Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 191.22 186.12 Change from prior day: 0.24 1.02 ------------------------------------------------------------------------------- Choice/Select spread: 5.10

Total Load Count (Cuts, Trimmings, Grids): 123 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 267.83 255.34 Primal Chuck 160.97 159.45 Primal Round 164.36 163.86 Primal Loin 272.38 257.06 Primal Brisket 132.90 132.79 Primal Short Plate 122.64 127.16 Primal Flank 100.28 94.23 -------------------------------------------------------------------------------- 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 67.28 loads 2,691,238 pounds Select Cuts 38.36 loads 1,534,213 pounds Trimmings 5.92 loads 236,972 pounds Ground Beef 11.54 load 461,417 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 18 16,183 540.30 585.12 553.52 112A 3 Rib, ribeye, bnls, light 17 124,661 575.00 630.00 606.97 112A 3 Rib, ribeye, bnls, heavy 31 194,749 578.25 630.00 604.10 113C 1 Chuck, semi-bnls, neck/off 7 6,643 195.10 207.50 200.48 114 1 Chuck, shoulder clod 7 22,296 198.50 207.00 204.07 114A 3 Chuck, shoulder clod, trmd 25 112,725 212.00 221.00 215.24 114D 3 Chuck, clod, top blade 12 19,001 260.00 301.05 263.10 114E 3 Chuck, clod, arm roast 10 17,035 217.40 265.00 239.11 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 28 189,692 221.25 236.00 227.68 116B 1 Chuck, chuck tender (IM) 13 14,601 216.00 225.00 221.53

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 20 26,518 193.00 208.05 201.93 120A 3 Brisket, point/off, bnls 11 18,512 311.00 333.50 316.95 123A 3 Short Plate, short rib 17 30,377 309.60 361.25 349.05 130 4 Chuck, short rib 23 60,047 185.00 227.89 199.30 160 1 Round, bone-in 4 5,153 204.00 211.00 209.37 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 35 132,557 233.00 249.00 237.05 168 1 Round, top inside round 27 235,282 194.00 215.00 198.18 168 3 Round, top inside round 34 186,979 204.00 225.00 212.30 169 5 Round, top inside, denuded 25 86,728 236.00 260.00 239.50

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 47 400,592 192.00 215.00 200.48 171C 3 Round, eye of round (IM) 27 63,221 209.47 225.50 214.02 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 9 17,924 583.10 600.00 590.06 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 10 8,461 521.96 531.70 529.10 180 3 Loin, strip, bnls, 0x1 28 129,621 601.00 635.00 615.07 184 1 Loin, top butt, bnls, heavy 4 3,075 320.00 325.00 322.38 184 3 Loin, top butt, boneless 18 83,857 329.50 346.00 339.40 185A 4 Loin, bottom sirloin, flap 17 36,131 424.50 443.00 435.40 185B 1 Loin, ball-tip, bnls, heavy 9 36,015 225.00 244.00 228.56 185C 1 Loin, sirloin, tri-tip (IM) 12 33,004 304.00 325.00 309.97 185D 4 Loin, tri-tip, pld (IM) 4 4,906 439.00 460.00 449.08 189A 4 Loin, tndrloin, trmd, heavy 16 49,853 936.00 971.00 954.35 191A 4 Loin, butt tender, trimmed 0 0 193 4 Flank, flank steak (IM) 7 7,818 401.10 441.00 410.33 ------------------------------------------------------------------------------- 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 13 115,094 504.00 535.00 529.99 112A 3 Rib, ribeye, bnls, light 8 21,301 545.00 595.00 562.66 112A 3 Rib, ribeye, bnls, heavy 14 17,036 554.00 595.00 568.78 113C 1 Chuck, semi-bnls, neck/off 8 9,891 201.25 210.00 204.77 114 1 Chuck, shoulder clod 13 22,707 194.00 206.18 204.01 114A 3 Chuck, shoulder clod, trmd 12 25,793 213.25 222.00 215.42 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 6 7,620 331.50 333.50 331.93 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 24 74,050 218.95 238.30 224.45 116B 1 Chuck, chuck tender (IM) 12 38,964 206.75 225.00 216.10

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 12 54,334 198.00 208.05 203.11 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 10 25,770 244.80 356.00 305.18 130 4 Chuck, short rib 6 29,127 191.00 217.00 192.99 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 11 57,737 228.80 237.00 233.43 168 1 Round, top inside round 27 111,637 195.00 212.92 200.37 168 3 Round, top inside round 18 87,231 205.00 221.00 212.28 169 5 Round, top inside, denuded 13 62,433 234.00 248.00 244.17

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 83,487 190.00 202.00 190.28 171B 3 Round, outside round 14 37,825 199.12 215.00 209.17 171C 3 Round, eye of round (IM) 14 22,169 212.00 222.60 215.16 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 15 13,936 539.05 551.79 541.22 175 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 14 56,117 512.20 565.00 523.80 184 1 Loin, top butt, bnls, heavy 3 1,847 295.00 311.05 300.78 184 3 Loin, top butt, boneless 21 46,442 303.35 330.00 310.80 185A 4 Loin, bottom sirloin, flap 12 22,649 422.92 440.11 432.84 185B 1 Loin, ball-tip, bnls, heavy 8 67,760 206.75 225.00 217.00 185C 1 Loin, sirloin, tri-tip (IM) 16 52,181 297.00 336.79 308.90 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 7 29,915 920.00 966.00 927.05 191A 4 Loin, butt tender, trimmed 0 0 193 4 Flank, flank steak (IM) 7 18,957 363.00 379.00 372.58 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 8 2,726 110.00 125.60 122.73 121D 4 Plate, Inside Skirt (IM) 18 54,611 343.00 370.00 353.60 121C 4 Plate, Outside Skirt (IM) 12 29,510 486.00 515.00 502.44 121E 6 Outside Skirt, pld (IM) 6 8,718 665.00 695.00 676.69

Cap, Wedge Meat & (IM) Lean 40 251,507 224.45 238.00 230.30

Pectoral Meat 27 68,916 223.00 250.00 233.86 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 27 133,316 168.00 184.00 176.24 Ground Beef 75% Ground Beef 81% 24 54,680 212.00 235.00 221.02 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 7 55,786 269.99 284.25 276.96 Ground Beef Chuck 80% 7 100,239 210.00 242.75 232.79 Ground Beef Round 85% 11 18,997 225.00 237.00 230.53 Ground Beef Sirloin 90% 0 0 ------------------------------------------------------------------------------- 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% 4 25,806 210.25 232.30 214.37 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 6 236,972 57.00 59.50 57.32 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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