Bloomberg News

USDA Boxed Beef Cutout Midday Prices for April 16

April 16, 2012

April 16 (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: 180.34 180.10 Change from prior day: 1.83 2.77 ------------------------------------------------------------------------------- Choice/Select spread: 0.24

Total Load Count (Cuts, Trimmings, Grids): 84 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 260.81 256.64 Primal Chuck 149.78 147.85 Primal Round 156.31 156.24 Primal Loin 251.68 254.63 Primal Brisket 122.55 120.16 Primal Short Plate 124.27 129.09 Primal Flank 94.73 93.65 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 04/13 75 57 23 16 172 178.51 177.33 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 177.79 177.20 -------------------------------------------------------------------------------- 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 42.41 loads 1,696,227 pounds Select Cuts 14.31 loads 572,307 pounds Trimmings 5.37 loads 214,930 pounds Ground Beef 22.27 load 890,606 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 97,559 501.00 562.00 516.38 112A 3 Rib, ribeye, bnls, light 6 5,647 588.70 639.45 625.60 112A 3 Rib, ribeye, bnls, heavy 22 30,411 570.00 615.00 576.88 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 4 23,449 172.79 191.00 175.85 114A 3 Chuck, shoulder clod, trmd 12 49,544 183.79 208.00 187.27 114D 3 Chuck, clod, top blade 3 48,218 234.00 253.00 234.35 114E 3 Chuck, clod, arm roast 7 6,560 205.00 225.00 212.14 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 28 285,572 195.00 217.00 208.70 116B 1 Chuck, chuck tender (IM) 8 24,611 200.50 217.99 212.66

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 11 18,499 182.63 200.30 189.86 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 16 55,603 303.50 382.00 355.12 130 4 Chuck, short rib 13 53,836 180.00 225.00 191.08 160 1 Round, bone-in 5 11,004 192.00 207.00 195.64 161 1 Round, boneless 3 4,626 204.00 209.00 206.06

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 23 102,340 204.24 227.50 214.41 168 1 Round, top inside round 7 12,290 193.50 200.99 197.55 168 3 Round, top inside round 19 110,281 199.00 213.75 208.70 169 5 Round, top inside, denuded 12 58,275 238.00 248.00 240.50

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 17 99,150 175.00 195.00 187.82 171C 3 Round, eye of round (IM) 23 32,498 200.00 222.60 206.97 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 9 10,402 526.21 545.00 537.26 175 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 23 175,822 517.00 547.52 520.52 184 1 Loin, top butt, bnls, heavy 184 3 Loin, top butt, boneless 24 181,929 296.20 340.00 314.51 185A 4 Loin, bottom sirloin, flap 10 15,017 380.00 390.70 384.49 185B 1 Loin, ball-tip, bnls, heavy 4 5,786 235.00 254.90 241.49 185C 1 Loin, sirloin, tri-tip (IM) 13 27,935 293.06 335.00 309.86 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 12 19,594 889.27 956.62 896.03 191A 4 Loin, butt tender, trimmed 3 1,640 880.00 925.00 884.77 193 4 Flank, flank steak (IM) ------------------------------------------------------------------------------- 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 112A 3 Rib, ribeye, bnls, light 4 2,430 561.42 601.00 583.53 112A 3 Rib, ribeye, bnls, heavy 9 38,789 547.00 600.00 580.16 113C 1 Chuck, semi-bnls, neck/off 3 1,261 190.00 193.00 192.17 114 1 Chuck, shoulder clod 5 4,409 178.39 193.00 185.60 114A 3 Chuck, shoulder clod, trmd 9 23,023 189.36 201.00 195.83 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 3 5,244 329.00 332.00 330.87 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 15 54,030 195.00 217.00 203.61 116B 1 Chuck, chuck tender (IM) 4 12,223 199.00 221.40 214.32

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 3 1,915 182.63 195.00 188.51 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 4 2,000 250.00 291.00 267.33 130 4 Chuck, short rib 160 1 Round, bone-in 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 6 11,747 198.00 225.00 206.00 168 1 Round, top inside round 168 3 Round, top inside round 7 25,174 205.52 214.50 211.10 169 5 Round, top inside, denuded 3 25,055 232.35 243.00 242.84

3 Round, top inside, side off 170 1 Round, bottom gooseneck 0 0 171B 3 Round, outside round 7 37,417 183.00 198.60 190.14 171C 3 Round, eye of round (IM) 6 27,015 201.40 216.00 204.68 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 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 8 39,383 490.20 535.00 509.59 184 1 Loin, top butt, bnls, heavy 7 23,994 295.00 309.50 300.72 184 3 Loin, top butt, boneless 9 35,151 295.00 335.00 313.83 185A 4 Loin, bottom sirloin, flap 3 1,432 400.00 425.00 412.05 185B 1 Loin, ball-tip, bnls, heavy 3 1,800 230.00 245.48 233.12 185C 1 Loin, sirloin, tri-tip (IM) 4 3,097 301.21 325.65 310.95 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 6 7,066 900.00 931.00 911.17 191A 4 Loin, butt tender, trimmed 5 3,114 858.21 895.65 868.70 193 4 Flank, flank steak (IM) 0 0 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 4 40,844 73.50 130.00 75.07 121D 4 Plate, Inside Skirt (IM) 9 20,198 340.79 380.00 356.14 121C 4 Plate, Outside Skirt (IM) 4 1,257 525.00 550.00 531.77 121E 6 Outside Skirt, pld (IM) 3 2,909 681.00 704.00 698.85

Cap, Wedge Meat & (IM) Lean 12 72,635 235.00 245.00 237.40

Pectoral Meat 7 9,626 229.21 255.00 232.66 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 19 272,542 162.00 178.50 169.88 Ground Beef 75% 0 0 Ground Beef 81% 12 68,768 175.80 201.50 191.40 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 14 48,334 251.00 279.50 259.31 Ground Beef Chuck 80% 16 343,777 182.00 204.65 197.84 Ground Beef Round 85% 9 18,021 216.00 224.00 217.14 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% 0 0 Blended Ground Beef 81% 4 31,193 189.25 212.50 202.95 Blended Ground Beef 85% 0 0 Blended Ground Beef 90% Blended Ground Beef 93% 0 0 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 0 0 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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