Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 189.97 185.29 Change from prior day: 0.87 2.24 ------------------------------------------------------------------------------- Choice/Select spread: 4.69

Total Load Count (Cuts, Trimmings, Grids): 112 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 271.91 253.53 Primal Chuck 156.31 156.22 Primal Round 163.51 161.18 Primal Loin 270.01 258.94 Primal Brisket 131.34 133.08 Primal Short Plate 128.18 133.30 Primal Flank 101.46 96.58 -------------------------------------------------------------------------------- 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 59.48 loads 2,379,237 pounds Select Cuts 30.66 loads 1,226,392 pounds Trimmings 0.00 loads 0 pounds Ground Beef 21.60 load 863,963 pounds ------------------------------------------------------------------------------- Choice Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted

rades Pounds Range Average ------------------------------------------------------------------------------- 109E Rib, ribeye, lip-on, bn-in 22 93,289 540.00 576.00 546.71 112A Rib, ribeye, bnls, light 9 25,173 575.00 631.00 586.99 112A Rib, ribeye, bnls, heavy 20 47,703 577.97 621.00 600.65 113C 1 Chuck, semi-bnls, neck/off 4 3,564 195.00 203.25 199.56 114 Chuck, shoulder clod 6 9,854 193.00 206.00 200.73 114A Chuck, shoulder clod, trmd 30 268,383 205.00 220.42 211.30 114D Chuck, clod, top blade 5 9,892 260.00 293.00 261.67 114E Chuck, clod, arm roast 10 28,064 223.00 238.00 235.21 114F Chuck, clod tender 7 10,296 335.00 410.00 341.85 115 Chuck, 2-piece, boneless 6 27,322 189.00 225.00 212.96 116A Chuck, roll, lxl, neck/off 39 161,492 220.00 233.00 224.00 116B Chuck, chuck tender 22 39,931 210.00 225.00 213.79

Chuck, roll, retail ready 3 11,450 210.00 242.50 226.64 120 Brisket, deckle-off, bnls 16 24,318 186.00 208.30 201.68 120A Brisket, point/off, bnls 6 3,084 308.00 331.00 315.03 123A Short Plate, short rib 20 34,684 270.00 366.00 348.28 130 Chuck, short rib 17 41,838 185.00 226.00 193.01 160 Round, bone-in 3 2,259 194.00 204.20 197.36 161 Round, boneless 0 0 0.00 0.00 0.00

Round, bnls/peeled heel-out 1 55 204.42 204.42 204.42 167A Round, knuckle, peeled 40 117,370 231.00 243.44 235.24 168 1 Round, top inside round 18 120,656 199.00 206.00 204.33 168 3 Round, top inside round 21 199,958 201.35 225.00 213.52 169 Round, top inside, denuded 18 105,152 236.00 246.00 241.15

Round, top inside, side off 2 5,450 228.43 236.70 235.19 170 Round, bottom gooseneck 2 1,237 190.00 200.00 192.58 171B Round, outside round 41 246,724 185.00 223.00 199.87 171C Round, eye of round 39 144,483 205.00 225.50 209.49 174 1 Loin, short loin, 2x3 0 0 0.00 0.00 0.00 174 3 Loin, short loin, 0x1 12 30,128 570.00 591.00 576.93 175 Loin, strip loin, 1x1 1 130 505.00 505.00 505.00 180 1 Loin, strip, bnls, heavy 0 0 0.00 0.00 0.00

Loin, strip loin bnls. 1x1 5 3,767 520.00 559.00 523.71 180 3 Loin, strip, bnls, 0x1 36 122,256 565.00 623.11 597.17 184 1 Loin, top butt, bnls, heavy 4 6,733 310.00 324.00 312.96 184 3 Loin, top butt, boneless 26 105,433 328.62 345.00 332.70 185A Loin, bottom sirloin, flap 20 47,723 427.00 447.78 431.68 185B Loin, ball-tip, bnls, heavy 10 9,684 230.00 242.00 234.03 185C Loin, sirloin, tri-tip 8 12,286 298.11 345.00 310.03 185D Loin, sirloin, tri-tip, pld 6 9,927 436.07 451.00 438.48 189A Loin, tndrloin, trmd, heavy 34 81,884 925.00 1,056.00 954.65 191A Loin, butt tender, trimmed 6 4,391 909.22 941.00 921.80 193 Flank, flank steak 16 14,674 391.00 435.00 403.18 ------------------------------------------------------------------------------- Select Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted

rades Pounds Range Average ------------------------------------------------------------------------------- 109E Rib, ribeye, lip-on, bn-in 8 92,338 497.00 536.00 499.91 112A Rib, ribeye, bnls, light 4 7,268 535.00 540.00 539.80 112A Rib, ribeye, bnls, heavy 8 62,216 540.00 600.42 551.08 113C 1 Chuck, semi-bnls, neck/off 5 7,195 198.00 203.00 201.86 114 Chuck, shoulder clod 8 19,650 193.00 206.00 199.78 114A Chuck, shoulder clod, trmd 9 42,425 205.00 217.00 208.01 114D Chuck, clod, top blade 0 0 0.00 0.00 0.00 114E Chuck, clod, arm roast 1 6,809 231.65 231.65 231.65 114F Chuck, clod tender 6 23,576 331.00 380.00 336.33 115 Chuck, 2-piece, boneless 2 1,578 221.00 242.00 225.76 116A Chuck, roll, lxl, neck/off 21 91,136 219.29 227.50 221.40 116B Chuck, chuck tender 8 9,834 210.00 226.00 218.71

