Bloomberg News

USDA Boxed Beef Cutout Closing Prices for May 18

May 18, 2012

May 18 (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: 192.51 186.56 Change from prior day: 1.41 0.73 ------------------------------------------------------------------------------- Choice/Select spread: 5.94

Total Load Count (Cuts, Trimmings, Grids): 180 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 266.86 251.87 Primal Chuck 164.82 162.93 Primal Round 165.06 164.93 Primal Loin 273.60 255.60 Primal Brisket 131.69 132.62 Primal Short Plate 121.29 125.49 Primal Flank 100.28 94.47 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 05/17 90 59 16 20 186 191.10 185.83 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 190.76 185.35 -------------------------------------------------------------------------------- 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 77.41 loads 3,096,506 pounds Select Cuts 57.82 loads 2,312,790 pounds Trimmings 21.55 loads 861,881 pounds Ground Beef 23.36 load 934,305 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 15 47,624 553.00 560.00 555.67 112A 3 Rib, ribeye, bnls, light 9 18,922 595.00 641.00 631.46 112A 3 Rib, ribeye, bnls, heavy 28 44,015 593.87 640.00 617.40 113C 1 Chuck, semi-bnls, neck/off 10 43,977 188.00 209.00 196.51 114 1 Chuck, shoulder clod 19 39,776 191.39 211.00 205.19 114A 3 Chuck, shoulder clod, trmd 27 88,631 211.00 230.00 217.01 114D 3 Chuck, clod, top blade 8 10,825 260.00 296.00 268.15 114E 3 Chuck, clod, arm roast 13 23,809 217.35 265.00 242.14 114F 5 Chuck, clod tender (IM) 14 15,417 339.00 384.61 356.67 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 35 144,567 215.00 235.00 228.48 116B 1 Chuck, chuck tender (IM) 26 61,078 206.39 229.00 219.60

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 31 124,773 193.73 210.00 203.30 120A 3 Brisket, point/off, bnls 20 28,341 294.00 334.75 313.78 123A 3 Short Plate, short rib 17 109,931 235.00 361.00 258.82 130 4 Chuck, short rib 50 701,743 180.00 225.00 184.30 160 1 Round, bone-in 5 7,699 189.00 212.00 197.96 161 1 Round, boneless 5 6,332 206.00 215.50 208.96

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 67 220,183 230.00 249.75 235.21 168 1 Round, top inside round 24 47,312 194.39 215.50 207.87 168 3 Round, top inside round 19 67,139 203.48 228.00 216.36 169 5 Round, top inside, denuded 15 46,625 245.00 257.00 247.89

3 Round, top inside, side off 170 1 Round, bottom gooseneck 7 2,509 184.66 215.00 206.37 171B 3 Round, outside round 54 140,373 200.00 216.00 208.20 171C 3 Round, eye of round (IM) 35 105,961 202.25 225.00 211.03 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 11 23,439 589.60 603.00 590.74 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 6 4,089 530.00 547.75 534.50 180 3 Loin, strip, bnls, 0x1 38 118,949 594.50 650.50 636.03 184 1 Loin, top butt, bnls, heavy 11 10,458 320.00 329.00 321.72 184 3 Loin, top butt, boneless 30 157,988 320.00 350.00 335.74 185A 4 Loin, bottom sirloin, flap 27 203,926 418.00 446.50 421.91 185B 1 Loin, ball-tip, bnls, heavy 20 28,270 219.48 245.50 232.48 185C 1 Loin, sirloin, tri-tip (IM) 14 15,254 300.00 345.00 328.26 185D 4 Loin, tri-tip, pld (IM) 7 3,832 436.63 459.48 451.51 189A 4 Loin, tndrloin, trmd, heavy 36 50,710 932.83 965.50 943.89 191A 4 Loin, butt tender, trimmed 7 6,122 920.50 955.00 929.48 193 4 Flank, flank steak (IM) 11 13,529 399.00 450.73 422.28 ------------------------------------------------------------------------------- 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 14 70,290 470.00 535.00 487.41 112A 3 Rib, ribeye, bnls, light 13 56,321 513.00 595.50 537.95 112A 3 Rib, ribeye, bnls, heavy 31 113,956 519.90 595.50 536.63 113C 1 Chuck, semi-bnls, neck/off 6 23,636 194.00 213.00 201.27 114 1 Chuck, shoulder clod 13 92,975 190.00 207.00 193.39 114A 3 Chuck, shoulder clod, trmd 23 40,496 204.66 225.00 216.63 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 6 10,362 332.00 360.50 347.67 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 40 253,706 218.00 232.00 225.11 116B 1 Chuck, chuck tender (IM) 7 76,646 204.66 230.00 208.73

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 8 16,039 194.48 207.00 204.22 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 12 36,731 235.00 361.00 276.28 130 4 Chuck, short rib 21 213,001 183.00 206.00 185.90 160 1 Round, bone-in 161 1 Round, boneless 4 10,978 204.50 215.50 211.22

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 28 167,469 223.00 241.25 230.94 168 1 Round, top inside round 24 67,368 197.66 210.75 201.43 168 3 Round, top inside round 20 115,670 204.48 221.00 214.70 169 5 Round, top inside, denuded 5 6,812 232.20 254.25 242.56

3 Round, top inside, side off 170 1 Round, bottom gooseneck 8 8,801 185.48 210.00 199.32 171B 3 Round, outside round 13 28,083 197.50 213.50 205.16 171C 3 Round, eye of round (IM) 13 23,343 205.50 227.00 214.11 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 12 23,182 506.00 546.00 516.43 175 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 13 42,475 494.50 565.00 510.00 184 1 Loin, top butt, bnls, heavy 8 20,437 291.00 316.25 304.92 184 3 Loin, top butt, boneless 23 152,890 289.66 335.00 305.33 185A 4 Loin, bottom sirloin, flap 14 112,539 415.00 441.00 415.51 185B 1 Loin, ball-tip, bnls, heavy 10 38,089 214.50 235.00 220.51 185C 1 Loin, sirloin, tri-tip (IM) 11 35,646 291.69 330.82 313.40 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 22 77,925 880.37 934.50 897.10 191A 4 Loin, butt tender, trimmed 9 5,677 905.00 930.00 929.45 193 4 Flank, flank steak (IM) 15 48,510 373.60 408.00 386.67 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 14 20,288 107.89 130.00 111.76 121D 4 Plate, Inside Skirt (IM) 30 126,230 339.00 357.00 347.03 121C 4 Plate, Outside Skirt (IM) 20 49,936 495.00 551.00 518.07 121E 6 Outside Skirt, pld (IM) 6 5,863 664.00 755.00 693.71

Cap, Wedge Meat & (IM) Lean 29 139,866 215.00 235.00 226.36

Pectoral Meat 39 191,116 216.39 250.00 239.57 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 23 185,037 168.00 180.40 176.30 Ground Beef 75% 0 0 Ground Beef 81% 24 126,948 200.00 227.50 220.53 Ground Beef 85% Ground Beef 90% Ground Beef 93% 12 23,978 260.00 283.50 262.13 Ground Beef Chuck 80% 24 311,527 205.00 240.00 224.13 Ground Beef Round 85% 12 51,988 228.00 234.90 229.55 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% 4 60,892 209.00 222.50 211.55 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 18 656,561 43.00 61.00 52.80 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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