Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 183.81 183.15 Change from prior day: 0.35 0.03 ------------------------------------------------------------------------------- Choice/Select spread: 0.65

Total Load Count (Cuts, Trimmings, Grids): 94 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 280.17 274.81 Primal Chuck 146.62 146.44 Primal Round 156.78 157.28 Primal Loin 255.71 252.93 Primal Brisket 128.19 128.38 Primal Short Plate 133.06 138.97 Primal Flank 104.75 106.11 -------------------------------------------------------------------------------- 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 51.12 loads 2,044,789 pounds Select Cuts 18.05 loads 721,892 pounds Trimmings 13.44 loads 537,408 pounds Ground Beef 11.31 load 452,452 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 23 56,700 548.62 586.00 554.53 112A 3 Rib, ribeye, bnls, light 8 13,082 584.00 665.00 622.52 112A 3 Rib, ribeye, bnls, heavy 25 87,460 594.64 644.00 610.69 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 3 4,141 189.50 197.50 191.89 114A 3 Chuck, shoulder clod, trmd 16 139,824 187.89 208.00 196.45 114D 3 Chuck, clod, top blade 4 7,764 251.25 270.07 258.89 114E 3 Chuck, clod, arm roast 13 41,325 225.00 250.00 238.84 114F 5 Chuck, clod tender (IM) 7 3,477 315.93 410.00 350.35 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 20 124,678 200.00 220.63 202.37 116B 1 Chuck, chuck tender (IM) 13 66,619 196.00 226.74 207.58

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 26 142,224 185.00 207.63 191.18 120A 3 Brisket, point/off, bnls 9 8,309 333.36 363.00 338.71 123A 3 Short Plate, short rib 4 4,601 342.63 381.00 363.71 130 4 Chuck, short rib 20 71,393 180.89 231.79 198.95 160 1 Round, bone-in 5 2,945 201.50 217.63 209.35 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 31 91,154 220.00 233.00 225.70 168 1 Round, top inside round 11 64,304 188.80 201.76 193.77 168 3 Round, top inside round 15 85,446 201.30 217.63 206.58 169 5 Round, top inside, denuded 20 112,440 233.00 248.00 238.39

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 36 122,676 188.00 218.00 200.67 171C 3 Round, eye of round (IM) 33 54,436 208.00 231.74 215.29 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 14 60,547 512.00 541.89 514.75 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 6 6,018 450.00 476.50 458.77 180 3 Loin, strip, bnls, 0x1 34 150,729 502.00 547.99 514.22 184 1 Loin, top butt, bnls, heavy 3 2,660 310.00 310.00 310.00 184 3 Loin, top butt, boneless 24 133,428 300.00 334.75 310.83 185A 4 Loin, bottom sirloin, flap 18 202,259 363.00 416.00 370.45 185B 1 Loin, ball-tip, bnls, heavy 9 10,345 277.00 290.50 281.39 185C 1 Loin, sirloin, tri-tip (IM) 4 4,069 310.00 340.00 329.97 185D 4 Loin, tri-tip, pld (IM) 8 9,377 435.99 475.63 451.46 189A 4 Loin, tndrloin, trmd, heavy 20 32,670 938.62 1057.00 956.63 191A 4 Loin, butt tender, trimmed 6 5,431 873.26 915.00 876.17 193 4 Flank, flank steak (IM) 14 13,205 421.00 445.74 433.28 ------------------------------------------------------------------------------- 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 9,097 541.00 556.00 546.17 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 5 3,782 601.79 630.00 620.95 113C 1 Chuck, semi-bnls, neck/off 3 17,833 192.00 201.00 192.60 114 1 Chuck, shoulder clod 12 22,710 185.10 198.79 189.18 114A 3 Chuck, shoulder clod, trmd 10 25,846 192.54 208.79 197.23 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 4 2,157 326.50 410.00 348.49 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 11 25,834 200.00 214.79 205.83 116B 1 Chuck, chuck tender (IM)

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 6 57,440 185.00 196.79 188.69 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 7 25,311 198.00 211.00 203.82 160 1 Round, bone-in 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 8 44,554 220.00 235.62 222.13 168 1 Round, top inside round 17 97,653 190.60 206.00 195.36 168 3 Round, top inside round 7 48,879 200.70 213.00 203.53 169 5 Round, top inside, denuded 4 7,802 233.00 248.00 237.95

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 12 18,102 190.00 205.00 196.07 171C 3 Round, eye of round (IM) 6 5,174 202.10 218.50 211.89 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 7 4,012 500.57 540.00 513.09 175 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 6 8,232 491.57 530.00 511.52 184 1 Loin, top butt, bnls, heavy 3 6,697 270.79 300.21 273.02 184 3 Loin, top butt, boneless 9 46,329 290.00 311.00 297.08 185A 4 Loin, bottom sirloin, flap 5 11,943 380.00 416.00 382.83 185B 1 Loin, ball-tip, bnls, heavy 5 6,782 260.00 281.58 271.80 185C 1 Loin, sirloin, tri-tip (IM) 3 7,256 309.63 341.79 311.70 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 4 6,829 920.00 941.00 926.48 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 7 14,705 395.00 446.74 403.15 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 0 0 124 4 Rib, Back Ribs, Frozen 121D 4 Plate, Inside Skirt (IM) 24 80,672 343.43 375.00 352.91 121C 4 Plate, Outside Skirt (IM) 5 10,892 525.50 553.00 547.21 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 33 136,575 228.00 248.50 237.41

Pectoral Meat 8 15,052 231.30 285.00 242.59 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 5 111,423 147.00 174.03 166.26 Ground Beef 75% 0 0 Ground Beef 81% 15 73,924 159.97 206.00 176.76 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% Ground Beef Chuck 80% 10 59,152 160.30 180.00 168.61 Ground Beef Round 85% 6 17,204 206.00 207.69 207.27 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% 5 48,178 193.25 212.50 200.22 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 15 537,408 71.00 88.47 80.61 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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