Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 189.20 186.56 Change from prior day: 0.63 1.57 ------------------------------------------------------------------------------- Choice/Select spread: 2.65

Total Load Count (Cuts, Trimmings, Grids): 100 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 268.40 263.46 Primal Chuck 155.37 154.76 Primal Round 161.64 161.15 Primal Loin 270.12 260.42 Primal Brisket 129.39 130.96 Primal Short Plate 133.25 136.32 Primal Flank 102.53 101.38 -------------------------------------------------------------------------------- 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 52.61 loads 2,104,230 pounds Select Cuts 28.92 loads 1,156,842 pounds Trimmings 0.00 loads 0 pounds Ground Beef 18.73 load 749,322 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 29 61,101 529.62 570.00 535.87 112A 3 Rib, ribeye, bnls, light 4 3,503 591.00 630.00 599.81 112A 3 Rib, ribeye, bnls, heavy 38 90,628 569.00 635.00 580.16 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 11 31,655 190.00 200.30 195.00 114A 3 Chuck, shoulder clod, trmd 16 150,240 195.79 214.41 208.39 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 13 35,205 215.80 231.76 226.53 114F 5 Chuck, clod tender (IM) 14 14,443 327.00 386.89 344.13 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 19 148,883 214.00 223.00 217.04 116B 1 Chuck, chuck tender (IM) 14 31,110 212.00 219.50 214.34

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 31 107,497 184.00 196.00 192.24 120A 3 Brisket, point/off, bnls 3 3,561 306.00 315.00 309.63 123A 3 Short Plate, short rib 14 17,207 270.00 340.00 312.71 130 4 Chuck, short rib 10 18,907 189.75 230.80 206.04 160 1 Round, bone-in 6 13,807 197.00 211.00 209.27 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 34 101,176 218.00 234.75 227.24 168 1 Round, top inside round 17 42,111 200.00 211.89 203.83 168 3 Round, top inside round 17 289,482 203.00 222.50 209.87 169 5 Round, top inside, denuded 19 60,361 242.62 254.00 245.30

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 37 293,547 194.00 223.00 202.32 171C 3 Round, eye of round (IM) 33 84,142 206.00 218.69 212.16 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 10 66,224 565.00 590.00 589.00 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 40 56,438 547.42 603.00 566.38 184 1 Loin, top butt, bnls, heavy 5 2,241 310.00 321.42 316.08 184 3 Loin, top butt, boneless 20 91,237 326.50 341.45 332.44 185A 4 Loin, bottom sirloin, flap 9 14,450 415.79 428.00 422.01 185B 1 Loin, ball-tip, bnls, heavy 9 25,816 229.00 258.45 235.05 185C 1 Loin, sirloin, tri-tip (IM) 7 12,111 315.00 343.00 324.87 185D 4 Loin, tri-tip, pld (IM) 11 8,075 426.00 447.00 430.73 189A 4 Loin, tndrloin, trmd, heavy 18 35,195 923.00 1056.00 956.46 191A 4 Loin, butt tender, trimmed 11 5,482 885.94 941.79 909.32 193 4 Flank, flank steak (IM) 17 12,428 382.00 415.26 392.51 ------------------------------------------------------------------------------- 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 12 73,904 513.63 535.00 522.55 112A 3 Rib, ribeye, bnls, light 4 16,919 570.00 600.00 582.02 112A 3 Rib, ribeye, bnls, heavy 27 69,750 567.37 622.00 573.84 113C 1 Chuck, semi-bnls, neck/off 9 12,149 197.00 202.00 198.81 114 1 Chuck, shoulder clod 14 55,171 190.00 200.17 195.66 114A 3 Chuck, shoulder clod, trmd 8 34,442 200.00 210.13 204.73 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 0 0 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 22 59,984 212.00 221.00 214.96 116B 1 Chuck, chuck tender (IM) 6 19,821 212.00 220.00 215.29

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 9 8,426 185.00 200.00 192.64 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 6 16,414 240.00 341.76 281.72 130 4 Chuck, short rib 10 28,159 182.00 210.00 190.88 160 1 Round, bone-in 161 1 Round, boneless 3 4,637 210.75 242.00 227.79

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 10 31,358 222.00 233.00 227.60 168 1 Round, top inside round 12 38,949 193.88 208.25 202.79 168 3 Round, top inside round 7 78,324 203.00 220.80 204.73 169 5 Round, top inside, denuded 5 24,340 240.00 253.62 250.72

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 11 60,595 194.00 211.00 201.75 171C 3 Round, eye of round (IM) 16 44,106 198.00 219.00 209.29 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 21 44,827 519.75 536.25 527.72 175 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 18 32,325 516.00 550.00 519.72 184 1 Loin, top butt, bnls, heavy 184 3 Loin, top butt, boneless 10 16,645 324.75 331.79 328.76 185A 4 Loin, bottom sirloin, flap 3 6,277 417.00 440.17 420.13 185B 1 Loin, ball-tip, bnls, heavy 6 20,125 217.00 225.00 217.16 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 12 20,087 912.00 960.80 924.29 191A 4 Loin, butt tender, trimmed 8 6,389 893.76 935.00 928.12 193 4 Flank, flank steak (IM) 15 20,589 378.00 391.42 380.70 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 4 4,942 87.63 112.76 99.89 121D 4 Plate, Inside Skirt (IM) 23 69,658 346.00 381.00 354.24 121C 4 Plate, Outside Skirt (IM) 13 58,162 488.40 514.00 492.08 121E 6 Outside Skirt, pld (IM) 6 14,797 655.00 760.60 676.26

Cap, Wedge Meat & (IM) Lean 18 69,401 228.00 250.00 232.13

Pectoral Meat 16 48,416 220.00 241.67 225.21 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 17 103,507 158.99 183.00 174.17 Ground Beef 75% Ground Beef 81% 14 123,919 199.95 215.00 207.93 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 13 81,067 265.00 271.00 269.89 Ground Beef Chuck 80% 20 142,005 198.00 222.00 214.80 Ground Beef Round 85% 13 62,868 215.00 232.00 218.84 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 65,145 198.50 217.00 213.26 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 0 0 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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