Bloomberg News

USDA Boxed Beef Cutout Closing Prices for May 11

May 11, 2012

May 11 (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: 189.10 183.05 Change from prior day: (0.82) (0.81) ------------------------------------------------------------------------------- Choice/Select spread: 6.05

Total Load Count (Cuts, Trimmings, Grids): 159 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 266.50 245.63 Primal Chuck 157.93 155.96 Primal Round 162.34 159.57 Primal Loin 269.03 256.02 Primal Brisket 130.56 131.14 Primal Short Plate 126.21 130.17 Primal Flank 98.69 97.46 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 05/10 94 96 34 36 260 189.92 183.86 05/09 104 76 9 58 247 191.51 185.95 05/08 83 63 13 36 195 190.82 185.99 05/07 71 50 16 32 168 190.48 184.68 05/04 84 72 24 31 211 190.29 186.11 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 190.60 185.32 -------------------------------------------------------------------------------- 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 66.06 loads 2,642,447 pounds Select Cuts 45.37 loads 1,814,655 pounds Trimmings 23.66 loads 946,519 pounds Ground Beef 23.88 load 955,211 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 20 48,347 532.60 571.00 546.38 112A 3 Rib, ribeye, bnls, light 9 16,892 590.00 620.00 601.94 112A 3 Rib, ribeye, bnls, heavy 22 19,629 591.00 623.00 605.29 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 16 67,072 190.00 208.00 193.84 114A 3 Chuck, shoulder clod, trmd 30 201,240 203.79 220.50 211.04 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 7 125,116 206.03 250.25 207.37 114F 5 Chuck, clod tender (IM) 6 10,056 325.00 410.00 339.83 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 42 228,193 217.00 233.00 224.36 116B 1 Chuck, chuck tender (IM) 22 58,232 211.00 226.00 218.26

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 23 115,019 193.50 207.45 198.93 120A 3 Brisket, point/off, bnls 6 6,243 320.00 336.33 326.49 123A 3 Short Plate, short rib 6 4,577 339.00 361.00 355.46 130 4 Chuck, short rib 25 76,999 185.00 225.00 194.59 160 1 Round, bone-in 5 12,550 194.00 211.00 198.96 161 1 Round, boneless 3 1,341 209.00 212.00 210.53

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 43 127,147 225.00 242.00 232.80 168 1 Round, top inside round 15 64,669 197.00 217.00 206.31 168 3 Round, top inside round 25 304,084 205.00 225.00 214.31 169 5 Round, top inside, denuded 12 41,788 236.00 260.00 245.08

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 4,110 206.00 213.00 209.35 171B 3 Round, outside round 41 170,865 191.98 218.00 204.72 171C 3 Round, eye of round (IM) 35 115,585 204.33 229.00 212.33 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 20 26,211 570.00 607.95 584.67 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 15 13,920 513.57 536.00 519.67 180 3 Loin, strip, bnls, 0x1 34 85,838 577.62 618.00 599.30 184 1 Loin, top butt, bnls, heavy 11 10,098 310.00 331.00 313.14 184 3 Loin, top butt, boneless 26 122,739 317.96 345.00 332.64 185A 4 Loin, bottom sirloin, flap 17 37,449 428.00 441.00 431.94 185B 1 Loin, ball-tip, bnls, heavy 15 42,713 225.00 235.50 230.65 185C 1 Loin, sirloin, tri-tip (IM) 6 18,676 295.29 320.00 307.62 185D 4 Loin, tri-tip, pld (IM) 5 1,411 415.00 446.50 437.47 189A 4 Loin, tndrloin, trmd, heavy 34 70,675 925.00 975.00 936.51 191A 4 Loin, butt tender, trimmed 6 2,374 920.49 965.00 931.69 193 4 Flank, flank steak (IM) 9 11,438 401.00 425.77 405.01 ------------------------------------------------------------------------------- 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 11 14,862 490.50 535.00 503.75 112A 3 Rib, ribeye, bnls, light 4 12,683 530.00 540.00 530.55 112A 3 Rib, ribeye, bnls, heavy 19 23,500 530.00 596.00 553.75 113C 1 Chuck, semi-bnls, neck/off 4 8,087 200.50 206.50 203.02 114 1 Chuck, shoulder clod 10 32,782 185.00 206.00 200.58 114A 3 Chuck, shoulder clod, trmd 21 80,954 190.00 220.00 211.46 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 6 2,858 327.00 375.00 352.84 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 43 386,128 215.50 225.09 222.20 116B 1 Chuck, chuck tender (IM) 4 15,498 215.00 232.00 217.87

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 9 43,341 192.00 205.00 200.98 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 11,054 279.29 361.00 301.16 130 4 Chuck, short rib 14 31,561 187.49 225.00 199.71 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 21 80,826 225.00 248.27 232.67 168 1 Round, top inside round 15 163,951 191.00 214.85 193.80 168 3 Round, top inside round 30 101,333 198.48 222.00 207.22 169 5 Round, top inside, denuded 10 30,148 231.00 248.00 239.87

3 Round, top inside, side off 170 1 Round, bottom gooseneck 6 7,560 181.39 210.00 195.39 171B 3 Round, outside round 22 91,809 193.00 211.00 199.48 171C 3 Round, eye of round (IM) 17 48,385 205.00 227.50 213.51 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 8 7,056 531.00 547.01 538.84 175 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 9 59,023 536.00 550.00 546.76 184 1 Loin, top butt, bnls, heavy 5 4,561 300.00 318.00 309.88 184 3 Loin, top butt, boneless 15 25,713 295.00 326.00 308.47 185A 4 Loin, bottom sirloin, flap 5 6,344 435.00 455.00 442.02 185B 1 Loin, ball-tip, bnls, heavy 13 33,520 213.00 236.00 218.55 185C 1 Loin, sirloin, tri-tip (IM) 9 28,947 291.00 335.00 304.88 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 13 19,449 896.39 955.00 922.91 191A 4 Loin, butt tender, trimmed 4 1,418 929.31 934.58 930.18 193 4 Flank, flank steak (IM) 14 49,756 338.49 425.60 368.86 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 12 25,025 97.00 125.00 107.35 121D 4 Plate, Inside Skirt (IM) 35 138,175 339.87 365.60 343.31 121C 4 Plate, Outside Skirt (IM) 31 100,595 476.00 551.00 502.31 121E 6 Outside Skirt, pld (IM) 6 11,831 665.00 755.00 682.09

Cap, Wedge Meat & (IM) Lean 32 203,486 218.00 240.00 224.56

Pectoral Meat 28 154,929 217.00 250.00 228.82 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 27 333,250 158.41 186.93 166.87 Ground Beef 75% 0 0 Ground Beef 81% 32 106,846 204.00 222.75 216.18 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 7 20,736 243.00 278.50 267.62 Ground Beef Chuck 80% 27 301,306 202.75 229.12 210.43 Ground Beef Round 85% 11 25,364 223.50 232.00 226.69 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% 9 76,552 207.25 222.60 211.97 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 26 946,519 57.00 77.45 65.94 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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