Bloomberg News

USDA Boxed Beef Cutout Closing Prices for April 10

April 10, 2012

April 10 (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: 178.08 177.35 Change from prior day: (0.53) 0.47 ------------------------------------------------------------------------------- Choice/Select spread: 0.74

Total Load Count (Cuts, Trimmings, Grids): 258 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 266.11 259.95 Primal Chuck 142.85 143.34 Primal Round 152.55 153.88 Primal Loin 252.20 249.91 Primal Brisket 118.28 117.63 Primal Short Plate 123.57 128.66 Primal Flank 100.21 90.44 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 04/09 72 27 47 25 171 178.61 176.88 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 179.69 177.62 -------------------------------------------------------------------------------- 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 140.48 loads 5,619,323 pounds Select Cuts 68.42 loads 2,736,723 pounds Trimmings 9.87 loads 394,681 pounds Ground Beef 39.26 load 1,570,477 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 38 82,893 525.00 571.00 556.82 112A 3 Rib, ribeye, bnls, light 5 6,809 591.76 640.00 637.02 112A 3 Rib, ribeye, bnls, heavy 60 136,243 537.86 640.00 580.31 113C 1 Chuck, semi-bnls, neck/off 7 68,287 171.00 190.00 177.51 114 1 Chuck, shoulder clod 33 462,714 174.00 192.75 176.00 114A 3 Chuck, shoulder clod, trmd 27 217,679 179.00 203.89 184.08 114D 3 Chuck, clod, top blade 7 47,085 224.90 255.00 240.34 114E 3 Chuck, clod, arm roast 22 138,266 200.00 236.50 206.45 114F 5 Chuck, clod tender (IM) 15 10,809 300.00 361.89 315.80 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 51 315,935 186.00 205.50 194.15 116B 1 Chuck, chuck tender (IM) 32 143,331 193.00 220.11 198.91

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 71 949,813 175.00 202.00 178.77 120A 3 Brisket, point/off, bnls 14 23,546 288.00 339.75 306.48 123A 3 Short Plate, short rib 19 29,274 265.00 373.00 316.60 130 4 Chuck, short rib 33 60,667 184.75 280.00 206.16 160 1 Round, bone-in 11 15,006 189.95 211.89 205.63 161 1 Round, boneless 4 10,211 207.50 212.00 209.36

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 58 236,486 200.00 231.00 211.98 168 1 Round, top inside round 24 90,130 187.00 212.45 193.56 168 3 Round, top inside round 30 170,009 198.79 217.76 203.56 169 5 Round, top inside, denuded 31 95,776 231.00 250.00 243.78

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 3 5,923 176.55 199.50 181.18 171B 3 Round, outside round 77 1,085,596 172.00 208.00 176.82 171C 3 Round, eye of round (IM) 49 88,889 201.00 221.00 209.81 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 39 145,549 513.00 545.00 521.54 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 7 10,816 450.00 486.00 463.50 180 3 Loin, strip, bnls, 0x1 61 128,979 511.71 560.60 526.20 184 1 Loin, top butt, bnls, heavy 6 4,903 295.00 310.00 302.86 184 3 Loin, top butt, boneless 36 215,378 301.62 334.75 314.42 185A 4 Loin, bottom sirloin, flap 27 74,655 365.79 387.00 372.53 185B 1 Loin, ball-tip, bnls, heavy 6 6,476 240.00 264.59 255.26 185C 1 Loin, sirloin, tri-tip (IM) 14 19,961 306.00 340.60 317.05 185D 4 Loin, tri-tip, pld (IM) 9 3,399 411.00 467.00 439.92 189A 4 Loin, tndrloin, trmd, heavy 38 137,473 892.00 971.25 908.74 191A 4 Loin, butt tender, trimmed 12 11,284 877.00 989.75 898.19 193 4 Flank, flank steak (IM) 28 34,874 401.00 468.85 422.36 ------------------------------------------------------------------------------- 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 18 39,942 487.63 549.75 519.14 112A 3 Rib, ribeye, bnls, light 4 1,946 580.00 607.00 584.43 112A 3 Rib, ribeye, bnls, heavy 40 66,755 554.50 607.00 577.44 113C 1 Chuck, semi-bnls, neck/off 19 102,499 175.00 196.50 182.63 114 1 Chuck, shoulder clod 15 169,008 173.36 194.00 178.34 114A 3 Chuck, shoulder clod, trmd 19 54,947 180.79 193.00 187.06 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 8 13,880 290.00 354.45 299.37 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 35 181,540 190.00 207.60 195.58 116B 1 Chuck, chuck tender (IM) 22 127,680 193.00 218.00 195.24

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 30 624,542 175.00 197.75 176.93 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 6 17,668 230.00 355.00 258.46 130 4 Chuck, short rib 13 36,065 175.34 221.74 187.57 160 1 Round, bone-in 161 1 Round, boneless 5 3,869 205.17 219.75 209.57

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 22 33,627 198.50 229.00 211.41 168 1 Round, top inside round 16 66,269 185.00 205.00 191.36 168 3 Round, top inside round 13 29,184 198.79 216.00 206.83 169 5 Round, top inside, denuded

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 6 62,483 175.96 199.50 184.56 171B 3 Round, outside round 25 121,516 177.00 199.00 185.65 171C 3 Round, eye of round (IM) 18 42,432 199.00 231.00 207.78 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 25 53,552 467.00 545.00 505.81 175 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 20 33,792 465.25 535.00 488.43 184 1 Loin, top butt, bnls, heavy 7 48,864 280.40 300.00 284.73 184 3 Loin, top butt, boneless 22 70,271 294.00 330.00 304.05 185A 4 Loin, bottom sirloin, flap 9 23,696 359.80 395.00 369.20 185B 1 Loin, ball-tip, bnls, heavy 4 31,298 228.00 238.00 232.42 185C 1 Loin, sirloin, tri-tip (IM) 9 31,264 290.00 331.00 299.72 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 23 39,441 909.00 942.10 926.32 191A 4 Loin, butt tender, trimmed 5 20,094 853.80 895.00 857.91 193 4 Flank, flank steak (IM) 18 113,869 333.87 401.42 349.90 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 7 13,958 108.61 130.00 120.50 121D 4 Plate, Inside Skirt (IM) 44 184,873 340.00 380.60 346.62 121C 4 Plate, Outside Skirt (IM) 11 8,585 495.00 540.00 515.58 121E 6 Outside Skirt, pld (IM) 10 20,658 721.00 824.60 762.45

Cap, Wedge Meat & (IM) Lean 53 328,989 220.00 260.00 233.37

Pectoral Meat 32 58,022 217.19 243.75 225.24 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 41 604,243 156.00 177.00 170.85 Ground Beef 75% Ground Beef 81% 33 219,078 170.00 199.00 177.46 Ground Beef 85% Ground Beef 90% Ground Beef 93% 17 90,407 252.50 269.75 255.12 Ground Beef Chuck 80% 22 281,278 169.00 185.47 177.73 Ground Beef Round 85% 10 39,921 211.00 220.47 216.96 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% 14 27,348 192.20 216.60 196.15 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% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 20 394,681 48.00 67.50 57.23 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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