Bloomberg News

USDA Boxed Beef Cutout Closing Prices for April 27

April 27, 2012

April 27 (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: 190.27 186.05 Change from prior day: (0.47) (1.25) ------------------------------------------------------------------------------- Choice/Select spread: 4.22

Total Load Count (Cuts, Trimmings, Grids): 149 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 270.32 256.81 Primal Chuck 157.40 155.52 Primal Round 161.49 161.05 Primal Loin 269.72 259.83 Primal Brisket 130.60 130.68 Primal Short Plate 135.87 138.16 Primal Flank 106.01 102.71 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 04/26 90 40 7 25 162 190.74 187.30 04/25 65 48 18 45 176 190.49 187.34 04/24 89 45 16 33 182 189.94 187.21 04/23 61 46 7 22 136 188.57 184.99 04/20 69 46 6 25 145 188.01 184.39 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 189.55 186.25 -------------------------------------------------------------------------------- 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 65.26 loads 2,610,336 pounds Select Cuts 52.79 loads 2,111,763 pounds Trimmings 8.17 loads 326,850 pounds Ground Beef 23.04 load 921,590 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 82,332 539.36 568.00 548.52 112A 3 Rib, ribeye, bnls, light 10 41,493 548.00 621.00 582.68 112A 3 Rib, ribeye, bnls, heavy 51 99,544 548.00 626.21 585.00 113C 1 Chuck, semi-bnls, neck/off 4 5,976 195.00 202.49 197.32 114 1 Chuck, shoulder clod 9 24,456 190.79 202.00 195.40 114A 3 Chuck, shoulder clod, trmd 22 68,486 200.00 216.50 208.32 114D 3 Chuck, clod, top blade 8 32,169 249.56 255.00 250.47 114E 3 Chuck, clod, arm roast 19 91,304 213.51 235.00 221.70 114F 5 Chuck, clod tender (IM) 11 5,536 333.60 410.00 357.70 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 38 145,555 210.00 230.60 219.28 116B 1 Chuck, chuck tender (IM) 19 35,348 211.42 224.60 219.11

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 22 58,263 187.05 206.00 194.56 120A 3 Brisket, point/off, bnls 11 16,892 303.00 334.75 314.57 123A 3 Short Plate, short rib 15 14,215 270.00 366.00 330.15 130 4 Chuck, short rib 23 44,110 182.00 280.50 199.01 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 50 120,260 216.25 237.00 230.46 168 1 Round, top inside round 26 177,838 192.37 210.21 199.06 168 3 Round, top inside round 34 180,653 200.79 223.00 208.98 169 5 Round, top inside, denuded 29 136,549 241.00 252.00 246.09

3 Round, top inside, side off 170 1 Round, bottom gooseneck 6 2,246 198.00 210.00 203.46 171B 3 Round, outside round 37 117,049 198.00 224.00 209.13 171C 3 Round, eye of round (IM) 41 109,060 208.00 225.00 215.20 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 23 52,667 558.60 596.50 568.81 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 11 23,269 502.00 526.00 511.97 180 3 Loin, strip, bnls, 0x1 33 150,650 554.21 607.00 575.05 184 1 Loin, top butt, bnls, heavy 9 6,637 310.00 330.00 314.90 184 3 Loin, top butt, boneless 39 177,772 315.00 348.00 332.04 185A 4 Loin, bottom sirloin, flap 18 21,313 425.00 446.00 432.02 185B 1 Loin, ball-tip, bnls, heavy 23 63,681 226.50 251.63 231.54 185C 1 Loin, sirloin, tri-tip (IM) 9 13,020 292.00 321.00 307.53 185D 4 Loin, tri-tip, pld (IM) 10 3,872 426.00 462.63 436.32 189A 4 Loin, tndrloin, trmd, heavy 34 129,845 915.00 1056.00 934.03 191A 4 Loin, butt tender, trimmed 10 14,788 883.00 890.00 887.23 193 4 Flank, flank steak (IM) 25 43,464 371.00 416.76 393.77 ------------------------------------------------------------------------------- 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 9 2,263 509.00 536.55 525.81 112A 3 Rib, ribeye, bnls, light 8 45,102 520.00 565.00 539.06 112A 3 Rib, ribeye, bnls, heavy 23 58,761 518.00 589.50 553.46 113C 1 Chuck, semi-bnls, neck/off 7 4,121 195.00 210.00 200.95 114 1 Chuck, shoulder clod 16 160,203 185.00 201.00 193.33 114A 3 Chuck, shoulder clod, trmd 21 73,118 196.25 216.00 205.12 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 5 10,346 330.00 410.00 334.52 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 33 283,738 207.00 227.00 214.60 116B 1 Chuck, chuck tender (IM) 12 73,235 210.79 231.00 220.01

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 12 26,723 189.50 196.39 194.42 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 5,512 250.00 366.00 321.26 130 4 Chuck, short rib 9 27,589 186.00 225.00 192.03 160 1 Round, bone-in 161 1 Round, boneless 3 4,018 205.00 211.00 209.60

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 18 31,803 223.00 242.00 231.72 168 1 Round, top inside round 12 23,277 196.79 208.75 201.40 168 3 Round, top inside round 18 93,572 203.00 220.00 208.50 169 5 Round, top inside, denuded 4 9,861 236.79 250.00 240.15

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 6 8,059 190.80 210.00 194.55 171B 3 Round, outside round 18 77,200 194.00 215.50 203.84 171C 3 Round, eye of round (IM) 8 7,158 203.00 221.79 211.42 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 8 49,822 526.27 545.00 529.67 175 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 20 74,178 500.03 545.00 509.85 184 1 Loin, top butt, bnls, heavy 8 19,041 290.25 315.00 302.90 184 3 Loin, top butt, boneless 21 295,384 314.56 330.00 321.20 185A 4 Loin, bottom sirloin, flap 8 13,251 418.00 450.00 433.24 185B 1 Loin, ball-tip, bnls, heavy 6 15,675 218.95 231.50 221.95 185C 1 Loin, sirloin, tri-tip (IM) 11 26,024 292.00 336.79 299.45 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 18 15,594 910.00 931.50 916.67 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 10 38,257 365.00 410.00 371.00 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 15 133,503 95.79 125.00 109.78 121D 4 Plate, Inside Skirt (IM) 30 61,886 339.00 367.00 348.81 121C 4 Plate, Outside Skirt (IM) 24 37,186 485.00 553.32 504.60 121E 6 Outside Skirt, pld (IM) 8 36,156 654.00 755.00 676.28

Cap, Wedge Meat & (IM) Lean 54 311,391 216.00 245.00 231.55

Pectoral Meat 24 53,324 214.00 236.79 223.53 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 8 81,178 166.06 183.75 168.38 Ground Beef 75% 0 0 Ground Beef 81% 43 305,600 180.00 226.50 190.81 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 8 24,151 261.99 276.50 267.36 Ground Beef Chuck 80% 15 90,357 196.41 219.00 210.13 Ground Beef Round 85% 9 58,177 222.99 229.00 225.36 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% 0 0 Blended Ground Beef 81% 5 20,528 194.25 224.60 197.00 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 13 326,850 84.61 91.00 88.21 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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