Bloomberg News

USDA Boxed Beef Cutout Closing Prices for May 15

May 15, 2012

May 15 (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: 191.61 187.08 Change from prior day: 0.58 1.38 ------------------------------------------------------------------------------- Choice/Select spread: 4.53

Total Load Count (Cuts, Trimmings, Grids): 209 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 270.05 252.46 Primal Chuck 158.49 158.37 Primal Round 164.84 163.71 Primal Loin 272.26 260.71 Primal Brisket 133.49 133.92 Primal Short Plate 131.68 135.94 Primal Flank 103.57 99.58 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 05/14 92 53 8 28 182 191.03 185.70 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 190.48 184.91 -------------------------------------------------------------------------------- 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 89.25 loads 3,569,836 pounds Select Cuts 80.44 loads 3,217,647 pounds Trimmings 7.16 loads 286,295 pounds Ground Beef 32.22 load 1,288,687 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 46 80,319 532.60 570.00 545.47 112A 3 Rib, ribeye, bnls, light 19 65,586 578.00 630.00 591.55 112A 3 Rib, ribeye, bnls, heavy 78 149,810 578.00 630.00 602.84 113C 1 Chuck, semi-bnls, neck/off 11 50,244 181.00 206.75 185.39 114 1 Chuck, shoulder clod 16 147,693 199.79 206.91 202.97 114A 3 Chuck, shoulder clod, trmd 38 245,678 210.00 223.00 213.40 114D 3 Chuck, clod, top blade 16 17,554 247.90 273.75 257.31 114E 3 Chuck, clod, arm roast 15 22,939 225.00 250.00 236.84 114F 5 Chuck, clod tender (IM) 19 16,395 335.00 390.00 345.18 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 75 455,192 220.00 232.90 224.76 116B 1 Chuck, chuck tender (IM) 28 84,716 205.00 226.00 213.96

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 60 331,111 196.59 213.30 200.87 120A 3 Brisket, point/off, bnls 27 26,060 297.00 332.00 306.59 123A 3 Short Plate, short rib 29 68,535 237.50 359.35 262.71 130 4 Chuck, short rib 33 96,165 183.90 232.00 194.75 160 1 Round, bone-in 8 14,979 194.00 212.00 205.83 161 1 Round, boneless 5 4,867 207.00 216.25 211.22

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 57 248,428 228.00 245.00 233.47 168 1 Round, top inside round 24 74,134 200.00 215.00 207.05 168 3 Round, top inside round 25 143,237 211.00 225.00 216.99 169 5 Round, top inside, denuded 9 7,809 237.00 260.00 251.80

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 5,839 185.00 200.10 196.81 171B 3 Round, outside round 56 194,817 195.00 214.00 206.04 171C 3 Round, eye of round (IM) 48 120,534 203.90 222.00 210.80 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 33 65,682 568.75 609.97 590.56 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 16 16,573 519.00 534.00 526.56 180 3 Loin, strip, bnls, 0x1 57 60,230 589.00 625.00 604.93 184 1 Loin, top butt, bnls, heavy 10 7,404 310.00 326.00 319.21 184 3 Loin, top butt, boneless 29 158,478 324.02 351.00 336.56 185A 4 Loin, bottom sirloin, flap 35 77,845 418.35 446.00 433.53 185B 1 Loin, ball-tip, bnls, heavy 17 54,602 224.00 250.00 229.13 185C 1 Loin, sirloin, tri-tip (IM) 14 29,526 300.00 342.63 311.64 185D 4 Loin, tri-tip, pld (IM) 22 8,437 430.00 474.00 441.58 189A 4 Loin, tndrloin, trmd, heavy 40 94,493 925.00 1057.00 939.13 191A 4 Loin, butt tender, trimmed 12 14,302 912.00 971.00 918.87 193 4 Flank, flank steak (IM) 39 22,834 380.00 433.85 409.98 ------------------------------------------------------------------------------- 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 22 20,035 500.00 536.00 507.02 112A 3 Rib, ribeye, bnls, light 12 48,980 535.00 574.00 542.58 112A 3 Rib, ribeye, bnls, heavy 49 81,275 533.00 596.00 550.40 113C 1 Chuck, semi-bnls, neck/off 16 40,344 191.00 204.22 199.09 114 1 Chuck, shoulder clod 13 104,474 194.00 206.48 201.44 114A 3 Chuck, shoulder clod, trmd 32 277,334 209.00 220.00 212.49 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 13 26,961 332.00 349.00 336.86 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 54 355,770 207.16 229.00 219.81 116B 1 Chuck, chuck tender (IM) 16 35,930 210.00 226.00 215.41

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 22 88,637 197.00 208.00 200.34 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 5,923 238.00 300.00 242.14 130 4 Chuck, short rib 17 52,373 180.00 225.00 195.89 160 1 Round, bone-in 161 1 Round, boneless 4 4,696 206.42 211.00 210.30

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 32 76,629 225.00 240.00 233.83 168 1 Round, top inside round 25 95,413 194.00 210.00 198.56 168 3 Round, top inside round 28 90,544 200.65 219.00 207.32 169 5 Round, top inside, denuded 8 22,568 222.25 249.00 231.66

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 2,887 200.00 206.43 200.79 171B 3 Round, outside round 29 143,200 200.00 211.00 205.31 171C 3 Round, eye of round (IM) 30 61,713 209.38 227.00 213.55 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 19 27,205 522.00 547.77 535.21 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 28 36,299 537.00 557.00 543.80 184 1 Loin, top butt, bnls, heavy 16 280,595 288.00 310.47 293.13 184 3 Loin, top butt, boneless 25 62,208 299.00 333.00 307.84 185A 4 Loin, bottom sirloin, flap 9 69,282 417.00 440.10 432.16 185B 1 Loin, ball-tip, bnls, heavy 24 111,195 208.00 235.00 222.49 185C 1 Loin, sirloin, tri-tip (IM) 9 15,718 293.00 335.50 297.86 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 32 70,214 860.00 970.00 902.76 191A 4 Loin, butt tender, trimmed 11 8,348 919.00 935.67 928.42 193 4 Flank, flank steak (IM) 19 68,608 363.92 390.01 372.96 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 14 23,577 97.63 124.62 108.70 121D 4 Plate, Inside Skirt (IM) 35 55,229 342.00 375.00 349.50 121C 4 Plate, Outside Skirt (IM) 12 17,292 503.16 541.00 511.70 121E 6 Outside Skirt, pld (IM) 11 23,027 639.00 695.00 663.91

Cap, Wedge Meat & (IM) Lean 90 656,958 220.00 250.00 223.63

Pectoral Meat 34 56,395 219.79 240.67 225.66 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 45 288,771 162.00 186.30 169.42 Ground Beef 75% Ground Beef 81% 44 278,149 198.00 225.00 212.01 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 26 141,338 255.00 281.00 273.72 Ground Beef Chuck 80% 25 164,262 210.00 238.00 224.30 Ground Beef Round 85% 21 67,318 224.00 240.00 229.92 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% 8 15,472 216.80 224.60 221.02 Blended Ground Beef 85% Blended Ground Beef 90% 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 16 235,545 65.00 73.25 70.62 Frozen 50% lean trimmings -------------------------------------------------------------------------------- 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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