Bloomberg News

USDA Boxed Beef Cutout Closing Prices for April 19

April 19, 2012

April 19 (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: 187.08 184.71 Change from prior day: 1.32 0.87 ------------------------------------------------------------------------------- Choice/Select spread: 2.37

Total Load Count (Cuts, Trimmings, Grids): 183 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 271.22 263.61 Primal Chuck 153.24 153.25 Primal Round 160.16 159.84 Primal Loin 265.51 257.52 Primal Brisket 127.15 129.02 Primal Short Plate 129.15 132.29 Primal Flank 99.69 97.72 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 04/18 110 56 24 50 240 185.76 183.84 04/17 114 56 11 37 218 183.47 182.16 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 181.14 180.11 -------------------------------------------------------------------------------- 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 81.29 loads 3,251,607 pounds Select Cuts 46.45 loads 1,857,932 pounds Trimmings 29.94 loads 1,197,475 pounds Ground Beef 25.70 load 1,028,110 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 26 274,317 525.00 585.00 546.28 112A 3 Rib, ribeye, bnls, light 23 106,436 564.00 620.00 587.72 112A 3 Rib, ribeye, bnls, heavy 37 52,834 570.00 615.00 589.79 113C 1 Chuck, semi-bnls, neck/off 10 119,176 171.00 199.00 187.09 114 1 Chuck, shoulder clod 17 33,989 172.79 197.00 192.36 114A 3 Chuck, shoulder clod, trmd 31 150,344 178.89 207.39 198.13 114D 3 Chuck, clod, top blade 7 3,695 243.43 256.00 250.79 114E 3 Chuck, clod, arm roast 6 24,825 205.00 241.50 218.15 114F 5 Chuck, clod tender (IM) 15 8,635 335.00 410.00 375.16 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 34 228,338 193.00 219.29 211.84 116B 1 Chuck, chuck tender (IM) 28 137,559 203.10 221.79 211.79

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 34 90,493 184.00 202.00 190.98 120A 3 Brisket, point/off, bnls 8 7,369 307.00 340.00 312.42 123A 3 Short Plate, short rib 25 61,451 270.00 378.00 303.57 130 4 Chuck, short rib 35 183,010 185.00 280.00 189.22 160 1 Round, bone-in 7 4,881 193.00 209.00 201.38 161 1 Round, boneless 6 8,444 207.00 213.39 210.07

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 40 165,941 207.00 230.00 222.93 168 1 Round, top inside round 32 214,538 193.40 206.79 201.47 168 3 Round, top inside round 25 103,567 210.00 225.00 213.03 169 5 Round, top inside, denuded 13 29,737 240.00 251.76 244.80

3 Round, top inside, side off 170 1 Round, bottom gooseneck 7 5,212 189.00 210.00 197.77 171B 3 Round, outside round 39 275,148 181.00 211.60 194.70 171C 3 Round, eye of round (IM) 35 52,464 205.00 233.00 212.90 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 21 92,083 528.00 595.00 553.78 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 6 17,144 461.00 518.00 509.23 180 3 Loin, strip, bnls, 0x1 26 64,088 527.42 607.00 560.45 184 1 Loin, top butt, bnls, heavy 6 16,924 293.00 310.00 295.98 184 3 Loin, top butt, boneless 28 67,677 311.40 341.00 327.89 185A 4 Loin, bottom sirloin, flap 29 109,520 407.00 445.00 421.81 185B 1 Loin, ball-tip, bnls, heavy 20 32,462 222.00 256.00 245.49 185C 1 Loin, sirloin, tri-tip (IM) 27 79,173 309.20 342.00 312.85 185D 4 Loin, tri-tip, pld (IM) 11 5,168 423.50 443.63 433.91 189A 4 Loin, tndrloin, trmd, heavy 31 121,776 900.10 955.00 919.71 191A 4 Loin, butt tender, trimmed 5 7,902 874.26 911.62 890.56 193 4 Flank, flank steak (IM) 18 36,366 370.00 425.00 375.98 ------------------------------------------------------------------------------- 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 90,151 513.00 555.79 522.23 112A 3 Rib, ribeye, bnls, light 11 13,001 566.00 600.65 587.10 112A 3 Rib, ribeye, bnls, heavy 28 56,365 554.57 604.39 572.46 113C 1 Chuck, semi-bnls, neck/off 18 73,627 190.50 202.00 196.75 114 1 Chuck, shoulder clod 12 35,929 172.79 206.00 196.93 114A 3 Chuck, shoulder clod, trmd 20 54,426 188.40 210.00 200.02 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 28 175,746 200.00 218.50 213.05 116B 1 Chuck, chuck tender (IM) 11 69,574 202.00 222.00 212.07

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 8 40,169 190.26 199.00 194.12 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 15,698 248.00 356.00 271.54 130 4 Chuck, short rib 10 55,944 185.00 226.42 187.60 160 1 Round, bone-in 161 1 Round, boneless 4 5,871 205.00 213.00 209.75

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 21 52,219 216.00 228.00 220.96 168 1 Round, top inside round 13 49,701 189.88 210.00 200.92 168 3 Round, top inside round 21 53,263 204.25 215.00 210.91 169 5 Round, top inside, denuded 6 4,321 229.79 255.25 243.94

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 3,800 201.42 205.00 204.82 171B 3 Round, outside round 22 99,868 181.00 210.00 193.43 171C 3 Round, eye of round (IM) 21 42,345 203.00 227.00 208.79 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 26 30,836 505.79 546.40 519.41 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 16 37,695 514.56 545.00 520.66 184 1 Loin, top butt, bnls, heavy 6 21,690 295.00 310.79 297.85 184 3 Loin, top butt, boneless 20 46,776 310.00 341.00 321.15 185A 4 Loin, bottom sirloin, flap 6 32,741 395.00 430.29 427.52 185B 1 Loin, ball-tip, bnls, heavy 11 16,869 225.00 250.50 232.82 185C 1 Loin, sirloin, tri-tip (IM) 7 47,922 304.00 320.00 312.32 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 16 69,203 914.52 952.09 918.76 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 12 57,815 350.00 380.00 362.15 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 12 7,869 99.50 125.00 112.89 121D 4 Plate, Inside Skirt (IM) 21 67,672 345.00 375.00 349.54 121C 4 Plate, Outside Skirt (IM) 15 44,884 489.00 545.00 500.89 121E 6 Outside Skirt, pld (IM) 3 7,734 653.00 755.00 664.37

Cap, Wedge Meat & (IM) Lean 37 181,008 225.00 255.00 239.98

Pectoral Meat 23 133,586 225.79 260.00 229.99 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 25 96,680 167.00 186.37 174.62 Ground Beef 75% Ground Beef 81% 29 98,949 181.27 206.75 195.76 Ground Beef 85% Ground Beef 90% Ground Beef 93% 9 57,705 249.52 273.25 269.43 Ground Beef Chuck 80% 28 162,717 187.00 221.75 207.39 Ground Beef Round 85% 10 23,295 186.00 223.00 218.74 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% 6 39,345 199.00 220.00 200.25 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% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 34 1,142,525 67.97 80.00 72.09 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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