Bloomberg News

USDA Boxed Beef Cutout Closing Prices for April 24

April 24, 2012

April 24 (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: 189.94 187.21 Change from prior day: 1.37 2.22 ------------------------------------------------------------------------------- Choice/Select spread: 2.73

Total Load Count (Cuts, Trimmings, Grids): 182 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 268.43 264.98 Primal Chuck 156.46 155.06 Primal Round 161.69 161.44 Primal Loin 270.06 260.80 Primal Brisket 130.78 130.79 Primal Short Plate 136.57 138.81 Primal Flank 105.58 103.63 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 04/23 61 46 7 22 136 188.57 184.99 04/20 69 46 6 25 145 188.01 184.39 04/19 81 46 30 26 183 187.08 184.71 04/18 110 56 24 50 240 185.76 183.84 04/17 114 56 11 37 218 183.47 182.16 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 186.58 184.02 -------------------------------------------------------------------------------- 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 88.65 loads 3,545,945 pounds Select Cuts 44.77 loads 1,790,668 pounds Trimmings 15.85 loads 634,012 pounds Ground Beef 32.77 load 1,310,908 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 36 67,676 529.62 570.00 536.71 112A 3 Rib, ribeye, bnls, light 10 96,696 567.00 630.00 571.28 112A 3 Rib, ribeye, bnls, heavy 50 116,716 567.00 635.00 579.61 113C 1 Chuck, semi-bnls, neck/off 8 4,337 190.00 204.50 200.91 114 1 Chuck, shoulder clod 15 61,568 190.00 200.30 196.28 114A 3 Chuck, shoulder clod, trmd 29 267,270 195.79 217.00 206.90 114D 3 Chuck, clod, top blade 6 9,684 239.90 260.00 246.15 114E 3 Chuck, clod, arm roast 15 37,588 215.80 239.90 227.38 114F 5 Chuck, clod tender (IM) 18 29,290 317.00 386.89 332.24 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 49 275,911 213.50 223.00 216.34 116B 1 Chuck, chuck tender (IM) 33 214,762 211.00 235.00 218.11

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 53 200,436 184.00 201.00 192.34 120A 3 Brisket, point/off, bnls 12 4,946 300.00 329.75 310.34 123A 3 Short Plate, short rib 23 46,129 237.73 366.00 282.65 130 4 Chuck, short rib 22 55,187 183.00 280.00 224.46 160 1 Round, bone-in 9 16,355 193.50 211.00 207.31 161 1 Round, boneless 6 23,228 211.00 214.00 211.99

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 51 129,339 218.00 234.75 227.31 168 1 Round, top inside round 26 57,314 200.00 211.89 204.06 168 3 Round, top inside round 34 486,133 203.00 222.50 208.80 169 5 Round, top inside, denuded 27 81,930 238.50 254.00 246.21

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 22,858 190.07 206.00 200.13 171B 3 Round, outside round 49 327,160 194.00 223.00 202.15 171C 3 Round, eye of round (IM) 49 104,750 205.00 232.60 212.19 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 21 97,087 558.60 590.00 581.17 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 6 6,781 485.00 517.00 501.76 180 3 Loin, strip, bnls, 0x1 50 65,849 547.42 603.00 568.75 184 1 Loin, top butt, bnls, heavy 9 3,862 310.00 326.00 318.69 184 3 Loin, top butt, boneless 24 108,043 326.50 341.45 332.39 185A 4 Loin, bottom sirloin, flap 18 29,197 415.63 446.00 426.04 185B 1 Loin, ball-tip, bnls, heavy 16 32,883 219.00 258.45 232.87 185C 1 Loin, sirloin, tri-tip (IM) 13 45,921 300.00 348.79 320.14 185D 4 Loin, tri-tip, pld (IM) 15 13,333 411.00 447.00 427.78 189A 4 Loin, tndrloin, trmd, heavy 36 153,289 919.00 1056.00 931.01 191A 4 Loin, butt tender, trimmed 14 7,183 885.94 941.79 907.14 193 4 Flank, flank steak (IM) 24 25,454 380.00 415.26 395.17 ------------------------------------------------------------------------------- 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 19 76,859 513.63 536.50 522.94 112A 3 Rib, ribeye, bnls, light 5 16,982 570.00 600.00 582.05 112A 3 Rib, ribeye, bnls, heavy 40 82,181 566.00 624.75 574.51 113C 1 Chuck, semi-bnls, neck/off 21 29,278 197.00 204.75 198.94 114 1 Chuck, shoulder clod 16 56,340 190.00 200.17 195.70 114A 3 Chuck, shoulder clod, trmd 15 48,490 200.00 210.13 204.73 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 4 14,022 317.00 339.00 319.15 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 32 153,238 210.00 222.00 215.37 116B 1 Chuck, chuck tender (IM) 16 82,441 211.40 220.00 214.30

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 19 38,059 185.00 200.00 190.83 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 8 23,189 240.00 355.00 285.56 130 4 Chuck, short rib 12 33,467 182.00 210.00 190.74 160 1 Round, bone-in 161 1 Round, boneless 6 6,521 210.75 242.00 223.47

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 14 35,234 222.00 233.00 227.75 168 1 Round, top inside round 17 46,303 193.88 209.00 203.23 168 3 Round, top inside round 16 89,938 203.00 220.80 205.16 169 5 Round, top inside, denuded 8 27,425 238.50 253.62 249.69

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 41,333 190.00 206.00 195.07 171B 3 Round, outside round 21 96,807 194.00 216.00 205.04 171C 3 Round, eye of round (IM) 33 105,008 198.00 219.75 207.50 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 24 50,811 519.75 541.00 527.14 175 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 28 70,456 500.00 550.00 518.28 184 1 Loin, top butt, bnls, heavy 184 3 Loin, top butt, boneless 26 108,933 319.00 338.39 323.08 185A 4 Loin, bottom sirloin, flap 5 8,851 417.00 440.17 419.73 185B 1 Loin, ball-tip, bnls, heavy 12 21,968 217.00 239.00 218.07 185C 1 Loin, sirloin, tri-tip (IM) 6 32,771 305.00 315.00 305.71 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 20 28,073 912.00 1021.00 932.66 191A 4 Loin, butt tender, trimmed 13 8,024 893.76 935.00 927.27 193 4 Flank, flank steak (IM) 19 33,733 370.00 391.42 377.03 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 10 10,119 87.63 122.79 101.98 121D 4 Plate, Inside Skirt (IM) 42 119,893 342.00 381.00 350.88 121C 4 Plate, Outside Skirt (IM) 14 58,878 487.00 514.00 492.02 121E 6 Outside Skirt, pld (IM) 10 16,020 655.00 760.60 677.40

Cap, Wedge Meat & (IM) Lean 30 126,790 225.00 250.00 233.48

Pectoral Meat 26 57,848 220.00 255.00 226.48 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 54 338,472 158.99 190.00 175.85 Ground Beef 75% Ground Beef 81% 39 245,420 198.00 222.75 207.44 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 22 91,284 265.00 275.00 270.06 Ground Beef Chuck 80% 25 162,115 198.00 222.00 214.30 Ground Beef Round 85% 15 67,976 215.00 232.00 219.49 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% 12 76,921 198.00 217.00 212.35 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 23 634,012 76.88 96.53 88.02 Frozen 50% lean trimmings 0 0 -------------------------------------------------------------------------------- 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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