Bloomberg News

USDA Boxed Beef Cutout Closing Prices for April 11

April 11, 2012

April 11 (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: 177.06 177.68 Change from prior day: (1.02) 0.33 ------------------------------------------------------------------------------- Choice/Select spread: (0.61)

Total Load Count (Cuts, Trimmings, Grids): 364 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 260.59 258.74 Primal Chuck 143.32 143.54 Primal Round 153.10 153.08 Primal Loin 249.42 253.28 Primal Brisket 118.97 118.20 Primal Short Plate 122.19 126.25 Primal Flank 100.11 90.99 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 04/10 140 68 10 39 258 178.08 177.35 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 178.69 176.91 -------------------------------------------------------------------------------- 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 144.20 loads 5,768,148 pounds Select Cuts 77.45 loads 3,097,831 pounds Trimmings 91.28 loads 3,651,214 pounds Ground Beef 51.39 load 2,055,416 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 29 33,694 503.73 562.80 526.90 112A 3 Rib, ribeye, bnls, light 25 145,588 554.58 620.00 561.52 112A 3 Rib, ribeye, bnls, heavy 121 260,171 541.50 625.00 576.08 113C 1 Chuck, semi-bnls, neck/off 13 20,092 181.00 199.50 189.82 114 1 Chuck, shoulder clod 23 126,911 170.90 189.50 176.05 114A 3 Chuck, shoulder clod, trmd 80 250,890 175.00 197.00 184.36 114D 3 Chuck, clod, top blade 14 40,527 230.00 269.00 253.21 114E 3 Chuck, clod, arm roast 9 39,737 200.00 231.42 204.94 114F 5 Chuck, clod tender (IM) 24 28,033 305.91 410.00 332.19 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 125 214,832 185.00 206.25 198.58 116B 1 Chuck, chuck tender (IM) 41 85,608 190.00 220.00 199.89

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 134 721,652 175.00 200.00 181.12 120A 3 Brisket, point/off, bnls 31 25,646 300.00 347.00 314.69 123A 3 Short Plate, short rib 47 51,773 255.00 378.00 331.82 130 4 Chuck, short rib 48 48,336 181.00 280.00 199.27 160 1 Round, bone-in 7 5,052 192.95 207.00 198.01 161 1 Round, boneless 14 20,672 200.00 214.75 203.18

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 108 487,602 200.00 228.50 205.05 168 1 Round, top inside round 88 127,339 182.87 205.00 195.92 168 3 Round, top inside round 35 317,796 195.00 218.00 206.10 169 5 Round, top inside, denuded 28 93,838 231.00 248.50 238.45

3 Round, top inside, side off 170 1 Round, bottom gooseneck 10 13,007 187.00 210.00 194.97 171B 3 Round, outside round 72 521,419 174.00 198.63 179.17 171C 3 Round, eye of round (IM) 66 123,875 200.00 216.00 204.82 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 48 100,948 509.00 556.00 522.68 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 31 26,216 458.00 485.74 472.48 180 3 Loin, strip, bnls, 0x1 87 181,826 489.00 551.00 514.94 184 1 Loin, top butt, bnls, heavy 46 29,326 285.95 310.00 299.39 184 3 Loin, top butt, boneless 66 283,149 293.00 334.50 308.37 185A 4 Loin, bottom sirloin, flap 77 215,874 358.76 392.00 374.64 185B 1 Loin, ball-tip, bnls, heavy 37 205,192 212.00 259.00 222.09 185C 1 Loin, sirloin, tri-tip (IM) 20 39,788 288.00 325.00 306.21 185D 4 Loin, tri-tip, pld (IM) 25 30,329 415.00 461.63 429.02 189A 4 Loin, tndrloin, trmd, heavy 75 468,257 875.75 970.74 882.23 191A 4 Loin, butt tender, trimmed 10 13,784 873.26 915.00 876.02 193 4 Flank, flank steak (IM) 17 17,090 376.00 431.00 406.15 ------------------------------------------------------------------------------- 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 28 35,491 500.00 540.00 526.53 112A 3 Rib, ribeye, bnls, light 18 33,599 532.00 600.00 564.60 112A 3 Rib, ribeye, bnls, heavy 51 127,209 530.00 607.00 575.37 113C 1 Chuck, semi-bnls, neck/off 15 20,975 178.00 200.00 189.67 114 1 Chuck, shoulder clod 14 38,793 175.00 194.00 180.76 114A 3 Chuck, shoulder clod, trmd 24 79,000 175.00 202.58 186.81 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 13 17,336 305.91 410.00 331.75 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 42 236,431 182.35 209.30 192.36 116B 1 Chuck, chuck tender (IM) 19 39,450 192.00 220.10 202.26

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 40 277,448 176.00 192.10 181.48 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 7,862 241.00 340.00 265.52 130 4 Chuck, short rib 14 24,983 184.75 214.37 188.40 160 1 Round, bone-in 161 1 Round, boneless 7 21,453 182.25 210.00 193.52

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 26 118,422 200.00 220.00 204.01 168 1 Round, top inside round 28 66,273 183.00 205.00 194.07 168 3 Round, top inside round 24 86,316 193.00 221.92 205.54 169 5 Round, top inside, denuded 11 44,039 228.00 245.00 230.27

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 20,037 183.57 200.00 184.98 171B 3 Round, outside round 58 538,302 173.40 202.00 178.54 171C 3 Round, eye of round (IM) 33 52,215 201.75 225.00 206.60 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 36 40,168 486.00 545.00 528.36 175 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 37 92,869 460.00 537.00 508.99 184 1 Loin, top butt, bnls, heavy 22 125,185 275.00 310.00 284.87 184 3 Loin, top butt, boneless 39 80,414 294.00 326.00 309.77 185A 4 Loin, bottom sirloin, flap 39 300,643 360.00 390.00 374.26 185B 1 Loin, ball-tip, bnls, heavy 19 79,413 212.00 248.75 221.97 185C 1 Loin, sirloin, tri-tip (IM) 13 28,581 303.50 329.00 316.52 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 31 33,005 900.00 1024.00 928.56 191A 4 Loin, butt tender, trimmed 6 2,884 858.21 890.00 882.20 193 4 Flank, flank steak (IM) 16 17,060 350.00 431.00 382.05 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 20 55,882 90.13 130.00 101.18 121D 4 Plate, Inside Skirt (IM) 43 100,806 337.00 375.00 345.60 121C 4 Plate, Outside Skirt (IM) 18 27,861 487.00 561.10 513.51 121E 6 Outside Skirt, pld (IM) 13 14,840 680.00 797.00 725.95

Cap, Wedge Meat & (IM) Lean 86 328,128 220.00 246.63 235.03

Pectoral Meat 43 53,036 220.00 255.00 231.08 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 79 463,366 155.95 176.00 165.07 Ground Beef 75% Ground Beef 81% 100 554,179 168.00 194.75 178.89 Ground Beef 85% Ground Beef 90% Ground Beef 93% 39 101,526 246.00 266.50 254.10 Ground Beef Chuck 80% 62 500,399 175.00 196.00 185.81 Ground Beef Round 85% 36 68,503 211.00 225.54 218.91 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 71,825 195.60 208.00 204.15 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 49 1,746,314 45.00 65.00 53.58 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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