Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 192.51 187.29 Change from prior day: 1.41 1.46 ------------------------------------------------------------------------------- Choice/Select spread: 5.22

Total Load Count (Cuts, Trimmings, Grids): 119 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 266.05 256.61 Primal Chuck 164.96 163.08 Primal Round 165.22 165.01 Primal Loin 273.63 256.07 Primal Brisket 131.40 132.54 Primal Short Plate 121.59 125.88 Primal Flank 100.25 94.49 -------------------------------------------------------------------------------- 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 52.06 loads 2,082,343 pounds Select Cuts 37.47 loads 1,498,897 pounds Trimmings 16.97 loads 678,974 pounds Ground Beef 12.21 load 488,478 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 7 4,192 553.00 560.00 556.37 112A 3 Rib, ribeye, bnls, light 7 16,127 595.00 641.00 637.13 112A 3 Rib, ribeye, bnls, heavy 20 36,047 593.87 640.00 615.73 113C 1 Chuck, semi-bnls, neck/off 9 41,027 188.00 209.00 195.75 114 1 Chuck, shoulder clod 12 26,468 191.39 211.00 204.97 114A 3 Chuck, shoulder clod, trmd 18 47,521 211.00 230.00 216.79 114D 3 Chuck, clod, top blade 5 10,099 260.00 295.58 266.46 114E 3 Chuck, clod, arm roast 5 9,156 241.00 265.00 252.21 114F 5 Chuck, clod tender (IM) 7 6,294 339.00 380.00 345.23 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 27 114,192 215.00 235.00 228.82 116B 1 Chuck, chuck tender (IM) 18 42,952 210.00 229.00 222.29

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 20 73,840 193.73 210.00 203.29 120A 3 Brisket, point/off, bnls 13 19,669 294.00 334.75 311.17 123A 3 Short Plate, short rib 12 64,121 235.00 361.00 255.55 130 4 Chuck, short rib 35 659,115 180.00 225.00 183.72 160 1 Round, bone-in 5 7,699 189.00 212.00 197.96 161 1 Round, boneless 3 4,492 206.00 207.00 206.28

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 28 44,508 232.00 249.75 237.09 168 1 Round, top inside round 15 38,800 200.80 215.50 208.05 168 3 Round, top inside round 10 29,185 217.00 228.00 221.86 169 5 Round, top inside, denuded 4 2,231 245.00 255.00 249.34

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 2,387 186.66 215.00 206.83 171B 3 Round, outside round 35 76,364 200.00 216.00 207.53 171C 3 Round, eye of round (IM) 16 29,237 209.00 225.00 215.38 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 6 5,356 590.00 603.00 594.39 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 5 3,340 530.00 547.75 535.50 180 3 Loin, strip, bnls, 0x1 24 49,985 594.50 650.50 632.84 184 1 Loin, top butt, bnls, heavy 9 7,506 320.00 329.00 322.40 184 3 Loin, top butt, boneless 15 94,413 322.60 350.00 332.68 185A 4 Loin, bottom sirloin, flap 26 202,785 418.00 446.50 421.84 185B 1 Loin, ball-tip, bnls, heavy 17 26,144 219.48 245.50 232.26 185C 1 Loin, sirloin, tri-tip (IM) 11 12,415 300.00 345.00 326.26 185D 4 Loin, tri-tip, pld (IM) 7 1,499 419.68 459.48 446.89 189A 4 Loin, tndrloin, trmd, heavy 15 18,174 934.71 965.50 942.94 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 7 10,264 399.00 441.00 421.28 ------------------------------------------------------------------------------- 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 11 26,364 496.00 535.00 511.41 112A 3 Rib, ribeye, bnls, light 8 28,473 513.00 595.50 524.96 112A 3 Rib, ribeye, bnls, heavy 20 29,647 547.55 595.50 570.20 113C 1 Chuck, semi-bnls, neck/off 3 12,634 202.00 205.50 203.97 114 1 Chuck, shoulder clod 5 5,262 193.48 207.00 202.46 114A 3 Chuck, shoulder clod, trmd 12 18,796 204.66 225.00 215.60 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 4 3,691 332.00 360.50 354.01 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 31 227,767 220.00 232.00 225.14 116B 1 Chuck, chuck tender (IM) 5 76,359 208.00 230.00 208.73

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 6 7,573 194.48 207.00 203.87 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 9 29,333 235.00 361.00 279.56 130 4 Chuck, short rib 18 199,123 183.00 206.00 185.09 160 1 Round, bone-in 161 1 Round, boneless 3 4,788 204.50 206.00 205.69

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 14 84,494 228.16 241.25 231.57 168 1 Round, top inside round 13 25,701 197.66 208.67 203.12 168 3 Round, top inside round 17 112,530 204.48 221.00 214.69 169 5 Round, top inside, denuded 4 6,755 232.20 254.25 242.57

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 3,224 185.48 210.00 207.12 171B 3 Round, outside round 9 17,602 199.00 211.00 207.45 171C 3 Round, eye of round (IM) 9 18,350 210.17 227.00 214.91 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 8 15,101 506.00 546.00 512.46 175 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 9 34,283 494.50 565.00 504.92 184 1 Loin, top butt, bnls, heavy 5 10,319 291.00 316.25 307.68 184 3 Loin, top butt, boneless 10 19,775 304.00 335.00 311.54 185A 4 Loin, bottom sirloin, flap 13 112,151 415.00 441.00 415.43 185B 1 Loin, ball-tip, bnls, heavy 8 31,595 214.50 235.00 221.54 185C 1 Loin, sirloin, tri-tip (IM) 11 35,646 291.69 330.82 313.40 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 15 73,672 880.37 934.50 895.90 191A 4 Loin, butt tender, trimmed 6 5,146 930.00 930.00 930.00 193 4 Flank, flank steak (IM) 14 48,458 373.60 400.00 386.65 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 8 12,932 109.00 120.00 111.47 121D 4 Plate, Inside Skirt (IM) 22 79,786 339.00 357.00 346.26 121C 4 Plate, Outside Skirt (IM) 15 45,544 505.00 551.00 519.31 121E 6 Outside Skirt, pld (IM) 3 1,317 664.00 755.00 708.76

Cap, Wedge Meat & (IM) Lean 19 56,492 215.00 235.00 229.19

Pectoral Meat 20 159,055 220.00 250.00 241.28 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 7 42,034 168.00 177.00 170.96 Ground Beef 75% 0 0 Ground Beef 81% 16 104,653 200.00 226.00 220.77 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 7 21,192 260.00 271.00 260.07 Ground Beef Chuck 80% 13 78,751 219.00 237.00 225.06 Ground Beef Round 85% 11 51,499 228.00 234.90 229.53 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% 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 13 473,654 43.00 61.00 53.57 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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