Chuck, roll, retail ready 1 16,860 239.00 239.00 239.00 120 Brisket, deckle-off, bnls 13 41,790 195.00 213.18 204.45 120A Brisket, point/off, bnls 0 0 0.00 0.00 0.00 123A Short Plate, short rib 5 7,379 237.50 361.00 263.02 130 Chuck, short rib 5 35,295 189.00 225.66 190.18 160 Round, bone-in 1 1,206 194.00 194.00 194.00 161 Round, boneless 1 125 211.00 211.00 211.00

Round, bnls/peeled heel-out 0 0 0.00 0.00 0.00 167A Round, knuckle, peeled 8 20,485 225.00 235.25 231.32 168 1 Round, top inside round 13 24,341 192.00 204.00 198.37 168 3 Round, top inside round 8 21,482 202.00 220.42 208.82 169 Round, top inside, denuded 1 1,611 231.00 231.00 231.00

Round, top inside, side off 0 0 0.00 0.00 0.00 170 Round, bottom gooseneck 2 188 203.11 206.00 203.96 171B Round, outside round 13 29,947 200.00 211.00 203.91 171C Round, eye of round 10 11,385 209.39 220.42 212.65 174 1 Loin, short loin, 2x3 2 1,037 478.00 478.00 478.00 174 3 Loin, short loin, 0x1 8 3,440 538.00 550.42 545.69 175 Loin, strip loin, 1x1 9 252,035 441.00 459.00 454.16 180 1 Loin, strip, bnls, heavy 0 0 0.00 0.00 0.00

Loin, strip loin bnls. 1x1 1 1,401 485.00 485.00 485.00 180 3 Loin, strip, bnls, 0x1 7 6,452 540.00 572.00 557.80 184 1 Loin, top butt, bnls, heavy 3 2,115 290.76 314.00 305.75 184 3 Loin, top butt, boneless 6 6,054 312.00 321.00 317.66 185A Loin, bottom sirloin, flap 8 16,849 419.00 441.00 422.87 185B Loin, ball-tip, bnls, heavy 6 56,879 217.00 236.00 217.32 185C Loin, sirloin, tri-tip 9 33,188 294.00 335.66 296.31 185D Loin, sirloin, tri-tip, pld 1 1,774 461.00 461.00 461.00 189A Loin, tndrloin, trmd, heavy 15 19,860 900.19 950.42 913.50 191A Loin, butt tender, trimmed 2 596 904.27 935.68 907.38 193 Flank, flank steak 5 8,196 375.00 396.00 379.01 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS, Fat imitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 4 3,171 149.75 151.30 150.70 124F 4 Rib, Back Ribs, Frozen 10 36,227 110.66 135.00 119.94 121D 4 Plate, Inside Skirt 22 40,031 339.50 370.00 351.11 121C 4 Plate, Outside Skirt 10 21,995 503.57 527.20 508.94 121E 6 Plate, Outside Skirt, pld 10 34,567 665.00 755.00 673.28

4 Cap and Wedge Meat 28 219,275 215.00 244.50 225.25

4 Pectoral Meat 16 31,671 220.00 250.00 228.99 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis- Coarse & Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 21 421,567 162.13 180.14 165.48 Ground Beef 75% 0 0 0.00 0.00 0.00 Ground Beef 81% 31 133,568 204.00 222.00 211.73 Ground Beef 85% 3 875 234.00 236.00 234.54 Ground Beef 90% 1 2,383 241.77 241.77 241.77 Ground Beef 93% 5 1,832 269.00 279.00 274.77 Ground Beef Chuck 9 88,229 201.42 229.60 206.24 Ground Beef Round 6 94,213 215.08 229.00 223.23 Ground Beef Sirloin 1 241 241.98 241.98 241.98 ------------------------------------------------------------------------------- BLENDED GB - STEER/HEIFER/COW SOURC - 10 Pound Chub Basis- Coarse & Fine Grind ------------------------------------------------------------------------------- Blended Ground Beef 73% 8 79,283 173.00 185.00 180.45 Blended Ground Beef 75% 0 0 0.00 0.00 0.00 Blended Ground Beef 81% 6 17,124 214.95 222.60 218.48 Blended Ground Beef 85% 0 0 0.00 0.00 0.00 Blended Ground Beef 90% 0 0 0.00 0.00 0.00 Blended Ground Beef 93% 2 1,969 257.00 261.00 258.60 Blended Ground Beef Chuck 2 5,082 211.00 217.84 216.37 Blended Ground Beef Round 4 17,597 231.75 246.00 234.83 Blended Ground Beef Sirloin 0 0 0.00 0.00 0.00 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - FRESH COMBOS & FROZEN BOXED -------------------------------------------------------------------------------- Fresh 50% lean trimmings 0 0 0.00 0.00 0.00 Frozen 50% lean trimmings 0 0 0.00 0.00 0.00 Fresh 65% lean trimmings 4 160,500 117.88 117.88 117.88 Frozen 65% lean trimmings 0 0 0.00 0.00 0.00 Fresh 75% lean trimmings 0 0 0.00 0.00 0.00 Frozen 75% lean trimmings 0 0 0.00 0.00 0.00 Fresh 85% lean trimmings 0 0 0.00 0.00 0.00 Frozen 85% lean trimmings 0 0 0.00 0.00 0.00 Fresh 90% lean trimmings 0 0 0.00 0.00 0.00 Frozen 90% lean trimmings 0 0 0.00 0.00 0.00 -------------------------------------------------------------------------------- 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" --------------------------------------------------------------------------------

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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