Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 177.54 177.89 Change from prior day: (0.54) 0.54 ------------------------------------------------------------------------------- Choice/Select spread: (0.35)

Total Load Count (Cuts, Trimmings, Grids): 228 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 260.56 260.43 Primal Chuck 143.21 143.47 Primal Round 153.32 153.99 Primal Loin 251.59 252.71 Primal Brisket 118.84 117.88 Primal Short Plate 122.01 126.01 Primal Flank 100.79 90.70 -------------------------------------------------------------------------------- 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 79.36 loads 3,174,413 pounds Select Cuts 50.25 loads 2,009,870 pounds Trimmings 56.42 loads 2,256,638 pounds Ground Beef 41.83 load 1,673,275 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 19 14,388 518.00 562.80 540.33 112A 3 Rib, ribeye, bnls, light 15 98,041 554.58 619.00 557.97 112A 3 Rib, ribeye, bnls, heavy 66 146,723 541.50 615.00 570.65 113C 1 Chuck, semi-bnls, neck/off 8 9,659 187.00 197.35 194.44 114 1 Chuck, shoulder clod 19 121,791 170.90 189.50 175.85 114A 3 Chuck, shoulder clod, trmd 45 146,940 182.00 197.00 185.41 114D 3 Chuck, clod, top blade 8 4,495 248.50 269.00 260.09 114E 3 Chuck, clod, arm roast 6 11,248 205.00 231.42 210.87 114F 5 Chuck, clod tender (IM) 17 18,633 305.91 410.00 337.85 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 53 127,936 185.00 206.25 199.19 116B 1 Chuck, chuck tender (IM) 22 30,237 202.00 220.00 210.63

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 66 474,752 175.00 200.00 180.93 120A 3 Brisket, point/off, bnls 21 18,137 303.76 328.00 315.11 123A 3 Short Plate, short rib 19 24,619 337.42 378.00 358.40 130 4 Chuck, short rib 17 33,824 181.00 280.00 199.87 160 1 Round, bone-in 5 3,971 192.95 207.00 197.80 161 1 Round, boneless 10 8,472 202.35 213.39 206.66

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 46 143,785 201.00 218.00 207.04 168 1 Round, top inside round 36 70,590 190.00 205.00 195.69 168 3 Round, top inside round 18 110,732 195.00 218.00 204.39 169 5 Round, top inside, denuded 24 89,663 235.00 248.50 238.52

3 Round, top inside, side off 170 1 Round, bottom gooseneck 8 3,812 193.50 210.00 206.67 171B 3 Round, outside round 48 468,924 174.00 194.00 178.21 171C 3 Round, eye of round (IM) 39 56,595 200.00 216.00 205.99 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 30 66,621 510.00 556.00 526.74 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 23 20,279 458.00 484.00 471.18 180 3 Loin, strip, bnls, 0x1 48 136,751 489.00 550.50 510.13 184 1 Loin, top butt, bnls, heavy 27 20,683 293.00 310.00 300.81 184 3 Loin, top butt, boneless 27 167,785 293.00 331.25 306.17 185A 4 Loin, bottom sirloin, flap 41 147,847 358.76 390.00 376.41 185B 1 Loin, ball-tip, bnls, heavy 22 59,492 233.00 259.00 237.22 185C 1 Loin, sirloin, tri-tip (IM) 13 13,570 308.50 325.00 314.71 185D 4 Loin, tri-tip, pld (IM) 7 10,619 427.00 450.00 435.14 189A 4 Loin, tndrloin, trmd, heavy 29 64,716 892.00 961.55 908.88 191A 4 Loin, butt tender, trimmed 5 4,996 875.00 915.00 878.40 193 4 Flank, flank steak (IM) 10 8,531 402.76 430.00 420.49 ------------------------------------------------------------------------------- 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 21 19,355 530.84 544.00 534.13 112A 3 Rib, ribeye, bnls, light 13 20,002 569.70 600.00 580.86 112A 3 Rib, ribeye, bnls, heavy 34 77,846 554.00 600.00 587.53 113C 1 Chuck, semi-bnls, neck/off 9 15,003 178.00 200.00 191.22 114 1 Chuck, shoulder clod 10 25,231 176.17 193.00 179.33 114A 3 Chuck, shoulder clod, trmd 18 57,295 182.00 198.50 188.85 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 9 7,465 305.91 410.00 348.98 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 30 187,648 182.35 205.00 191.76 116B 1 Chuck, chuck tender (IM) 9 24,823 203.25 210.00 205.41

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 30 188,980 176.00 192.00 180.26 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 5 12,839 184.75 214.37 187.37 160 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 20 43,348 201.00 220.00 208.27 168 1 Round, top inside round 22 44,175 187.00 205.00 197.49 168 3 Round, top inside round 19 60,663 193.00 215.00 205.30 169 5 Round, top inside, denuded 8 4,839 239.00 245.00 240.46

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 42 297,624 173.40 202.00 178.93 171C 3 Round, eye of round (IM) 21 35,750 201.75 225.00 205.67 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 28 30,684 486.00 545.00 529.99 175 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 29 52,973 460.00 536.25 505.28 184 1 Loin, top butt, bnls, heavy 19 103,138 281.00 306.25 285.24 184 3 Loin, top butt, boneless 28 45,871 294.00 325.00 310.14 185A 4 Loin, bottom sirloin, flap 34 281,838 360.00 389.00 374.06 185B 1 Loin, ball-tip, bnls, heavy 10 13,694 230.00 248.75 239.19 185C 1 Loin, sirloin, tri-tip (IM) 9 7,649 303.50 329.00 320.77 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 19 27,197 900.00 931.00 912.90 191A 4 Loin, butt tender, trimmed 5 2,751 858.21 890.00 882.30 193 4 Flank, flank steak (IM) 11 5,378 385.00 431.00 405.47 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 16 33,663 90.13 130.00 95.54 121D 4 Plate, Inside Skirt (IM) 20 57,072 337.00 375.00 345.08 121C 4 Plate, Outside Skirt (IM) 9 18,937 491.00 545.00 515.87 121E 6 Outside Skirt, pld (IM) 7 6,690 725.00 797.00 761.01

Cap, Wedge Meat & (IM) Lean 71 284,670 220.00 246.63 234.85

Pectoral Meat 28 27,660 220.00 255.00 233.98 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 58 286,936 159.00 176.00 166.11 Ground Beef 75% Ground Beef 81% 82 444,143 168.00 194.50 179.13 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 38 101,047 246.00 266.50 254.08 Ground Beef Chuck 80% 58 492,342 175.00 196.00 185.79 Ground Beef Round 85% 33 54,921 211.00 225.54 219.88 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% 4 48,425 195.60 204.06 203.50 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 13 476,538 47.50 58.00 51.44 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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