Bloomberg News

USDA Boxed Beef Cutout Closing Prices for May 14

May 14, 2012

May 14 (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: 191.03 185.70 Change from prior day: 1.93 2.65 ------------------------------------------------------------------------------- Choice/Select spread: 5.33

Total Load Count (Cuts, Trimmings, Grids): 182 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 272.30 253.97 Primal Chuck 157.68 156.74 Primal Round 164.07 162.06 Primal Loin 271.58 258.30 Primal Brisket 131.97 133.44 Primal Short Plate 129.55 134.34 Primal Flank 102.06 98.04 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 05/11 66 45 24 24 159 189.10 183.05 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 190.37 184.71 -------------------------------------------------------------------------------- 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 91.99 loads 3,679,749 pounds Select Cuts 53.34 loads 2,133,730 pounds Trimmings 8.02 loads 320,664 pounds Ground Beef 28.40 load 1,135,892 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 38 146,146 532.60 576.00 548.02 112A 3 Rib, ribeye, bnls, light 18 63,796 575.00 640.45 587.52 112A 3 Rib, ribeye, bnls, heavy 32 64,747 577.97 622.00 602.90 113C 1 Chuck, semi-bnls, neck/off 4 3,564 195.00 203.25 199.56 114 1 Chuck, shoulder clod 14 40,589 193.00 206.00 203.28 114A 3 Chuck, shoulder clod, trmd 44 304,125 202.00 220.42 211.46 114D 3 Chuck, clod, top blade 10 15,588 260.00 293.00 267.18 114E 3 Chuck, clod, arm roast 19 54,697 222.80 260.00 234.00 114F 5 Chuck, clod tender (IM) 8 11,765 335.00 382.00 341.89 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 59 220,253 218.98 233.00 224.23 116B 1 Chuck, chuck tender (IM) 36 84,438 210.00 226.00 217.64

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 29 61,876 186.00 213.30 200.85 120A 3 Brisket, point/off, bnls 15 22,891 308.00 334.75 316.26 123A 3 Short Plate, short rib 31 52,066 263.99 366.00 341.78 130 4 Chuck, short rib 27 67,882 185.00 226.00 193.15 160 1 Round, bone-in 5 3,272 194.00 212.00 200.80 161 1 Round, boneless 5 11,839 207.00 213.00 207.64

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 68 182,864 228.23 243.44 236.27 168 1 Round, top inside round 22 161,657 199.00 215.00 206.17 168 3 Round, top inside round 35 381,183 201.35 226.00 213.86 169 5 Round, top inside, denuded 25 113,096 236.00 262.00 242.39

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 1,359 190.00 200.00 192.89 171B 3 Round, outside round 59 306,420 185.00 226.60 202.95 171C 3 Round, eye of round (IM) 68 187,476 205.00 238.00 211.77 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 26 64,116 569.95 612.00 579.22 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 8 5,087 520.00 559.00 523.92 180 3 Loin, strip, bnls, 0x1 51 160,955 565.00 623.11 598.45 184 1 Loin, top butt, bnls, heavy 4 6,733 310.00 324.00 312.96 184 3 Loin, top butt, boneless 46 227,579 328.62 345.00 335.09 185A 4 Loin, bottom sirloin, flap 30 111,664 427.00 447.78 433.19 185B 1 Loin, ball-tip, bnls, heavy 9 9,348 230.00 236.00 233.74 185C 1 Loin, sirloin, tri-tip (IM) 11 15,772 298.11 345.00 310.03 185D 4 Loin, tri-tip, pld (IM) 8 10,975 436.07 451.00 438.96 189A 4 Loin, tndrloin, trmd, heavy 56 140,593 925.00 1056.00 948.88 191A 4 Loin, butt tender, trimmed 16 36,397 901.44 941.00 916.53 193 4 Flank, flank steak (IM) 26 50,087 391.00 435.00 400.12 ------------------------------------------------------------------------------- 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 15 111,281 497.00 543.00 501.27 112A 3 Rib, ribeye, bnls, light 6 11,909 535.00 570.00 549.47 112A 3 Rib, ribeye, bnls, heavy 19 100,973 522.45 600.42 549.56 113C 1 Chuck, semi-bnls, neck/off 8 11,305 196.00 203.00 201.05 114 1 Chuck, shoulder clod 12 33,061 193.00 207.60 201.45 114A 3 Chuck, shoulder clod, trmd 15 60,621 205.00 217.00 208.68 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 7 23,848 331.00 380.00 336.28 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 27 147,811 219.29 227.50 222.75 116B 1 Chuck, chuck tender (IM) 15 36,958 210.00 226.00 217.14

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 19 84,193 180.00 213.18 203.06 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 8 15,002 237.50 361.00 296.63 130 4 Chuck, short rib 7 46,260 189.00 225.66 193.47 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 17 69,395 220.00 239.80 234.22 168 1 Round, top inside round 24 70,596 192.00 222.00 201.18 168 3 Round, top inside round 15 56,104 202.00 222.00 211.28 169 5 Round, top inside, denuded

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 23 79,536 198.63 224.50 206.90 171C 3 Round, eye of round (IM) 17 34,440 209.39 226.00 216.00 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 14 51,575 521.63 550.42 526.29 175 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 13 31,024 537.00 555.00 542.97 184 1 Loin, top butt, bnls, heavy 8 78,783 289.26 314.00 294.05 184 3 Loin, top butt, boneless 15 90,797 300.00 325.00 305.38 185A 4 Loin, bottom sirloin, flap 9 17,914 419.00 445.00 424.19 185B 1 Loin, ball-tip, bnls, heavy 10 70,638 217.00 236.00 218.88 185C 1 Loin, sirloin, tri-tip (IM) 9 33,782 294.00 320.00 296.25 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 21 57,001 900.19 950.42 920.47 191A 4 Loin, butt tender, trimmed 9 9,613 904.27 935.68 923.17 193 4 Flank, flank steak (IM) 8 14,434 370.00 412.00 388.69 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 11 36,345 110.66 135.00 119.96 121D 4 Plate, Inside Skirt (IM) 52 153,370 339.50 371.00 348.55 121C 4 Plate, Outside Skirt (IM) 11 31,445 489.00 527.20 502.95 121E 6 Outside Skirt, pld (IM) 16 47,335 665.00 755.00 674.96

Cap, Wedge Meat & (IM) Lean 35 233,312 215.00 244.50 225.56

Pectoral Meat 27 53,308 220.00 250.00 230.39 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 29 556,335 162.13 184.00 166.98 Ground Beef 75% 0 0 Ground Beef 81% 36 151,047 204.00 224.00 212.94 Ground Beef 85% Ground Beef 90% Ground Beef 93% 10 26,507 260.48 279.00 269.36 Ground Beef Chuck 80% 13 124,087 201.42 229.60 210.36 Ground Beef Round 85% 9 109,678 215.08 229.73 222.95 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% 10 34,118 214.95 234.00 224.39 Blended Ground Beef 85% 0 0 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% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 11 320,664 71.00 75.25 73.65 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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