Bloomberg News

USDA Boxed Beef Cutout Closing Prices for April 13

April 13, 2012

April 13 (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: 178.51 177.33 Change from prior day: 1.81 0.57 ------------------------------------------------------------------------------- Choice/Select spread: 1.18

Total Load Count (Cuts, Trimmings, Grids): 172 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 258.28 246.96 Primal Chuck 145.90 147.08 Primal Round 155.14 154.69 Primal Loin 251.68 249.99 Primal Brisket 121.98 120.02 Primal Short Plate 123.22 127.64 Primal Flank 93.70 93.41 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 04/12 113 69 16 30 228 176.70 176.76 04/11 144 77 91 51 364 177.06 177.68 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 177.61 176.79 -------------------------------------------------------------------------------- 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 75.26 loads 3,010,207 pounds Select Cuts 57.35 loads 2,293,813 pounds Trimmings 23.35 loads 934,043 pounds Ground Beef 15.95 load 638,056 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 38 350,165 497.00 563.00 503.75 112A 3 Rib, ribeye, bnls, light 10 21,689 555.00 621.00 602.34 112A 3 Rib, ribeye, bnls, heavy 41 129,260 555.00 603.74 577.43 113C 1 Chuck, semi-bnls, neck/off 6 27,102 191.10 205.00 191.67 114 1 Chuck, shoulder clod 11 73,053 175.79 188.00 180.86 114A 3 Chuck, shoulder clod, trmd 30 173,620 183.89 204.00 194.91 114D 3 Chuck, clod, top blade 5 10,858 215.00 256.50 244.39 114E 3 Chuck, clod, arm roast 9 24,821 204.05 240.50 213.66 114F 5 Chuck, clod tender (IM) 14 28,703 315.00 410.00 322.21 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 25 75,721 198.00 219.00 204.84 116B 1 Chuck, chuck tender (IM) 24 69,473 200.63 220.00 207.75

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 37 208,281 180.00 198.00 186.03 120A 3 Brisket, point/off, bnls 5 15,465 307.00 326.00 312.14 123A 3 Short Plate, short rib 19 49,848 204.00 366.00 288.98 130 4 Chuck, short rib 19 84,829 177.00 225.00 186.49 160 1 Round, bone-in 4 2,114 197.00 210.71 208.13 161 1 Round, boneless 3 1,921 205.00 215.65 209.31

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 44 160,799 200.00 229.75 211.33 168 1 Round, top inside round 19 71,622 191.50 205.00 198.36 168 3 Round, top inside round 28 102,585 195.00 219.00 207.19 169 5 Round, top inside, denuded 10 47,238 235.52 248.00 241.20

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 29 160,060 177.00 201.50 192.18 171C 3 Round, eye of round (IM) 32 157,597 199.00 217.35 203.46 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 9 26,658 523.00 545.00 529.92 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 8 27,298 465.00 481.00 466.51 180 3 Loin, strip, bnls, 0x1 28 97,737 486.58 560.00 521.92 184 1 Loin, top butt, bnls, heavy 8 32,189 287.89 310.00 294.99 184 3 Loin, top butt, boneless 35 212,316 286.58 337.00 309.75 185A 4 Loin, bottom sirloin, flap 24 47,445 371.25 405.00 385.81 185B 1 Loin, ball-tip, bnls, heavy 18 98,846 220.00 240.00 229.84 185C 1 Loin, sirloin, tri-tip (IM) 18 35,042 296.00 336.79 310.44 185D 4 Loin, tri-tip, pld (IM) 7 5,838 415.00 463.74 423.08 189A 4 Loin, tndrloin, trmd, heavy 35 134,357 875.00 1056.00 910.54 191A 4 Loin, butt tender, trimmed 7 14,321 860.00 989.75 877.55 193 4 Flank, flank steak (IM) 18 20,535 350.00 425.00 379.17 ------------------------------------------------------------------------------- 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 23,508 489.50 535.50 511.36 112A 3 Rib, ribeye, bnls, light 3 9,881 525.00 585.00 526.10 112A 3 Rib, ribeye, bnls, heavy 20 34,399 556.79 602.00 573.02 113C 1 Chuck, semi-bnls, neck/off 7 16,147 183.00 199.00 188.94 114 1 Chuck, shoulder clod 12 55,258 172.79 190.74 175.53 114A 3 Chuck, shoulder clod, trmd 15 119,785 182.79 201.00 192.10 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 10 14,381 309.50 410.00 350.89 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 28 199,138 194.00 213.00 203.25 116B 1 Chuck, chuck tender (IM) 10 63,441 201.00 216.00 206.50

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 23 381,668 181.00 195.65 181.82 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 7 14,048 204.00 345.00 252.08 130 4 Chuck, short rib 15 69,406 177.00 244.00 183.10 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 11 46,505 204.00 215.00 207.55 168 1 Round, top inside round 8 17,504 190.00 204.88 196.20 168 3 Round, top inside round 12 33,576 202.00 213.00 207.06 169 5 Round, top inside, denuded 4 4,498 231.79 250.00 237.70

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 1,790 196.79 210.00 205.23 171B 3 Round, outside round 14 115,372 179.88 199.00 193.64 171C 3 Round, eye of round (IM) 11 52,484 197.00 216.00 204.75 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 9 38,849 491.12 545.00 497.91 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 9 29,887 475.00 526.00 495.01 184 1 Loin, top butt, bnls, heavy 24 370,774 271.79 306.71 295.17 184 3 Loin, top butt, boneless 15 12,096 300.79 325.00 312.23 185A 4 Loin, bottom sirloin, flap 6 59,390 380.00 405.65 399.73 185B 1 Loin, ball-tip, bnls, heavy 13 107,143 220.00 249.50 221.06 185C 1 Loin, sirloin, tri-tip (IM) 4 19,946 282.00 323.21 289.73 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 15 93,578 875.00 933.00 899.21 191A 4 Loin, butt tender, trimmed 3 1,568 890.00 906.42 896.55 193 4 Flank, flank steak (IM) 5 6,297 370.00 401.79 384.24 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 9 52,542 92.00 125.00 103.72 121D 4 Plate, Inside Skirt (IM) 21 63,056 341.00 375.00 353.99 121C 4 Plate, Outside Skirt (IM) 10 20,591 493.00 552.00 516.01 121E 6 Outside Skirt, pld (IM) 5 3,564 680.00 768.00 730.89

Cap, Wedge Meat & (IM) Lean 37 160,839 223.00 245.00 234.66

Pectoral Meat 18 52,844 220.00 255.00 225.05 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 11 132,206 155.07 174.00 160.57 Ground Beef 75% Ground Beef 81% 29 102,599 173.80 202.00 187.84 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 7 30,876 252.50 268.50 258.79 Ground Beef Chuck 80% 16 73,095 170.00 197.00 192.01 Ground Beef Round 85% 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 61,355 189.25 202.24 194.42 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 23 836,863 51.00 63.00 55.62 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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