Bloomberg News

USDA Boxed Beef Cutout Closing Prices for May 17

May 17, 2012

May 17 (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: 191.10 185.83 Change from prior day: 0.12 0.73 ------------------------------------------------------------------------------- Choice/Select spread: 5.27

Total Load Count (Cuts, Trimmings, Grids): 186 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 267.00 253.93 Primal Chuck 161.16 159.69 Primal Round 164.69 163.87 Primal Loin 272.44 256.95 Primal Brisket 132.01 132.59 Primal Short Plate 120.96 125.06 Primal Flank 100.12 93.69 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 05/16 122 94 31 55 302 190.98 185.10 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 190.53 184.96 -------------------------------------------------------------------------------- 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 90.44 loads 3,617,545 pounds Select Cuts 58.67 loads 2,346,890 pounds Trimmings 16.40 loads 655,922 pounds Ground Beef 20.22 load 808,955 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 25 21,493 540.00 585.12 551.05 112A 3 Rib, ribeye, bnls, light 23 163,408 575.00 630.00 602.97 112A 3 Rib, ribeye, bnls, heavy 40 229,306 578.25 640.00 604.39 113C 1 Chuck, semi-bnls, neck/off 7 6,643 195.10 207.50 200.48 114 1 Chuck, shoulder clod 12 50,917 198.50 207.00 203.22 114A 3 Chuck, shoulder clod, trmd 30 118,816 212.00 221.00 215.30 114D 3 Chuck, clod, top blade 14 19,547 260.00 301.05 263.02 114E 3 Chuck, clod, arm roast 13 27,064 217.40 265.00 231.81 114F 5 Chuck, clod tender (IM) 5 1,937 335.00 380.00 357.08 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 44 295,355 221.25 236.00 227.35 116B 1 Chuck, chuck tender (IM) 22 32,773 213.50 230.00 220.81

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 30 87,876 193.00 210.00 199.62 120A 3 Brisket, point/off, bnls 16 27,634 307.88 333.50 315.50 123A 3 Short Plate, short rib 22 35,616 309.60 366.00 350.31 130 4 Chuck, short rib 37 103,496 185.00 227.89 200.10 160 1 Round, bone-in 5 5,512 197.00 211.00 208.56 161 1 Round, boneless 3 2,276 211.50 218.75 212.55

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 55 178,377 230.00 249.00 236.96 168 1 Round, top inside round 31 268,253 194.00 215.00 200.19 168 3 Round, top inside round 44 240,589 204.00 226.00 214.18 169 5 Round, top inside, denuded 26 90,458 236.00 260.00 239.52

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 2,490 202.00 210.00 204.76 171B 3 Round, outside round 64 478,855 192.00 215.00 201.38 171C 3 Round, eye of round (IM) 40 86,253 205.00 225.50 214.57 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 15 25,960 583.10 609.00 593.11 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 18 15,044 520.00 541.00 528.52 180 3 Loin, strip, bnls, 0x1 36 146,241 601.00 635.00 615.48 184 1 Loin, top butt, bnls, heavy 14 12,370 315.00 329.00 320.77 184 3 Loin, top butt, boneless 31 137,709 320.00 351.00 339.69 185A 4 Loin, bottom sirloin, flap 29 61,277 424.50 450.00 435.59 185B 1 Loin, ball-tip, bnls, heavy 12 41,972 225.00 244.00 229.49 185C 1 Loin, sirloin, tri-tip (IM) 21 38,061 304.00 346.00 312.65 185D 4 Loin, tri-tip, pld (IM) 9 8,661 439.00 461.50 448.86 189A 4 Loin, tndrloin, trmd, heavy 28 85,089 935.00 971.00 948.41 191A 4 Loin, butt tender, trimmed 3 18,045 925.00 974.51 925.15 193 4 Flank, flank steak (IM) 15 24,886 400.00 441.00 420.82 ------------------------------------------------------------------------------- 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 19 134,406 493.00 535.00 526.68 112A 3 Rib, ribeye, bnls, light 11 23,132 545.00 595.00 562.03 112A 3 Rib, ribeye, bnls, heavy 21 86,054 531.00 595.00 553.90 113C 1 Chuck, semi-bnls, neck/off 14 19,385 197.00 210.00 201.60 114 1 Chuck, shoulder clod 19 33,197 193.00 207.00 202.92 114A 3 Chuck, shoulder clod, trmd 17 31,572 206.40 222.00 214.98 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 9 9,204 331.50 355.50 335.17 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 37 113,803 215.00 239.60 225.20 116B 1 Chuck, chuck tender (IM) 17 51,923 200.00 225.00 215.68

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 18 102,994 198.00 210.00 203.42 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 11 27,481 244.80 356.00 301.43 130 4 Chuck, short rib 12 49,191 190.00 233.17 195.57 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 23 114,239 226.50 237.00 233.07 168 1 Round, top inside round 30 116,671 195.00 212.92 200.43 168 3 Round, top inside round 22 101,052 205.00 221.00 212.32 169 5 Round, top inside, denuded 17 65,127 234.00 253.50 244.39

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 8 86,194 190.00 210.00 190.87 171B 3 Round, outside round 32 154,449 195.00 215.00 205.42 171C 3 Round, eye of round (IM) 26 39,708 212.00 222.60 215.46 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 18 16,604 528.00 551.79 540.35 175 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 17 63,607 503.35 565.00 521.95 184 1 Loin, top butt, bnls, heavy 9 41,742 294.05 321.79 298.60 184 3 Loin, top butt, boneless 32 107,885 303.35 330.00 308.52 185A 4 Loin, bottom sirloin, flap 17 37,001 420.00 440.11 432.06 185B 1 Loin, ball-tip, bnls, heavy 10 68,945 206.75 225.00 217.12 185C 1 Loin, sirloin, tri-tip (IM) 19 53,770 297.00 336.79 309.00 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 17 67,914 908.00 966.00 922.01 191A 4 Loin, butt tender, trimmed 5 7,831 924.00 930.50 928.13 193 4 Flank, flank steak (IM) 13 43,107 363.00 398.81 375.11 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 18 21,846 100.00 125.60 110.88 121D 4 Plate, Inside Skirt (IM) 28 72,239 343.00 370.00 352.99 121C 4 Plate, Outside Skirt (IM) 16 34,725 486.00 540.00 504.32 121E 6 Outside Skirt, pld (IM) 7 12,812 665.00 700.00 684.14

Cap, Wedge Meat & (IM) Lean 49 293,351 220.00 238.00 229.86

Pectoral Meat 31 80,818 223.00 250.00 233.11 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 43 198,283 168.00 186.93 175.66 Ground Beef 75% Ground Beef 81% 37 85,417 212.00 235.00 221.57 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 11 59,812 269.99 284.25 277.09 Ground Beef Chuck 80% 8 102,039 210.00 242.75 232.70 Ground Beef Round 85% 11 18,997 225.00 237.00 230.53 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% 8 43,431 210.25 232.30 216.61 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 20 655,922 42.00 59.50 49.85 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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