Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 191.02 185.82 Change from prior day: (0.59) (1.26) ------------------------------------------------------------------------------- Choice/Select spread: 5.20

Total Load Count (Cuts, Trimmings, Grids): 195 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 267.77 249.22 Primal Chuck 159.08 157.78 Primal Round 165.17 164.16 Primal Loin 271.86 259.48 Primal Brisket 132.50 132.21 Primal Short Plate 126.26 131.01 Primal Flank 101.83 96.05 -------------------------------------------------------------------------------- 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 78.80 loads 3,152,142 pounds Select Cuts 60.45 loads 2,417,929 pounds Trimmings 12.21 loads 488,219 pounds Ground Beef 43.61 load 1,744,278 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 33 54,276 534.66 574.00 545.73 112A 3 Rib, ribeye, bnls, light 10 7,856 610.00 630.00 624.53 112A 3 Rib, ribeye, bnls, heavy 50 69,984 591.00 627.00 613.24 113C 1 Chuck, semi-bnls, neck/off 7 14,904 188.00 214.00 193.22 114 1 Chuck, shoulder clod 27 195,833 198.00 214.00 204.30 114A 3 Chuck, shoulder clod, trmd 45 132,848 209.99 222.00 214.65 114D 3 Chuck, clod, top blade 6 3,373 260.00 306.56 277.84 114E 3 Chuck, clod, arm roast 5 15,307 220.00 225.00 222.17 114F 5 Chuck, clod tender (IM) 10 6,743 343.01 390.00 365.67 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 64 240,038 217.00 232.00 225.33 116B 1 Chuck, chuck tender (IM) 28 52,758 206.71 225.00 214.23

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 55 122,202 197.99 209.75 204.39 120A 3 Brisket, point/off, bnls 25 19,553 300.00 332.78 311.33 123A 3 Short Plate, short rib 35 48,539 235.00 360.00 293.45 130 4 Chuck, short rib 24 80,496 185.00 231.00 196.03 160 1 Round, bone-in 8 13,573 194.00 206.00 197.42 161 1 Round, boneless 8 6,696 206.00 215.50 208.54

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 64 224,723 228.00 243.00 233.89 168 1 Round, top inside round 43 184,600 195.91 215.50 203.77 168 3 Round, top inside round 23 64,954 212.00 225.00 217.81 169 5 Round, top inside, denuded 30 45,824 243.00 260.50 249.79

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 6 35,984 184.09 210.00 186.64 171B 3 Round, outside round 58 351,182 192.00 215.78 198.81 171C 3 Round, eye of round (IM) 60 81,213 206.71 226.00 213.62 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 38 81,582 570.00 605.35 572.22 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 27 23,897 516.00 532.75 526.36 180 3 Loin, strip, bnls, 0x1 37 40,740 605.00 620.35 607.35 184 1 Loin, top butt, bnls, heavy 24 18,539 310.00 325.35 320.63 184 3 Loin, top butt, boneless 36 83,421 320.00 345.75 329.30 185A 4 Loin, bottom sirloin, flap 27 74,065 410.00 451.00 422.28 185B 1 Loin, ball-tip, bnls, heavy 26 54,690 225.00 245.35 231.48 185C 1 Loin, sirloin, tri-tip (IM) 21 46,145 306.25 345.00 318.35 185D 4 Loin, tri-tip, pld (IM) 20 29,291 435.00 453.25 442.29 189A 4 Loin, tndrloin, trmd, heavy 46 98,791 925.00 973.00 939.59 191A 4 Loin, butt tender, trimmed 3 1,512 925.00 965.00 940.03 193 4 Flank, flank steak (IM) 14 16,171 405.00 426.72 422.49 ------------------------------------------------------------------------------- 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 27 23,644 489.60 518.36 501.00 112A 3 Rib, ribeye, bnls, light 15 29,291 540.00 575.35 550.14 112A 3 Rib, ribeye, bnls, heavy 48 91,880 540.00 595.00 561.36 113C 1 Chuck, semi-bnls, neck/off 16 31,394 193.00 220.00 199.08 114 1 Chuck, shoulder clod 17 124,190 201.00 208.25 202.08 114A 3 Chuck, shoulder clod, trmd 24 62,297 210.10 219.53 214.64 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 6 3,034 345.00 365.00 358.12 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 64 380,365 214.71 227.78 220.18 116B 1 Chuck, chuck tender (IM) 22 38,555 205.00 226.25 212.18

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 19 50,151 199.80 207.00 202.92 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 11 19,503 235.00 290.00 247.09 130 4 Chuck, short rib 25 27,052 180.00 206.00 189.91 160 1 Round, bone-in 161 1 Round, boneless 6 6,796 205.01 219.11 208.63

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 35 92,057 228.00 238.00 234.05 168 1 Round, top inside round 41 150,041 193.00 215.36 199.54 168 3 Round, top inside round 26 86,387 203.80 223.36 212.48 169 5 Round, top inside, denuded 9 11,669 234.00 250.00 239.40

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 44 156,527 197.00 216.36 204.11 171C 3 Round, eye of round (IM) 28 59,592 207.90 223.50 213.28 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 37 35,352 521.33 550.54 540.79 175 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 36 69,208 516.00 558.36 533.63 184 1 Loin, top butt, bnls, heavy 31 115,217 290.00 306.50 298.53 184 3 Loin, top butt, boneless 34 39,004 304.00 328.36 311.04 185A 4 Loin, bottom sirloin, flap 8 15,689 417.00 441.00 425.88 185B 1 Loin, ball-tip, bnls, heavy 29 119,401 212.00 240.36 215.84 185C 1 Loin, sirloin, tri-tip (IM) 10 28,341 300.50 327.00 309.56 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 34 97,803 895.00 956.00 905.92 191A 4 Loin, butt tender, trimmed 7 4,131 925.00 933.00 929.57 193 4 Flank, flank steak (IM) 20 36,371 370.00 401.00 379.66 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 12 39,579 108.50 125.00 114.93 121D 4 Plate, Inside Skirt (IM) 33 91,791 341.41 360.35 348.86 121C 4 Plate, Outside Skirt (IM) 24 49,399 490.00 531.00 508.13 121E 6 Outside Skirt, pld (IM) 16 23,785 645.00 755.00 690.52

Cap, Wedge Meat & (IM) Lean 78 525,206 220.00 245.01 222.40

Pectoral Meat 27 41,341 224.50 255.00 239.29 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 55 249,096 160.11 186.35 169.93 Ground Beef 75% Ground Beef 81% 77 354,059 210.00 224.36 220.91 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 37 183,730 255.79 282.50 272.15 Ground Beef Chuck 80% 61 567,951 210.00 232.00 222.60 Ground Beef Round 85% 40 150,724 223.49 234.57 229.94 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% 5 40,944 210.62 222.60 215.11 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 14 478,069 46.00 71.25 54.56 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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