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USDA Boxed Beef Cutout Midday 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 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: 187.65 186.06 Change from prior day: 0.90 (0.50) ------------------------------------------------------------------------------- Choice/Select spread: 1.59

Total Load Count (Cuts, Trimmings, Grids): 102 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 286.03 281.19 Primal Chuck 149.67 148.59 Primal Round 157.73 158.07 Primal Loin 260.21 256.00 Primal Brisket 132.65 131.75 Primal Short Plate 139.43 143.15 Primal Flank 117.53 113.68 -------------------------------------------------------------------------------- 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 49.20 loads 1,967,848 pounds Select Cuts 25.96 loads 1,038,490 pounds Trimmings 6.31 loads 252,402 pounds Ground Beef 20.12 load 804,727 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 53,250 546.62 597.25 553.76 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 34 38,113 615.00 659.88 627.32 113C 1 Chuck, semi-bnls, neck/off 3 5,755 204.00 204.00 204.00 114 1 Chuck, shoulder clod 5 25,234 191.00 199.00 192.03 114A 3 Chuck, shoulder clod, trmd 10 179,506 197.90 205.80 199.55 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 12 31,492 230.00 250.00 235.63 114F 5 Chuck, clod tender (IM) 8 7,157 327.50 391.45 355.40 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 16 65,401 200.00 225.60 209.08 116B 1 Chuck, chuck tender (IM) 10 28,218 214.00 237.50 222.26

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 34 214,089 189.00 208.80 193.66 120A 3 Brisket, point/off, bnls 4 11,006 319.22 350.40 327.16 123A 3 Short Plate, short rib 19 10,645 305.00 375.00 342.73 130 4 Chuck, short rib 12 42,536 197.75 221.79 215.52 160 1 Round, bone-in 6 10,505 200.50 217.50 210.56 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 22 59,904 225.00 242.00 233.98 168 1 Round, top inside round 16 74,413 190.00 200.00 194.14 168 3 Round, top inside round 7 62,805 203.63 212.00 208.69 169 5 Round, top inside, denuded 14 69,763 230.00 250.00 241.23

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 2,627 197.50 215.00 201.64 171B 3 Round, outside round 31 186,150 188.00 222.00 199.38 171C 3 Round, eye of round (IM) 25 33,077 214.68 231.00 222.49 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 14 68,817 509.86 544.88 513.93 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 7 69,513 454.00 485.45 464.67 180 3 Loin, strip, bnls, 0x1 25 210,375 515.00 552.00 523.22 184 1 Loin, top butt, bnls, heavy 18 11,709 298.00 321.79 311.59 184 3 Loin, top butt, boneless 28 113,811 293.19 349.88 310.34 185A 4 Loin, bottom sirloin, flap 19 29,968 384.00 431.79 406.10 185B 1 Loin, ball-tip, bnls, heavy 5 29,631 280.00 312.00 281.86 185C 1 Loin, sirloin, tri-tip (IM) 3 1,271 331.71 335.00 334.06 185D 4 Loin, tri-tip, pld (IM) 4 4,472 445.00 479.00 457.29 189A 4 Loin, tndrloin, trmd, heavy 29 40,645 930.00 990.05 947.78 191A 4 Loin, butt tender, trimmed 7 9,173 874.22 928.01 895.03 193 4 Flank, flank steak (IM) 10 8,813 436.00 479.68 453.43 ------------------------------------------------------------------------------- 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 8 43,460 542.00 562.00 544.55 112A 3 Rib, ribeye, bnls, light 7 19,214 593.00 627.00 609.10 112A 3 Rib, ribeye, bnls, heavy 9 8,705 610.80 625.47 617.62 113C 1 Chuck, semi-bnls, neck/off 4 9,366 194.00 204.00 200.46 114 1 Chuck, shoulder clod 6 18,558 193.00 195.00 193.45 114A 3 Chuck, shoulder clod, trmd 6 33,152 200.00 209.88 201.27 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 5 9,916 300.00 330.00 315.70 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 24 180,164 200.00 217.30 209.09 116B 1 Chuck, chuck tender (IM) 4 29,862 219.75 225.00 220.84

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 12 94,688 187.19 205.30 195.18 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 4 13,057 198.00 215.00 204.13 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 8 16,807 229.00 236.00 232.15 168 1 Round, top inside round 14 49,089 190.00 207.88 196.07 168 3 Round, top inside round 4 9,051 202.25 209.50 205.38 169 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 171B 3 Round, outside round 14 103,886 188.00 211.00 193.50 171C 3 Round, eye of round (IM) 9 17,531 213.08 231.00 218.37 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 12 30,489 500.00 539.50 513.22 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 6 7,566 510.00 523.00 512.20 184 1 Loin, top butt, bnls, heavy 4 12,117 285.00 310.40 289.70 184 3 Loin, top butt, boneless 11 96,100 295.25 319.88 297.39 185A 4 Loin, bottom sirloin, flap 3 5,793 373.00 396.00 388.64 185B 1 Loin, ball-tip, bnls, heavy 10 23,202 274.00 311.79 280.81 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 15 20,882 925.00 970.80 937.97 191A 4 Loin, butt tender, trimmed 3 1,610 870.40 900.00 896.65 193 4 Flank, flank steak (IM) 6 15,235 404.00 445.00 412.25 ------------------------------------------------------------------------------- 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) 12 17,801 344.00 375.00 354.15 121C 4 Plate, Outside Skirt (IM) 12 15,607 495.00 568.00 530.87 121E 6 Outside Skirt, pld (IM) 3 4,107 768.40 820.45 785.04

Cap, Wedge Meat & (IM) Lean 18 115,459 238.00 257.89 241.13

Pectoral Meat 8 15,901 238.95 257.00 245.83 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 13 146,433 145.50 176.00 165.49 Ground Beef 75% Ground Beef 81% 23 218,507 155.00 192.89 173.45 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 7 65,667 235.00 256.50 250.01 Ground Beef Chuck 80% 10 115,162 166.00 200.75 193.60 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% 6 17,884 198.00 208.00 204.81 Blended Ground Beef 85% 0 0 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% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 8 252,402 88.72 91.09 90.03 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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