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USDA Boxed Beef Cutout Midday 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 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: 178.54 178.23 Change from prior day: (0.07) 1.35 ------------------------------------------------------------------------------- Choice/Select spread: 0.31

Total Load Count (Cuts, Trimmings, Grids): 117 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 267.29 262.39 Primal Chuck 143.35 143.91 Primal Round 152.71 154.70 Primal Loin 253.02 250.43 Primal Brisket 117.64 117.27 Primal Short Plate 123.86 128.99 Primal Flank 99.39 94.48 -------------------------------------------------------------------------------- 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 58.23 loads 2,329,000 pounds Select Cuts 35.98 loads 1,439,251 pounds Trimmings 6.21 loads 248,238 pounds Ground Beef 16.38 load 655,233 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 20 44,077 525.00 571.00 556.25 112A 3 Rib, ribeye, bnls, light 4 6,491 591.76 640.00 637.54 112A 3 Rib, ribeye, bnls, heavy 29 37,532 560.00 635.00 588.02 113C 1 Chuck, semi-bnls, neck/off 5 54,746 171.00 190.00 174.87 114 1 Chuck, shoulder clod 14 193,651 174.00 192.75 174.54 114A 3 Chuck, shoulder clod, trmd 13 126,493 180.79 198.00 185.83 114D 3 Chuck, clod, top blade 6 40,575 240.00 281.39 241.70 114E 3 Chuck, clod, arm roast 11 26,600 216.90 230.75 223.99 114F 5 Chuck, clod tender (IM) 5 6,126 300.00 361.89 309.97 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 33 169,327 186.00 205.00 195.46 116B 1 Chuck, chuck tender (IM) 14 53,349 195.02 218.00 198.72

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 26 324,577 175.00 198.60 177.06 120A 3 Brisket, point/off, bnls 6 9,258 288.00 339.75 304.59 123A 3 Short Plate, short rib 14 27,179 265.00 373.00 315.27 130 4 Chuck, short rib 17 34,236 184.75 280.00 206.25 160 1 Round, bone-in 8 14,388 193.00 211.50 206.19 161 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 27 108,271 205.00 229.75 211.38 168 1 Round, top inside round 9 29,831 188.79 212.45 194.15 168 3 Round, top inside round 12 81,870 198.79 217.76 202.69 169 5 Round, top inside, denuded 14 50,293 235.50 250.00 241.68

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 29 166,726 177.00 202.50 186.08 171C 3 Round, eye of round (IM) 26 41,927 202.00 218.00 207.39 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 16 88,148 517.00 541.50 520.56 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 3 7,129 450.00 473.95 467.02 180 3 Loin, strip, bnls, 0x1 28 67,696 511.71 551.76 523.42 184 1 Loin, top butt, bnls, heavy 4 1,828 301.42 310.00 306.36 184 3 Loin, top butt, boneless 20 148,439 301.62 330.00 309.01 185A 4 Loin, bottom sirloin, flap 17 55,950 365.79 385.00 371.35 185B 1 Loin, ball-tip, bnls, heavy 185C 1 Loin, sirloin, tri-tip (IM) 9 10,893 311.59 340.60 321.46 185D 4 Loin, tri-tip, pld (IM) 7 2,899 411.00 463.00 435.25 189A 4 Loin, tndrloin, trmd, heavy 20 31,531 922.50 971.25 935.02 191A 4 Loin, butt tender, trimmed 9 8,840 877.00 989.75 903.06 193 4 Flank, flank steak (IM) 14 15,787 401.00 468.85 417.90 ------------------------------------------------------------------------------- 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 12 30,672 487.63 549.75 517.27 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 11 17,590 573.76 605.60 591.89 113C 1 Chuck, semi-bnls, neck/off 9 72,285 175.00 187.00 180.13 114 1 Chuck, shoulder clod 9 78,553 173.36 193.00 177.62 114A 3 Chuck, shoulder clod, trmd 12 43,556 180.79 193.00 186.42 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 4 7,749 290.00 354.45 293.83 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 19 79,494 190.25 207.60 197.46 116B 1 Chuck, chuck tender (IM) 8 11,413 202.00 216.00 207.37

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 20 463,285 175.00 195.30 176.35 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 5 16,549 230.00 355.00 257.34 130 4 Chuck, short rib 9 26,683 175.34 221.74 188.99 160 1 Round, bone-in 161 1 Round, boneless 4 3,545 205.17 215.12 208.64

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 13 22,338 205.00 229.00 210.62 168 1 Round, top inside round 6 12,245 188.79 200.47 195.20 168 3 Round, top inside round 6 19,012 198.79 211.00 206.55 169 5 Round, top inside, denuded 0 0

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 11 41,095 177.00 199.00 191.57 171C 3 Round, eye of round (IM) 9 18,031 201.05 210.80 207.30 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 16 37,366 470.47 531.00 497.67 175 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 7 12,472 490.00 535.00 501.08 184 1 Loin, top butt, bnls, heavy 4 43,799 280.40 300.00 283.59 184 3 Loin, top butt, boneless 13 20,112 294.00 322.00 307.50 185A 4 Loin, bottom sirloin, flap 5 17,157 359.80 395.00 370.12 185B 1 Loin, ball-tip, bnls, heavy 3 23,936 228.00 232.17 230.70 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 10 21,621 911.42 942.10 933.33 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 6 7,199 349.22 401.42 354.63 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 3 2,093 113.76 130.00 129.67 121D 4 Plate, Inside Skirt (IM) 28 86,065 340.00 380.60 346.68 121C 4 Plate, Outside Skirt (IM) 7 7,407 495.00 540.00 517.36 121E 6 Outside Skirt, pld (IM) 6 15,831 721.00 824.60 760.33

Cap, Wedge Meat & (IM) Lean 28 186,969 235.00 260.00 239.59

Pectoral Meat 10 19,472 218.00 243.50 221.51 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 16 65,291 156.00 172.00 163.00 Ground Beef 75% Ground Beef 81% 18 130,358 172.00 194.50 179.18 Ground Beef 85% Ground Beef 90% Ground Beef 93% 14 85,547 252.50 269.75 255.10 Ground Beef Chuck 80% 15 114,406 182.65 192.45 184.22 Ground Beef Round 85% 9 24,246 211.00 220.47 218.20 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% 3 9,558 192.20 194.00 192.69 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 13 237,738 48.00 67.50 57.30 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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