

March 27 (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: 185.44 185.38 Change from prior day: (1.31) (1.18) ------------------------------------------------------------------------------- Choice/Select spread: 0.07

Total Load Count (Cuts, Trimmings, Grids): 197 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 276.95 279.54 Primal Chuck 148.18 146.64 Primal Round 157.63 158.41 Primal Loin 257.57 256.19 Primal Brisket 132.23 132.05 Primal Short Plate 138.71 142.79 Primal Flank 115.06 113.00 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 03/26 90 37 16 26 169 186.75 186.56 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 188.63 187.62 -------------------------------------------------------------------------------- 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 98.66 loads 3,946,563 pounds Select Cuts 48.45 loads 1,938,150 pounds Trimmings 14.99 loads 599,493 pounds Ground Beef 35.10 load 1,403,987 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 29 86,027 546.62 597.25 553.70 112A 3 Rib, ribeye, bnls, light 19 258,709 580.00 662.00 584.14 112A 3 Rib, ribeye, bnls, heavy 75 225,023 580.00 659.88 599.33 113C 1 Chuck, semi-bnls, neck/off 8 13,888 192.00 204.00 201.52 114 1 Chuck, shoulder clod 10 39,261 185.00 199.00 191.40 114A 3 Chuck, shoulder clod, trmd 30 477,870 192.56 209.00 196.31 114D 3 Chuck, clod, top blade 11 17,171 239.90 296.79 254.13 114E 3 Chuck, clod, arm roast 15 35,932 225.55 250.00 235.33 114F 5 Chuck, clod tender (IM) 14 19,216 310.00 391.45 330.64 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 36 172,605 198.00 225.60 205.91 116B 1 Chuck, chuck tender (IM) 16 37,346 214.00 237.50 222.87

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 47 265,755 189.00 208.80 193.73 120A 3 Brisket, point/off, bnls 12 21,388 319.22 350.40 330.01 123A 3 Short Plate, short rib 36 26,251 303.49 375.00 335.10 130 4 Chuck, short rib 29 64,723 197.75 240.00 213.77 160 1 Round, bone-in 7 11,249 200.50 217.50 210.96 161 1 Round, boneless 5 2,747 211.65 218.50 212.81

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 38 105,391 220.00 242.00 231.70 168 1 Round, top inside round 19 93,658 190.00 200.25 193.90 168 3 Round, top inside round 23 129,883 200.00 218.00 205.95 169 5 Round, top inside, denuded 20 76,518 230.00 250.00 240.79

3 Round, top inside, side off 170 1 Round, bottom gooseneck 8 4,536 190.00 215.00 198.80 171B 3 Round, outside round 47 240,424 188.00 222.00 198.62 171C 3 Round, eye of round (IM) 39 76,223 210.30 231.00 221.13 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 28 79,723 509.86 544.88 515.54 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 9 71,541 454.00 485.45 464.78 180 3 Loin, strip, bnls, 0x1 48 373,173 495.00 552.00 513.56 184 1 Loin, top butt, bnls, heavy 31 19,764 298.00 321.79 312.49 184 3 Loin, top butt, boneless 40 183,668 280.00 349.88 306.32 185A 4 Loin, bottom sirloin, flap 45 66,770 367.76 431.79 405.58 185B 1 Loin, ball-tip, bnls, heavy 10 35,739 280.00 312.00 283.11 185C 1 Loin, sirloin, tri-tip (IM) 13 60,752 311.00 358.25 318.89 185D 4 Loin, tri-tip, pld (IM) 7 8,183 445.00 479.00 460.75 189A 4 Loin, tndrloin, trmd, heavy 65 328,652 910.00 990.05 926.49 191A 4 Loin, butt tender, trimmed 9 10,611 874.22 928.01 893.32 193 4 Flank, flank steak (IM) 17 24,381 405.00 479.68 431.14 ------------------------------------------------------------------------------- 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 15 46,512 542.00 562.00 545.35 112A 3 Rib, ribeye, bnls, light 12 37,104 593.00 629.00 604.69 112A 3 Rib, ribeye, bnls, heavy 23 37,668 580.00 625.47 602.99 113C 1 Chuck, semi-bnls, neck/off 9 12,630 194.00 210.00 201.72 114 1 Chuck, shoulder clod 18 35,656 192.00 195.00 193.63 114A 3 Chuck, shoulder clod, trmd 26 368,125 192.56 209.88 194.51 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 14 27,993 300.00 390.00 333.41 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 50 315,046 198.00 220.00 205.81 116B 1 Chuck, chuck tender (IM) 7 36,477 215.00 238.75 220.87

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 16 116,594 187.19 205.30 196.56 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 7 13,809 275.00 375.00 319.40 130 4 Chuck, short rib 10 24,291 197.25 264.83 222.04 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 19 24,380 224.00 242.00 232.56 168 1 Round, top inside round 26 79,715 190.00 207.88 198.50 168 3 Round, top inside round 17 30,469 199.05 215.00 206.39 169 5 Round, top inside, denuded 3 7,050 240.00 248.05 242.70

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 34,994 180.11 197.50 187.92 171B 3 Round, outside round 25 136,775 188.00 211.00 194.14 171C 3 Round, eye of round (IM) 24 47,842 210.26 231.00 219.08 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 26 48,998 489.00 541.42 512.19 175 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 17 29,324 502.00 546.00 514.02 184 1 Loin, top butt, bnls, heavy 4 12,117 285.00 310.40 289.70 184 3 Loin, top butt, boneless 20 106,983 295.25 319.88 298.25 185A 4 Loin, bottom sirloin, flap 5 12,087 371.00 396.00 380.05 185B 1 Loin, ball-tip, bnls, heavy 18 33,252 274.00 311.79 281.06 185C 1 Loin, sirloin, tri-tip (IM) 9 24,895 319.00 329.00 322.28 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 22 25,356 904.00 970.80 937.80 191A 4 Loin, butt tender, trimmed 4 1,668 870.40 900.00 896.42 193 4 Flank, flank steak (IM) 10 19,693 404.00 456.00 415.07 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 8 42,151 110.41 125.00 110.86 121D 4 Plate, Inside Skirt (IM) 23 22,736 344.00 375.00 354.51 121C 4 Plate, Outside Skirt (IM) 17 28,915 489.00 568.00 514.09 121E 6 Outside Skirt, pld (IM) 4 4,237 766.70 820.45 784.48

Cap, Wedge Meat & (IM) Lean 28 150,559 238.00 257.89 241.11

Pectoral Meat 22 32,061 231.50 260.00 244.49 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 37 339,315 145.00 176.00 161.79 Ground Beef 75% Ground Beef 81% 44 353,830 155.00 194.50 175.66 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 14 79,185 235.00 261.50 251.16 Ground Beef Chuck 80% 19 169,326 160.51 200.75 184.92 Ground Beef Round 85% 7 44,351 206.20 229.88 207.60 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% 10 45,301 190.20 208.00 203.67 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 19 599,493 77.00 94.90 86.75 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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