Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 190.65 187.24 Change from prior day: (0.09) (0.06) ------------------------------------------------------------------------------- Choice/Select spread: 3.41

Total Load Count (Cuts, Trimmings, Grids): 83 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 272.29 260.89 Primal Chuck 157.83 155.91 Primal Round 161.59 161.24 Primal Loin 269.83 262.64 Primal Brisket 130.69 130.62 Primal Short Plate 135.54 137.97 Primal Flank 106.14 102.44 -------------------------------------------------------------------------------- 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 40.82 loads 1,632,924 pounds Select Cuts 29.45 loads 1,178,069 pounds Trimmings 0.00 loads 0 pounds Ground Beef 13.11 load 524,249 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 19 47,526 539.36 563.00 545.75 112A 3 Rib, ribeye, bnls, light 4 20,248 595.00 621.00 607.70 112A 3 Rib, ribeye, bnls, heavy 35 50,038 580.00 626.21 597.76 113C 1 Chuck, semi-bnls, neck/off 3 2,274 195.00 202.49 199.46 114 1 Chuck, shoulder clod 7 21,240 195.00 202.00 195.83 114A 3 Chuck, shoulder clod, trmd 19 54,096 200.00 216.50 207.53 114D 3 Chuck, clod, top blade 5 6,381 251.27 335.00 259.49 114E 3 Chuck, clod, arm roast 9 28,979 220.50 235.00 232.10 114F 5 Chuck, clod tender (IM) 5 3,309 333.60 410.00 360.01 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 18 78,019 210.00 227.74 215.41 116B 1 Chuck, chuck tender (IM) 10 20,043 211.42 220.00 216.67

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 16 46,009 187.05 199.21 194.23 120A 3 Brisket, point/off, bnls 8 11,618 303.00 334.75 314.49 123A 3 Short Plate, short rib 6 6,915 270.00 366.00 323.47 130 4 Chuck, short rib 11 20,635 182.00 217.00 194.35 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 27 79,042 216.25 237.00 230.04 168 1 Round, top inside round 18 166,230 192.37 210.21 198.87 168 3 Round, top inside round 20 112,042 200.79 223.00 208.85 169 5 Round, top inside, denuded 14 85,223 242.00 248.00 244.06

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 1,433 198.00 210.00 201.95 171B 3 Round, outside round 30 97,029 198.00 224.00 210.58 171C 3 Round, eye of round (IM) 27 79,363 208.00 225.00 214.00 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 14 27,511 565.00 587.00 568.62 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 8 21,725 506.00 515.00 511.55 180 3 Loin, strip, bnls, 0x1 23 98,431 554.21 601.00 571.62 184 1 Loin, top butt, bnls, heavy 7 5,477 310.00 330.00 315.67 184 3 Loin, top butt, boneless 28 151,700 324.21 348.00 331.80 185A 4 Loin, bottom sirloin, flap 11 15,386 430.00 446.00 432.55 185B 1 Loin, ball-tip, bnls, heavy 16 48,188 226.50 239.58 229.26 185C 1 Loin, sirloin, tri-tip (IM) 5 5,667 315.93 321.00 318.79 185D 4 Loin, tri-tip, pld (IM) 7 1,339 427.58 462.63 447.49 189A 4 Loin, tndrloin, trmd, heavy 22 55,878 900.00 938.00 927.96 191A 4 Loin, butt tender, trimmed 5 7,001 883.00 886.00 884.59 193 4 Flank, flank steak (IM) 18 33,580 381.00 416.76 399.19 ------------------------------------------------------------------------------- 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 7 1,958 509.00 535.00 525.72 112A 3 Rib, ribeye, bnls, light 3 19,250 560.00 565.00 560.21 112A 3 Rib, ribeye, bnls, heavy 16 38,316 554.24 589.50 562.50 113C 1 Chuck, semi-bnls, neck/off 4 1,910 195.00 204.50 200.02 114 1 Chuck, shoulder clod 10 150,267 190.03 198.79 193.05 114A 3 Chuck, shoulder clod, trmd 12 55,842 196.25 214.00 204.21 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 4 9,677 330.00 410.00 334.70 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 22 215,200 207.00 227.00 215.34 116B 1 Chuck, chuck tender (IM) 8 39,936 210.79 231.00 219.97

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 9 17,159 177.00 196.39 194.17 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 6 15,763 188.00 225.00 195.73 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 14 22,613 223.92 242.00 233.85 168 1 Round, top inside round 5 9,830 196.79 205.00 202.28 168 3 Round, top inside round 12 75,223 204.00 220.00 208.57 169 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 5 2,129 201.79 210.00 205.01 171B 3 Round, outside round 12 23,751 196.79 215.50 205.79 171C 3 Round, eye of round (IM) 7 5,311 203.00 221.79 211.57 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 4 6,114 526.27 541.50 527.41 175 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 12 19,096 505.00 545.00 527.19 184 1 Loin, top butt, bnls, heavy 3 7,956 310.00 315.00 313.65 184 3 Loin, top butt, boneless 6 9,722 321.00 330.00 322.35 185A 4 Loin, bottom sirloin, flap 6 9,626 424.64 450.00 438.28 185B 1 Loin, ball-tip, bnls, heavy 185C 1 Loin, sirloin, tri-tip (IM) 8 5,083 317.63 336.79 320.40 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 15 13,669 910.00 931.50 915.07 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 7 20,243 365.00 410.00 371.57 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 0 0 124 4 Rib, Back Ribs, Frozen 10 123,494 110.00 125.00 110.55 121D 4 Plate, Inside Skirt (IM) 21 50,882 339.00 365.00 349.09 121C 4 Plate, Outside Skirt (IM) 14 15,076 515.00 553.32 525.55 121E 6 Outside Skirt, pld (IM) 5 17,803 654.00 755.00 681.10

Cap, Wedge Meat & (IM) Lean 37 178,502 223.75 245.00 230.90

Pectoral Meat 16 27,377 218.60 236.79 227.13 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% Ground Beef 75% 0 0 Ground Beef 81% 15 60,141 201.58 224.75 210.72 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 3 20,699 265.64 276.50 267.17 Ground Beef Chuck 80% 10 31,497 196.41 219.00 210.52 Ground Beef Round 85% 6 54,519 224.81 229.00 225.46 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% 3 17,107 194.25 224.60 195.27 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 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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