Bloomberg News

USDA Boxed Beef Cutout Midday Prices for March 29

March 29, 2012

March 29 (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: 184.24 183.95 Change from prior day: 0.00 (0.37) ------------------------------------------------------------------------------- Choice/Select spread: 0.29

Total Load Count (Cuts, Trimmings, Grids): 99 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 278.67 275.76 Primal Chuck 146.03 146.31 Primal Round 156.91 157.10 Primal Loin 256.87 254.58 Primal Brisket 131.55 130.79 Primal Short Plate 135.92 140.58 Primal Flank 108.64 111.71 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 03/28 138 69 23 41 272 184.24 184.32 03/27 99 48 15 35 197 185.44 185.38 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 186.55 186.10 -------------------------------------------------------------------------------- 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 45.03 loads 1,801,193 pounds Select Cuts 27.07 loads 1,082,722 pounds Trimmings 13.33 loads 533,204 pounds Ground Beef 13.07 load 522,952 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 22 87,643 545.00 576.00 563.63 112A 3 Rib, ribeye, bnls, light 7 15,736 584.00 665.00 625.01 112A 3 Rib, ribeye, bnls, heavy 57 63,500 588.80 650.00 614.82 113C 1 Chuck, semi-bnls, neck/off 5 6,324 199.00 206.00 201.11 114 1 Chuck, shoulder clod 9 16,170 185.00 201.63 190.64 114A 3 Chuck, shoulder clod, trmd 21 154,696 192.00 205.00 195.74 114D 3 Chuck, clod, top blade 6 5,560 251.25 296.79 271.55 114E 3 Chuck, clod, arm roast 9 20,639 222.15 251.25 231.77 114F 5 Chuck, clod tender (IM) 10 13,016 310.00 410.00 325.33 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 44 102,129 200.00 222.00 208.97 116B 1 Chuck, chuck tender (IM) 15 28,321 214.00 230.50 217.70

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 34 50,092 192.00 206.00 196.22 120A 3 Brisket, point/off, bnls 7 3,767 327.87 349.50 339.90 123A 3 Short Plate, short rib 16 24,150 267.50 360.00 286.27 130 4 Chuck, short rib 20 9,725 198.00 231.79 210.36 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 40 99,502 223.00 242.00 227.54 168 1 Round, top inside round 36 86,606 190.00 206.00 193.49 168 3 Round, top inside round 31 365,968 199.70 216.00 203.32 169 5 Round, top inside, denuded 5 5,707 234.00 248.00 237.61

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 6,605 182.00 215.00 198.84 171B 3 Round, outside round 27 107,435 189.79 211.00 196.19 171C 3 Round, eye of round (IM) 16 19,129 210.00 225.00 219.05 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 10 7,248 504.14 540.00 513.19 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 5 5,502 448.15 484.00 460.90 180 3 Loin, strip, bnls, 0x1 19 49,867 507.45 555.00 516.51 184 1 Loin, top butt, bnls, heavy 7 14,233 274.26 316.79 287.14 184 3 Loin, top butt, boneless 16 124,445 290.00 330.00 299.39 185A 4 Loin, bottom sirloin, flap 22 50,994 379.42 422.00 389.31 185B 1 Loin, ball-tip, bnls, heavy 19 14,382 280.00 296.00 282.45 185C 1 Loin, sirloin, tri-tip (IM) 8 68,874 308.59 345.00 314.02 185D 4 Loin, tri-tip, pld (IM) 8 7,860 445.79 478.00 461.61 189A 4 Loin, tndrloin, trmd, heavy 26 22,199 922.00 1001.00 958.91 191A 4 Loin, butt tender, trimmed 4 1,137 874.26 901.62 897.82 193 4 Flank, flank steak (IM) 13 52,632 390.00 475.00 396.07 ------------------------------------------------------------------------------- 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 22,065 545.00 558.00 547.53 112A 3 Rib, ribeye, bnls, light 11 12,648 598.00 634.50 610.88 112A 3 Rib, ribeye, bnls, heavy 11 19,586 601.00 625.50 611.56 113C 1 Chuck, semi-bnls, neck/off 7 17,119 193.00 210.50 194.71 114 1 Chuck, shoulder clod 7 17,584 190.00 198.96 191.93 114A 3 Chuck, shoulder clod, trmd 8 92,077 191.00 210.50 192.67 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 3 1,676 312.50 410.00 389.69 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 18 141,977 200.00 220.00 203.35 116B 1 Chuck, chuck tender (IM) 4 32,869 214.30 221.76 214.65

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 6 101,791 195.00 206.79 195.62 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 7 23,833 193.00 225.79 203.23 160 1 Round, bone-in 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 5 8,672 230.00 242.50 238.02 168 1 Round, top inside round 4 17,027 190.00 198.00 191.33 168 3 Round, top inside round 7 26,160 198.80 214.00 205.28 169 5 Round, top inside, denuded 5 6,169 234.00 245.50 237.54

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 4,097 215.00 215.00 215.00 171B 3 Round, outside round 10 104,475 189.65 210.00 193.52 171C 3 Round, eye of round (IM) 9 14,789 204.61 229.50 214.13 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 12 8,082 514.50 535.00 517.50 175 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 18 51,636 485.20 530.00 504.98 184 1 Loin, top butt, bnls, heavy 3 4,512 280.79 310.00 293.54 184 3 Loin, top butt, boneless 9 6,908 295.00 325.50 309.34 185A 4 Loin, bottom sirloin, flap (M) 185B 1 Loin, ball-tip, bnls, heavy 4 2,783 269.80 287.00 283.09 185C 1 Loin, sirloin, tri-tip (IM) 5 26,352 316.00 350.00 331.87 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 11 34,598 918.50 941.00 924.72 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 5 10,848 409.75 466.00 428.34 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 13 6,821 110.21 128.00 123.98 121D 4 Plate, Inside Skirt (IM) 21 117,842 342.00 375.00 347.35 121C 4 Plate, Outside Skirt (IM) 14 9,406 500.00 561.00 540.14 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 28 104,308 228.42 267.63 241.97

Pectoral Meat 24 75,212 235.00 285.00 241.56 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 9 39,260 140.00 173.00 152.38 Ground Beef 75% 0 0 Ground Beef 81% 26 107,019 147.52 190.93 172.53 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 8 52,251 243.25 260.93 245.27 Ground Beef Chuck 80% 20 100,609 155.93 193.00 170.29 Ground Beef Round 85% 0 0 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% 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 15 497,924 71.00 89.50 79.68 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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