Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 178.16 177.34 Change from prior day: 1.46 0.58 ------------------------------------------------------------------------------- Choice/Select spread: 0.82

Total Load Count (Cuts, Trimmings, Grids): 113 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 257.61 246.47 Primal Chuck 145.25 147.28 Primal Round 155.17 154.65 Primal Loin 251.22 250.07 Primal Brisket 121.93 119.95 Primal Short Plate 123.29 127.70 Primal Flank 93.89 93.38 -------------------------------------------------------------------------------- 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 45.89 loads 1,835,617 pounds Select Cuts 42.32 loads 1,692,965 pounds Trimmings 13.90 loads 555,975 pounds Ground Beef 10.86 load 434,440 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 15 101,670 502.00 551.00 506.15 112A 3 Rib, ribeye, bnls, light 6 11,645 575.00 611.00 590.71 112A 3 Rib, ribeye, bnls, heavy 26 46,301 575.00 601.00 578.96 113C 1 Chuck, semi-bnls, neck/off 4 1,977 195.00 205.00 198.90 114 1 Chuck, shoulder clod 6 44,678 178.79 182.42 180.92 114A 3 Chuck, shoulder clod, trmd 16 78,748 183.89 197.35 191.93 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 5 15,274 204.05 240.50 217.09 114F 5 Chuck, clod tender (IM) 6 11,107 315.00 410.00 322.73 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 14 41,983 198.00 207.63 202.32 116B 1 Chuck, chuck tender (IM) 17 60,432 201.00 217.55 208.15

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 25 181,868 183.00 198.00 185.89 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 6 19,144 340.21 366.00 354.81 130 4 Chuck, short rib 12 54,284 177.00 221.89 182.83 160 1 Round, bone-in 4 2,114 197.00 210.71 208.13 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 25 74,827 200.00 228.00 213.48 168 1 Round, top inside round 10 56,148 191.50 200.50 198.07 168 3 Round, top inside round 13 32,553 205.33 219.00 209.91 169 5 Round, top inside, denuded 8 42,388 235.52 248.00 241.14

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 18 101,897 185.25 201.50 193.96 171C 3 Round, eye of round (IM) 24 151,199 199.00 217.35 203.29 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 7 25,128 523.00 545.00 529.89 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 6 25,792 465.00 481.00 465.71 180 3 Loin, strip, bnls, 0x1 23 84,409 486.58 560.00 521.16 184 1 Loin, top butt, bnls, heavy 5 31,575 287.89 305.00 294.77 184 3 Loin, top butt, boneless 20 120,231 286.58 330.00 303.56 185A 4 Loin, bottom sirloin, flap 18 36,084 371.25 405.00 385.45 185B 1 Loin, ball-tip, bnls, heavy 12 39,319 220.00 240.00 227.40 185C 1 Loin, sirloin, tri-tip (IM) 16 26,252 304.50 336.79 315.28 185D 4 Loin, tri-tip, pld (IM) 5 5,289 415.00 435.00 419.00 189A 4 Loin, tndrloin, trmd, heavy 29 111,396 885.70 1056.00 912.86 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 12 13,650 350.00 425.00 386.24 ------------------------------------------------------------------------------- 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 10 16,911 489.50 535.50 512.25 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 15 13,431 556.79 602.00 580.87 113C 1 Chuck, semi-bnls, neck/off 4 13,498 184.50 192.00 187.92 114 1 Chuck, shoulder clod 6 38,924 172.79 181.79 173.39 114A 3 Chuck, shoulder clod, trmd 7 17,717 182.79 194.00 187.64 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 8 14,221 309.50 410.00 350.99 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 15 56,423 194.00 212.00 201.83 116B 1 Chuck, chuck tender (IM) 7 55,257 201.00 216.00 206.68

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 20 351,052 181.00 195.65 181.58 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 5 29,724 177.00 221.79 181.13 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 7 36,308 205.00 215.00 208.35 168 1 Round, top inside round 3 13,195 195.01 196.79 195.48 168 3 Round, top inside round 7 16,035 202.00 213.00 208.60 169 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 3 1,292 196.79 210.00 203.38 171B 3 Round, outside round 9 84,744 179.88 199.00 194.74 171C 3 Round, eye of round (IM) 8 44,624 201.00 215.65 204.67 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 6 35,238 491.12 545.00 494.79 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 6 27,550 490.00 535.00 494.25 184 1 Loin, top butt, bnls, heavy 21 365,745 271.79 305.00 295.05 184 3 Loin, top butt, boneless 9 7,296 300.79 325.00 310.95 185A 4 Loin, bottom sirloin, flap 6 59,390 380.00 405.65 399.73 185B 1 Loin, ball-tip, bnls, heavy 9 104,144 220.00 230.00 220.74 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 10 80,085 887.50 928.75 899.61 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 6 47,901 92.00 112.61 102.31 121D 4 Plate, Inside Skirt (IM) 17 54,689 341.00 390.00 354.70 121C 4 Plate, Outside Skirt (IM) 8 16,466 493.00 551.00 507.92 121E 6 Outside Skirt, pld (IM) 4 3,434 680.00 768.00 729.52

Cap, Wedge Meat & (IM) Lean 24 103,272 223.00 243.00 235.30

Pectoral Meat 10 36,487 220.00 255.00 225.19 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 5 83,306 155.07 174.00 159.95 Ground Beef 75% 0 0 Ground Beef 81% 16 63,621 173.80 201.50 187.45 Ground Beef 85% 0 0 Ground Beef 90% 0 0 Ground Beef 93% 3 28,082 257.61 260.00 258.71 Ground Beef Chuck 80% 8 47,116 179.61 195.65 191.60 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% 6 55,175 189.25 198.25 193.54 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 13 514,675 54.08 59.00 57.11 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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