Bloomberg News

USDA Boxed Beef Cutout Closing Prices for April 9

April 09, 2012

April 9 (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: 178.61 176.88 Change from prior day: 1.00 1.58 ------------------------------------------------------------------------------- Choice/Select spread: 1.73

Total Load Count (Cuts, Trimmings, Grids): 171 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 263.91 254.24 Primal Chuck 142.91 141.83 Primal Round 153.18 154.27 Primal Loin 253.60 249.61 Primal Brisket 122.40 122.24 Primal Short Plate 125.29 130.74 Primal Flank 99.94 96.90 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 04/06 74 45 14 21 155 177.61 175.30 04/05 138 68 40 36 281 178.51 176.66 04/04 118 74 25 49 266 180.64 178.37 04/03 97 44 15 26 182 183.09 180.91 04/02 79 49 21 26 174 184.10 182.35 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 180.79 178.72 -------------------------------------------------------------------------------- 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 71.63 loads 2,865,314 pounds Select Cuts 26.86 loads 1,074,533 pounds Trimmings 47.44 loads 1,897,639 pounds Ground Beef 24.61 load 984,268 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 32 242,480 508.63 581.00 521.85 112A 3 Rib, ribeye, bnls, light 7 25,652 581.00 635.00 594.80 112A 3 Rib, ribeye, bnls, heavy 45 75,631 572.00 655.00 594.49 113C 1 Chuck, semi-bnls, neck/off 6 14,908 181.00 194.00 189.62 114 1 Chuck, shoulder clod 7 25,893 176.00 187.00 179.01 114A 3 Chuck, shoulder clod, trmd 18 58,529 182.65 206.63 186.84 114D 3 Chuck, clod, top blade 6 53,340 239.56 260.63 241.12 114E 3 Chuck, clod, arm roast 8 10,294 210.00 246.45 223.67 114F 5 Chuck, clod tender (IM) 9 7,025 310.05 410.00 353.47 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 34 151,835 188.00 208.79 195.83 116B 1 Chuck, chuck tender (IM) 20 22,080 202.00 221.42 209.03

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 24 56,147 173.00 200.00 187.18 120A 3 Brisket, point/off, bnls 7 11,776 310.10 340.00 317.06 123A 3 Short Plate, short rib 31 96,845 205.00 382.00 298.67 130 4 Chuck, short rib 19 58,384 180.00 232.00 197.43 160 1 Round, bone-in 4 2,717 198.50 202.00 201.44 161 1 Round, boneless 6 6,522 210.00 220.00 215.66

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 54 276,502 202.00 229.63 206.18 168 1 Round, top inside round 16 52,456 186.00 205.00 195.05 168 3 Round, top inside round 11 53,932 199.00 222.00 203.73 169 5 Round, top inside, denuded 18 83,442 239.00 250.00 242.99

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 54 602,365 170.65 203.55 177.48 171C 3 Round, eye of round (IM) 34 66,253 200.00 229.63 206.35 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 23 33,439 520.17 549.50 530.32 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 7 5,136 450.00 484.00 456.85 180 3 Loin, strip, bnls, 0x1 46 197,214 514.29 555.00 522.76 184 1 Loin, top butt, bnls, heavy 8 2,312 295.00 323.00 304.56 184 3 Loin, top butt, boneless 32 138,141 305.00 330.00 313.44 185A 4 Loin, bottom sirloin, flap 18 63,146 363.56 400.00 370.80 185B 1 Loin, ball-tip, bnls, heavy 6 5,051 258.32 276.42 267.85 185C 1 Loin, sirloin, tri-tip (IM) 8 8,443 303.85 330.00 314.44 185D 4 Loin, tri-tip, pld (IM) 10 5,187 450.25 478.11 453.74 189A 4 Loin, tndrloin, trmd, heavy 27 103,145 920.00 1062.00 957.18 191A 4 Loin, butt tender, trimmed 16 5,963 884.00 943.00 899.49 193 4 Flank, flank steak (IM) 13 5,057 405.00 440.00 416.07 ------------------------------------------------------------------------------- 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 13 9,099 496.72 566.00 526.43 112A 3 Rib, ribeye, bnls, light 6 34,839 542.00 601.00 585.14 112A 3 Rib, ribeye, bnls, heavy 16 10,274 553.52 610.00 597.08 113C 1 Chuck, semi-bnls, neck/off 4 11,004 185.00 195.50 187.20 114 1 Chuck, shoulder clod 13 114,098 177.00 193.74 180.07 114A 3 Chuck, shoulder clod, trmd 14 54,764 185.80 202.50 188.33 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 8 18,297 315.50 331.00 327.31 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 22 117,855 190.00 216.63 195.51 116B 1 Chuck, chuck tender (IM) 5 32,045 198.92 216.40 202.99

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 16 68,379 173.00 197.04 188.02 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 9 31,492 205.00 366.00 245.90 130 4 Chuck, short rib 4 29,174 180.00 228.74 180.96 160 1 Round, bone-in 0 0 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 16 86,380 202.00 224.09 207.53 168 1 Round, top inside round 12 30,308 186.00 208.74 194.21 168 3 Round, top inside round 10 54,906 194.00 209.20 202.27 169 5 Round, top inside, denuded 4 1,257 238.40 239.00 238.70

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 10 31,901 185.00 202.60 191.28 171C 3 Round, eye of round (IM) 10 20,804 195.00 220.50 203.11 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 17 9,914 461.83 530.00 491.07 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 0 0 180 3 Loin, strip, bnls, 0x1 12 14,441 478.00 515.00 511.62 184 1 Loin, top butt, bnls, heavy 5 10,399 285.00 300.00 293.59 184 3 Loin, top butt, boneless 11 14,640 297.89 319.00 312.10 185A 4 Loin, bottom sirloin, flap 4 1,950 375.00 384.40 376.46 185B 1 Loin, ball-tip, bnls, heavy 5 26,760 229.87 250.00 237.51 185C 1 Loin, sirloin, tri-tip (IM) 4 48,254 300.88 315.00 302.00 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 14 52,352 900.00 944.45 909.71 191A 4 Loin, butt tender, trimmed 9 6,748 859.79 906.42 868.91 193 4 Flank, flank steak (IM) 5 9,560 394.00 409.00 405.51 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 10 25,753 85.00 130.00 95.70 121D 4 Plate, Inside Skirt (IM) 20 110,012 349.62 382.00 367.02 121C 4 Plate, Outside Skirt (IM) 6 5,598 490.00 562.00 536.19 121E 6 Outside Skirt, pld (IM) 5 9,352 690.00 745.00 707.71

Cap, Wedge Meat & (IM) Lean 18 97,387 235.00 245.50 238.43

Pectoral Meat 21 45,067 220.00 260.00 230.61 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 27 326,470 147.54 173.06 161.83 Ground Beef 75% Ground Beef 81% 16 103,442 171.00 195.06 176.73 Ground Beef 85% Ground Beef 90% Ground Beef 93% 11 19,146 245.00 266.50 254.49 Ground Beef Chuck 80% 17 281,428 174.00 199.00 183.01 Ground Beef Round 85% 3 19,963 210.46 213.23 211.57 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% 7 32,584 194.20 206.19 198.47 Blended Ground Beef 85% Blended Ground Beef 90% 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 55 1,813,639 45.00 65.00 50.43 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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