Bloomberg News

USDA Boxed Beef Cutout Closing Prices for April 17

April 17, 2012

April 17 (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: 183.47 182.16 Change from prior day: 2.21 1.67 ------------------------------------------------------------------------------- Choice/Select spread: 1.31

Total Load Count (Cuts, Trimmings, Grids): 218 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 266.15 257.38 Primal Chuck 150.35 150.31 Primal Round 159.47 159.58 Primal Loin 256.73 254.73 Primal Brisket 126.00 125.35 Primal Short Plate 126.75 130.90 Primal Flank 101.38 96.20 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 04/16 75 34 16 35 160 181.26 180.49 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 178.32 177.92 -------------------------------------------------------------------------------- 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 113.94 loads 4,557,743 pounds Select Cuts 56.03 loads 2,241,273 pounds Trimmings 10.54 loads 421,457 pounds Ground Beef 37.26 load 1,490,543 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 38 100,925 521.00 566.25 534.75 112A 3 Rib, ribeye, bnls, light 9 17,260 600.00 614.00 604.00 112A 3 Rib, ribeye, bnls, heavy 50 76,015 569.46 625.00 584.30 113C 1 Chuck, semi-bnls, neck/off 7 17,127 191.52 202.33 201.07 114 1 Chuck, shoulder clod 25 66,880 174.73 194.50 184.20 114A 3 Chuck, shoulder clod, trmd 43 273,257 184.79 209.00 200.92 114D 3 Chuck, clod, top blade 9 11,222 229.90 255.25 240.50 114E 3 Chuck, clod, arm roast 37 559,107 200.00 249.62 206.86 114F 5 Chuck, clod tender (IM) 17 9,737 315.00 410.00 351.48 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 40 241,302 195.00 220.00 211.59 116B 1 Chuck, chuck tender (IM) 38 105,333 200.00 223.00 211.58

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 51 165,368 184.00 206.11 189.30 120A 3 Brisket, point/off, bnls 15 13,547 293.00 334.75 309.34 123A 3 Short Plate, short rib 15 29,973 299.79 376.00 334.35 130 4 Chuck, short rib 34 68,972 180.00 280.00 198.26 160 1 Round, bone-in 9 15,921 193.00 212.21 198.58 161 1 Round, boneless 6 11,655 204.95 211.00 207.75

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 69 250,133 206.00 232.00 218.65 168 1 Round, top inside round 30 124,433 194.79 207.93 200.15 168 3 Round, top inside round 32 383,539 204.00 216.00 210.51 169 5 Round, top inside, denuded 24 106,711 235.00 250.00 244.10

3 Round, top inside, side off 170 1 Round, bottom gooseneck 6 3,900 185.00 201.00 195.81 171B 3 Round, outside round 60 325,532 177.00 211.60 200.61 171C 3 Round, eye of round (IM) 48 130,641 203.79 229.63 211.06 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 31 138,196 520.00 565.00 535.65 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 9 11,506 461.00 511.00 469.01 180 3 Loin, strip, bnls, 0x1 50 129,166 515.00 575.00 528.89 184 1 Loin, top butt, bnls, heavy 13 9,707 293.00 320.50 301.31 184 3 Loin, top butt, boneless 33 148,678 309.46 339.82 325.40 185A 4 Loin, bottom sirloin, flap 23 87,510 370.00 426.00 395.85 185B 1 Loin, ball-tip, bnls, heavy 12 55,325 222.00 257.00 233.76 185C 1 Loin, sirloin, tri-tip (IM) 17 83,995 290.00 332.63 310.94 185D 4 Loin, tri-tip, pld (IM) 10 4,250 411.00 449.69 429.02 189A 4 Loin, tndrloin, trmd, heavy 25 109,924 893.00 990.00 926.84 191A 4 Loin, butt tender, trimmed 14 13,401 875.00 925.00 880.97 193 4 Flank, flank steak (IM) 29 29,847 382.50 430.00 408.36 ------------------------------------------------------------------------------- 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 23 165,756 498.00 535.90 506.17 112A 3 Rib, ribeye, bnls, light 10 87,317 550.00 604.00 558.45 112A 3 Rib, ribeye, bnls, heavy 29 57,055 555.00 600.00 571.39 113C 1 Chuck, semi-bnls, neck/off 17 28,154 174.75 200.00 191.77 114 1 Chuck, shoulder clod 12 102,394 184.50 194.75 187.81 114A 3 Chuck, shoulder clod, trmd 13 76,962 190.00 203.00 199.39 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 7 6,480 304.76 332.00 314.19 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 32 136,910 200.00 220.47 211.56 116B 1 Chuck, chuck tender (IM) 14 30,351 204.00 225.00 214.07

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 14 17,592 179.00 197.00 189.65 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 8 11,128 249.99 355.00 308.66 130 4 Chuck, short rib 8 14,459 185.00 215.79 198.23 160 1 Round, bone-in 161 1 Round, boneless 6 7,451 205.00 214.50 208.41

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 12 23,260 212.00 232.00 219.09 168 1 Round, top inside round 22 46,708 190.00 207.95 200.97 168 3 Round, top inside round 19 128,601 204.25 219.13 210.98 169 5 Round, top inside, denuded 4 14,891 235.46 243.00 242.37

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 34 133,723 180.06 212.00 196.31 171C 3 Round, eye of round (IM) 30 45,422 205.00 224.00 214.34 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 16 24,825 512.00 545.00 520.76 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 23 15,675 487.44 550.80 515.64 184 1 Loin, top butt, bnls, heavy 5 18,513 282.00 310.00 286.48 184 3 Loin, top butt, boneless 26 63,946 308.00 339.50 314.89 185A 4 Loin, bottom sirloin, flap 6 84,994 371.00 410.00 404.35 185B 1 Loin, ball-tip, bnls, heavy 11 43,807 222.00 255.00 233.80 185C 1 Loin, sirloin, tri-tip (IM) 5 32,131 300.38 337.76 311.39 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 26 47,185 905.00 1016.00 919.86 191A 4 Loin, butt tender, trimmed 5 7,185 870.30 900.00 878.27 193 4 Flank, flank steak (IM) 20 29,619 350.00 424.85 375.34 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 14 186,204 87.63 125.00 107.04 121D 4 Plate, Inside Skirt (IM) 40 178,688 338.87 385.00 344.31 121C 4 Plate, Outside Skirt (IM) 25 89,032 485.00 550.00 496.54 121E 6 Outside Skirt, pld (IM) 8 19,437 670.00 740.50 716.32

Cap, Wedge Meat & (IM) Lean 38 177,408 230.00 255.00 236.26

Pectoral Meat 34 74,735 220.00 260.00 228.40 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 43 271,557 164.00 178.00 170.79 Ground Beef 75% Ground Beef 81% 39 331,105 166.00 205.75 194.11 Ground Beef 85% Ground Beef 90% Ground Beef 93% 22 94,629 260.00 278.50 262.49 Ground Beef Chuck 80% 16 122,328 187.00 206.65 198.35 Ground Beef Round 85% 14 48,723 216.00 221.00 217.91 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% 14 105,314 191.90 214.00 201.55 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 10 295,637 60.00 66.00 64.17 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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