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USDA Boxed Beef Cutout Midday 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 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: 183.25 181.98 Change from prior day: 1.99 1.49 ------------------------------------------------------------------------------- Choice/Select spread: 1.27

Total Load Count (Cuts, Trimmings, Grids): 128 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 265.57 257.45 Primal Chuck 150.49 150.33 Primal Round 159.18 159.58 Primal Loin 255.94 253.70 Primal Brisket 125.66 125.03 Primal Short Plate 127.63 131.81 Primal Flank 101.22 95.63 -------------------------------------------------------------------------------- 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 68.63 loads 2,745,352 pounds Select Cuts 27.03 loads 1,081,302 pounds Trimmings 8.03 loads 321,044 pounds Ground Beef 24.26 load 970,575 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 21 61,210 522.62 566.25 532.25 112A 3 Rib, ribeye, bnls, light 7 15,567 600.00 605.00 603.06 112A 3 Rib, ribeye, bnls, heavy 30 39,083 569.46 625.00 583.88 113C 1 Chuck, semi-bnls, neck/off 7 17,127 191.52 202.33 201.07 114 1 Chuck, shoulder clod 19 58,736 174.73 194.00 183.25 114A 3 Chuck, shoulder clod, trmd 18 133,896 184.79 205.75 201.01 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 30 535,575 200.00 229.90 206.42 114F 5 Chuck, clod tender (IM) 12 8,065 315.00 410.00 354.07 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 22 45,766 198.00 220.00 213.43 116B 1 Chuck, chuck tender (IM) 21 55,304 200.00 223.00 213.99

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 40 142,366 184.00 198.63 188.46 120A 3 Brisket, point/off, bnls 9 7,209 293.00 334.75 307.91 123A 3 Short Plate, short rib 9 13,005 299.79 366.00 324.87 130 4 Chuck, short rib 16 28,394 185.00 280.00 205.76 160 1 Round, bone-in 6 11,037 194.95 212.21 199.53 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 35 100,412 206.00 230.00 217.55 168 1 Round, top inside round 22 112,929 194.79 207.93 199.87 168 3 Round, top inside round 10 95,349 210.00 216.00 212.61 169 5 Round, top inside, denuded 12 53,500 239.00 248.00 241.69

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 41 205,042 180.00 210.00 199.04 171C 3 Round, eye of round (IM) 25 86,257 205.00 223.00 209.95 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 25 121,586 520.00 560.50 532.42 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 5 9,212 461.00 472.24 464.83 180 3 Loin, strip, bnls, 0x1 37 80,097 515.00 568.00 525.80 184 1 Loin, top butt, bnls, heavy 9 6,220 293.00 320.50 296.50 184 3 Loin, top butt, boneless 19 57,563 309.46 339.82 321.50 185A 4 Loin, bottom sirloin, flap 10 39,688 376.00 425.00 401.97 185B 1 Loin, ball-tip, bnls, heavy 3 11,339 235.00 255.00 251.81 185C 1 Loin, sirloin, tri-tip (IM) 7 65,289 290.00 332.63 311.18 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 19 101,626 893.00 975.00 927.14 191A 4 Loin, butt tender, trimmed 10 8,555 875.00 925.00 880.61 193 4 Flank, flank steak (IM) 25 26,686 382.50 421.00 407.99 ------------------------------------------------------------------------------- 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 13 126,254 498.00 535.90 506.20 112A 3 Rib, ribeye, bnls, light 4 59,477 558.00 602.00 558.98 112A 3 Rib, ribeye, bnls, heavy 19 18,619 555.00 600.00 576.46 113C 1 Chuck, semi-bnls, neck/off 7 9,476 174.75 196.50 184.95 114 1 Chuck, shoulder clod 8 27,393 184.50 194.75 189.72 114A 3 Chuck, shoulder clod, trmd 7 57,484 190.00 202.65 199.12 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 15 45,273 200.00 217.50 210.09 116B 1 Chuck, chuck tender (IM) 5 7,372 214.75 219.75 216.01

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 8 9,744 179.00 197.00 189.49 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 5,732 250.00 350.00 297.86 130 4 Chuck, short rib 5 12,115 185.00 215.79 197.92 160 1 Round, bone-in 161 1 Round, boneless 4 5,558 205.00 214.50 207.28

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 7 12,353 218.00 225.00 222.20 168 1 Round, top inside round 15 24,304 190.00 207.95 199.65 168 3 Round, top inside round 12 44,933 204.79 212.13 209.79 169 5 Round, top inside, denuded 3 1,574 235.46 238.50 237.02

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 17 81,513 180.06 212.00 196.59 171C 3 Round, eye of round (IM) 14 22,515 205.00 219.93 212.77 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 11 9,625 512.00 545.00 529.63 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 13 5,524 490.00 550.80 526.70 184 1 Loin, top butt, bnls, heavy 184 3 Loin, top butt, boneless 16 50,186 308.00 339.50 312.53 185A 4 Loin, bottom sirloin, flap 3 3,016 371.00 382.00 375.96 185B 1 Loin, ball-tip, bnls, heavy 5 25,751 222.00 239.00 231.89 185C 1 Loin, sirloin, tri-tip (IM) 4 11,921 300.38 337.76 313.47 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 18 26,262 905.00 1016.00 920.80 191A 4 Loin, butt tender, trimmed 4 4,448 870.30 900.00 876.49 193 4 Flank, flank steak (IM) 7 14,735 350.00 419.40 370.36 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 3 1,851 100.00 125.00 116.79 121D 4 Plate, Inside Skirt (IM) 18 33,837 348.00 385.00 356.57 121C 4 Plate, Outside Skirt (IM) 13 65,384 485.00 535.00 492.61 121E 6 Outside Skirt, pld (IM) 4 14,930 704.70 723.00 722.16

Cap, Wedge Meat & (IM) Lean 24 96,873 230.00 255.00 234.89

Pectoral Meat 18 25,191 224.03 255.00 228.15 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 19 130,634 164.00 178.00 171.61 Ground Beef 75% Ground Beef 81% 27 199,465 175.00 205.75 191.98 Ground Beef 85% Ground Beef 90% Ground Beef 93% 14 77,141 260.00 273.75 262.63 Ground Beef Chuck 80% 10 72,680 187.25 200.50 194.16 Ground Beef Round 85% 9 42,715 216.00 221.00 217.59 Ground Beef Sirloin 90% ------------------------------------------------------------------------------- BLENDED GB - STEER/HEIFER/COW SOURCE- 10 Pound Chub Basis - Coarse & Fine Grind ------------------------------------------------------------------------------- Blended Ground Beef 73% 0 0 Blended Ground Beef 75% Blended Ground Beef 81% 11 95,409 191.90 214.00 201.73 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% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 8 237,044 60.00 66.00 63.72 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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