Bloomberg News

USDA Boxed Beef Cutout Closing Prices for May 16

May 16, 2012

May 16 (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: 190.98 185.10 Change from prior day: (0.63) (1.98) ------------------------------------------------------------------------------- Choice/Select spread: 5.88

Total Load Count (Cuts, Trimmings, Grids): 302 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 268.04 248.54 Primal Chuck 159.47 158.08 Primal Round 165.16 163.57 Primal Loin 272.31 258.05 Primal Brisket 132.03 132.05 Primal Short Plate 123.33 127.65 Primal Flank 100.46 94.61 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 05/15 89 80 7 32 209 191.61 187.08 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 190.63 185.13 -------------------------------------------------------------------------------- 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 122.31 loads 4,892,212 pounds Select Cuts 93.69 loads 3,747,783 pounds Trimmings 31.17 loads 1,246,739 pounds Ground Beef 54.65 load 2,186,197 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 73 94,814 531.00 574.00 546.27 112A 3 Rib, ribeye, bnls, light 21 30,130 583.00 636.00 614.56 112A 3 Rib, ribeye, bnls, heavy 130 146,420 588.00 630.36 612.64 113C 1 Chuck, semi-bnls, neck/off 12 24,582 188.00 214.00 195.48 114 1 Chuck, shoulder clod 34 207,817 198.00 214.00 204.25 114A 3 Chuck, shoulder clod, trmd 95 164,290 209.99 222.00 214.55 114D 3 Chuck, clod, top blade 11 7,310 258.00 306.56 275.73 114E 3 Chuck, clod, arm roast 8 33,661 220.00 239.70 229.72 114F 5 Chuck, clod tender (IM) 19 17,052 335.00 394.00 353.99 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 150 433,771 215.00 232.00 225.07 116B 1 Chuck, chuck tender (IM) 57 133,936 206.00 225.00 213.59

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 115 165,079 197.99 209.75 204.15 120A 3 Brisket, point/off, bnls 31 24,886 300.00 332.78 311.46 123A 3 Short Plate, short rib 71 71,101 235.00 366.00 299.35 130 4 Chuck, short rib 67 109,993 185.00 231.00 195.96 160 1 Round, bone-in 10 15,500 194.00 206.00 197.69 161 1 Round, boneless 12 43,413 206.00 219.00 207.31

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 137 360,689 219.69 244.00 231.98 168 1 Round, top inside round 111 278,155 195.91 215.50 204.00 168 3 Round, top inside round 38 108,082 208.00 225.00 217.47 169 5 Round, top inside, denuded 37 49,096 243.00 260.50 250.03

3 Round, top inside, side off 170 1 Round, bottom gooseneck 9 38,084 184.09 210.00 187.18 171B 3 Round, outside round 101 469,512 192.00 215.78 199.73 171C 3 Round, eye of round (IM) 117 136,799 206.71 226.00 214.54 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 45 86,734 570.00 615.11 573.48 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 31 27,538 516.00 532.75 526.72 180 3 Loin, strip, bnls, 0x1 110 178,909 596.00 624.00 612.74 184 1 Loin, top butt, bnls, heavy 62 38,862 310.00 329.00 323.48 184 3 Loin, top butt, boneless 76 134,550 320.00 350.00 333.46 185A 4 Loin, bottom sirloin, flap 73 109,489 406.00 451.00 424.68 185B 1 Loin, ball-tip, bnls, heavy 50 130,125 215.00 245.35 230.61 185C 1 Loin, sirloin, tri-tip (IM) 31 51,959 306.25 345.00 318.66 185D 4 Loin, tri-tip, pld (IM) 51 50,305 407.00 456.17 443.20 189A 4 Loin, tndrloin, trmd, heavy 121 249,913 915.00 1056.00 944.38 191A 4 Loin, butt tender, trimmed 5 2,986 925.00 965.00 936.98 193 4 Flank, flank steak (IM) 21 24,821 397.49 426.72 419.09 ------------------------------------------------------------------------------- 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 36 30,766 489.60 535.00 501.70 112A 3 Rib, ribeye, bnls, light 21 36,250 540.00 575.35 552.71 112A 3 Rib, ribeye, bnls, heavy 67 153,360 521.63 595.00 553.51 113C 1 Chuck, semi-bnls, neck/off 27 72,980 193.00 220.00 199.34 114 1 Chuck, shoulder clod 21 128,931 190.00 208.25 202.09 114A 3 Chuck, shoulder clod, trmd 31 105,515 206.40 219.53 213.68 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 10 4,529 331.00 365.00 349.41 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 79 477,591 214.71 231.00 220.64 116B 1 Chuck, chuck tender (IM) 25 42,553 205.00 226.25 212.22

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 28 71,874 199.80 209.15 204.04 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 15 34,567 235.00 294.25 246.52 130 4 Chuck, short rib 28 38,267 180.00 210.00 191.43 160 1 Round, bone-in 161 1 Round, boneless 9 15,032 205.00 219.11 210.19

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 46 136,457 219.69 239.24 232.74 168 1 Round, top inside round 59 237,509 193.00 215.36 200.10 168 3 Round, top inside round 41 339,149 200.00 223.36 205.77 169 5 Round, top inside, denuded 11 14,174 231.00 250.00 238.04

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 6 8,400 194.04 208.36 196.01 171B 3 Round, outside round 55 210,935 197.00 216.36 203.49 171C 3 Round, eye of round (IM) 33 76,386 207.90 223.50 213.08 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 42 43,733 521.33 550.54 540.06 175 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 45 88,060 516.00 558.36 533.03 184 1 Loin, top butt, bnls, heavy 34 117,843 290.00 306.50 298.35 184 3 Loin, top butt, boneless 49 167,884 290.00 328.36 299.91 185A 4 Loin, bottom sirloin, flap 12 22,978 417.00 441.00 426.93 185B 1 Loin, ball-tip, bnls, heavy 35 144,278 212.00 240.36 216.48 185C 1 Loin, sirloin, tri-tip (IM) 19 45,286 300.50 333.67 310.76 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 45 112,675 895.00 976.00 909.08 191A 4 Loin, butt tender, trimmed 9 12,103 904.39 933.00 917.28 193 4 Flank, flank steak (IM) 27 58,712 364.00 401.00 376.07 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 15 51,725 104.50 125.00 113.57 121D 4 Plate, Inside Skirt (IM) 42 147,473 345.74 360.35 349.22 121C 4 Plate, Outside Skirt (IM) 30 59,171 490.00 539.00 509.61 121E 6 Outside Skirt, pld (IM) 19 40,591 645.00 755.00 692.94

Cap, Wedge Meat & (IM) Lean 107 657,429 220.00 254.00 223.22

Pectoral Meat 50 90,791 224.00 255.00 233.63 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 77 372,439 160.11 187.05 170.08 Ground Beef 75% Ground Beef 81% 92 446,777 210.00 224.36 220.71 Ground Beef 85% Ground Beef 90% Ground Beef 93% 39 185,121 255.79 282.50 272.20 Ground Beef Chuck 80% 75 657,926 208.11 236.00 223.72 Ground Beef Round 85% 43 171,512 223.49 234.57 230.04 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% 11 59,951 209.57 230.00 215.72 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% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 34 1,236,239 46.00 71.25 52.84 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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