Bloomberg News

USDA Boxed Beef Cutout Closing Prices for March 30

March 30, 2012

March 30 (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: 183.37 182.40 Change from prior day: (0.09) (0.72) ------------------------------------------------------------------------------- Choice/Select spread: 0.97

Total Load Count (Cuts, Trimmings, Grids): 161 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 279.58 273.87 Primal Chuck 145.80 145.54 Primal Round 155.83 156.01 Primal Loin 256.04 252.51 Primal Brisket 128.10 128.34 Primal Short Plate 133.04 138.94 Primal Flank 105.36 106.22 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 03/29 81 43 34 21 179 183.46 183.12 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 185.46 185.19 -------------------------------------------------------------------------------- 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 88.28 loads 3,531,380 pounds Select Cuts 36.01 loads 1,440,542 pounds Trimmings 15.58 loads 623,045 pounds Ground Beef 21.38 load 855,003 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 34 82,773 548.62 590.56 554.47 112A 3 Rib, ribeye, bnls, light 8 13,082 584.00 665.00 622.52 112A 3 Rib, ribeye, bnls, heavy 36 95,667 585.00 645.25 611.17 113C 1 Chuck, semi-bnls, neck/off 4 1,194 199.50 204.50 201.36 114 1 Chuck, shoulder clod 8 59,609 177.79 197.50 182.05 114A 3 Chuck, shoulder clod, trmd 33 273,870 187.89 211.63 194.91 114D 3 Chuck, clod, top blade 5 9,576 251.25 280.00 262.88 114E 3 Chuck, clod, arm roast 14 42,607 225.00 250.00 238.73 114F 5 Chuck, clod tender (IM) 11 11,536 312.00 410.00 324.22 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 46 377,381 197.95 220.63 202.16 116B 1 Chuck, chuck tender (IM) 22 107,144 196.00 227.00 211.20

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 39 185,868 185.00 207.63 191.62 120A 3 Brisket, point/off, bnls 13 13,474 312.00 363.00 330.74 123A 3 Short Plate, short rib 14 41,561 237.73 381.00 263.60 130 4 Chuck, short rib 30 104,619 180.89 231.79 198.39 160 1 Round, bone-in 8 4,661 195.00 217.63 205.53 161 1 Round, boneless 5 3,155 200.09 220.06 211.69

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 57 255,053 215.00 235.00 222.77 168 1 Round, top inside round 25 127,431 188.00 201.76 194.03 168 3 Round, top inside round 28 134,227 199.15 217.63 205.98 169 5 Round, top inside, denuded 30 144,488 233.00 248.00 238.32

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 1,921 195.55 201.79 198.67 171B 3 Round, outside round 56 284,275 186.00 218.00 197.44 171C 3 Round, eye of round (IM) 51 130,392 208.00 231.74 216.96 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 22 92,397 505.00 541.89 514.98 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 12 7,968 450.00 476.50 459.12 180 3 Loin, strip, bnls, 0x1 43 217,335 502.00 547.99 517.04 184 1 Loin, top butt, bnls, heavy 5 3,653 306.00 311.42 309.45 184 3 Loin, top butt, boneless 37 153,830 300.00 334.75 309.80 185A 4 Loin, bottom sirloin, flap 26 260,320 362.96 416.00 370.49 185B 1 Loin, ball-tip, bnls, heavy 21 66,223 265.00 296.50 278.19 185C 1 Loin, sirloin, tri-tip (IM) 8 11,580 310.00 340.00 317.73 185D 4 Loin, tri-tip, pld (IM) 11 11,106 434.00 475.63 449.29 189A 4 Loin, tndrloin, trmd, heavy 23 34,924 938.62 1070.00 961.45 191A 4 Loin, butt tender, trimmed 11 10,306 873.26 915.00 884.82 193 4 Flank, flank steak (IM) 18 25,145 418.75 460.50 433.87 ------------------------------------------------------------------------------- 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 9,988 541.00 556.00 546.81 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 9 7,077 601.79 630.00 616.38 113C 1 Chuck, semi-bnls, neck/off 4 19,260 192.00 201.00 192.85 114 1 Chuck, shoulder clod 20 143,524 177.79 198.79 185.01 114A 3 Chuck, shoulder clod, trmd 18 49,386 191.75 208.79 196.34 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 7 41,798 310.00 410.00 312.04 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 29 147,045 190.00 218.74 200.69 116B 1 Chuck, chuck tender (IM) 3 4,792 208.17 217.00 212.14

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 10 105,128 185.00 197.00 191.03 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 12 29,787 198.00 233.74 203.94 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 13 54,593 217.79 235.62 222.07 168 1 Round, top inside round 22 156,712 189.75 206.00 193.41 168 3 Round, top inside round 10 56,853 200.70 216.00 204.04 169 5 Round, top inside, denuded 6 8,555 233.00 248.00 238.12

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 43,852 190.69 197.00 192.15 171B 3 Round, outside round 19 35,443 190.00 207.00 195.79 171C 3 Round, eye of round (IM) 8 6,267 202.10 218.50 212.38 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 18 75,872 480.00 540.00 517.14 175 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 11 53,308 467.00 530.00 481.17 184 1 Loin, top butt, bnls, heavy 6 8,269 270.79 300.21 276.04 184 3 Loin, top butt, boneless 15 51,695 290.00 311.50 297.44 185A 4 Loin, bottom sirloin, flap 7 16,535 380.00 416.00 387.70 185B 1 Loin, ball-tip, bnls, heavy 8 8,138 260.00 285.00 273.22 185C 1 Loin, sirloin, tri-tip (IM) 6 20,331 309.63 341.79 311.45 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 10 29,550 901.02 941.00 914.48 191A 4 Loin, butt tender, trimmed 3 1,426 881.00 894.75 892.25 193 4 Flank, flank steak (IM) 9 15,977 395.00 446.74 405.97 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 8 20,835 101.79 125.00 111.39 121D 4 Plate, Inside Skirt (IM) 29 86,575 343.43 375.00 353.37 121C 4 Plate, Outside Skirt (IM) 8 14,490 501.00 553.00 540.08 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 43 156,699 228.00 248.50 237.87

Pectoral Meat 13 18,233 231.30 285.00 243.76 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 19 215,123 132.93 182.00 155.55 Ground Beef 75% 0 0 Ground Beef 81% 28 111,096 159.97 206.00 179.28 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 17 45,103 234.23 261.50 248.63 Ground Beef Chuck 80% 18 86,457 160.30 190.00 172.18 Ground Beef Round 85% 14 109,296 158.33 212.00 202.56 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% 9 106,778 191.80 212.50 201.07 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 18 623,045 71.00 88.47 79.86 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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