Bloomberg News

USDA Boxed Beef Cutout Closing Prices for May 22

May 22, 2012

May 22 (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: 194.28 187.04 Change from prior day: (0.31) 0.57 ------------------------------------------------------------------------------- Choice/Select spread: 7.24

Total Load Count (Cuts, Trimmings, Grids): 215 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 276.50 253.39 Primal Chuck 162.48 162.70 Primal Round 165.89 164.57 Primal Loin 277.18 255.49 Primal Brisket 134.64 133.97 Primal Short Plate 124.62 129.64 Primal Flank 101.55 97.84 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 05/21 103 47 25 20 195 194.59 186.47 05/18 77 58 22 23 180 192.51 186.56 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 192.16 186.21 -------------------------------------------------------------------------------- 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 84.16 loads 3,366,498 pounds Select Cuts 72.14 loads 2,885,533 pounds Trimmings 22.91 loads 916,329 pounds Ground Beef 35.77 load 1,430,961 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 30 202,847 539.47 577.00 542.78 112A 3 Rib, ribeye, bnls, light 19 48,991 610.00 645.00 616.68 112A 3 Rib, ribeye, bnls, heavy 67 107,675 600.00 651.00 627.51 113C 1 Chuck, semi-bnls, neck/off 8 101,957 181.00 215.00 188.47 114 1 Chuck, shoulder clod 15 33,514 200.00 210.00 205.39 114A 3 Chuck, shoulder clod, trmd 35 99,767 206.00 227.00 216.76 114D 3 Chuck, clod, top blade 13 15,391 253.25 292.89 274.12 114E 3 Chuck, clod, arm roast 12 18,627 225.00 264.25 239.25 114F 5 Chuck, clod tender (IM) 15 15,479 349.65 386.74 360.70 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 59 330,458 220.00 239.00 228.49 116B 1 Chuck, chuck tender (IM) 22 48,118 210.12 230.00 219.91

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 48 132,422 199.82 216.00 206.41 120A 3 Brisket, point/off, bnls 26 12,602 306.00 349.50 315.89 123A 3 Short Plate, short rib 27 46,115 252.00 345.00 291.25 130 4 Chuck, short rib 34 109,034 183.00 220.00 196.45 160 1 Round, bone-in 6 12,547 200.50 212.00 211.73 161 1 Round, boneless 5 5,292 207.00 214.00 212.26

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 54 226,893 228.00 249.00 234.60 168 1 Round, top inside round 35 235,047 203.00 217.60 206.96 168 3 Round, top inside round 30 221,563 210.00 229.00 218.93 169 5 Round, top inside, denuded 8 9,034 239.00 256.00 248.84

3 Round, top inside, side off 170 1 Round, bottom gooseneck 8 9,998 195.00 203.00 197.51 171B 3 Round, outside round 47 201,963 188.39 220.52 196.80 171C 3 Round, eye of round (IM) 32 35,886 207.00 230.00 216.90 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 22 69,763 576.95 610.37 586.82 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 5 7,606 530.00 560.08 540.86 180 3 Loin, strip, bnls, 0x1 43 80,763 601.00 661.00 636.76 184 1 Loin, top butt, bnls, heavy 15 8,931 308.50 333.00 319.92 184 3 Loin, top butt, boneless 36 338,344 330.96 356.00 342.55 185A 4 Loin, bottom sirloin, flap 36 114,511 420.00 457.50 436.37 185B 1 Loin, ball-tip, bnls, heavy 6 2,738 230.44 240.00 234.38 185C 1 Loin, sirloin, tri-tip (IM) 8 14,512 305.29 341.50 326.71 185D 4 Loin, tri-tip, pld (IM) 19 30,004 443.45 466.00 450.89 189A 4 Loin, tndrloin, trmd, heavy 28 85,286 930.00 1000.76 946.62 191A 4 Loin, butt tender, trimmed 7 1,059 937.00 970.00 957.07 193 4 Flank, flank steak (IM) 28 19,386 401.00 457.50 426.21 ------------------------------------------------------------------------------- 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 25 122,539 500.00 535.00 508.72 112A 3 Rib, ribeye, bnls, light 9 45,913 520.00 574.00 525.23 112A 3 Rib, ribeye, bnls, heavy 53 145,280 519.21 595.30 547.01 113C 1 Chuck, semi-bnls, neck/off 14 29,635 202.00 213.00 206.55 114 1 Chuck, shoulder clod 10 60,158 182.00 211.00 201.45 114A 3 Chuck, shoulder clod, trmd 31 103,513 208.00 228.00 214.81 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 10 13,867 311.50 340.59 337.69 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 48 325,111 216.40 238.00 225.41 116B 1 Chuck, chuck tender (IM) 29 95,850 209.00 225.00 214.86

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 30 226,816 200.00 215.12 205.99 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 16 20,627 245.00 361.00 300.91 130 4 Chuck, short rib 15 59,893 182.00 205.00 196.36 160 1 Round, bone-in 161 1 Round, boneless 8 9,335 203.15 216.50 209.70

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 19 29,722 233.00 241.25 237.00 168 1 Round, top inside round 11 62,349 196.00 211.00 209.60 168 3 Round, top inside round 23 47,148 208.40 225.87 213.09 169 5 Round, top inside, denuded 6 49,643 244.00 252.35 247.97

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 61,701 191.00 200.13 191.10 171B 3 Round, outside round 28 81,477 198.67 217.00 204.66 171C 3 Round, eye of round (IM) 25 70,652 205.73 221.50 212.02 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 23 43,716 480.00 551.00 512.09 175 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 30 80,694 480.59 566.00 504.92 184 1 Loin, top butt, bnls, heavy 9 32,980 295.00 310.37 299.49 184 3 Loin, top butt, boneless 30 68,185 300.00 330.00 308.93 185A 4 Loin, bottom sirloin, flap 14 68,896 418.00 440.13 428.37 185B 1 Loin, ball-tip, bnls, heavy 17 57,226 210.59 235.00 215.56 185C 1 Loin, sirloin, tri-tip (IM) 11 29,645 305.00 319.00 312.76 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 31 135,138 871.00 950.13 900.19 191A 4 Loin, butt tender, trimmed 11 5,530 923.23 935.00 928.85 193 4 Flank, flank steak (IM) 26 40,967 369.47 418.00 394.27 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 9 8,920 107.89 125.00 115.09 121D 4 Plate, Inside Skirt (IM) 78 510,804 337.59 370.00 349.40 121C 4 Plate, Outside Skirt (IM) 17 12,050 510.00 531.00 521.62 121E 6 Outside Skirt, pld (IM) 10 29,884 670.00 756.45 677.15

Cap, Wedge Meat & (IM) Lean 56 167,898 219.20 255.00 231.77

Pectoral Meat 35 81,316 227.00 255.00 236.63 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 41 377,252 169.05 195.00 173.91 Ground Beef 75% Ground Beef 81% 26 120,502 214.00 235.00 228.77 Ground Beef 85% Ground Beef 90% Ground Beef 93% 24 165,206 255.84 282.14 274.04 Ground Beef Chuck 80% 31 352,192 210.84 261.00 226.00 Ground Beef Round 85% 19 51,499 215.84 235.13 226.05 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% 10 77,134 223.50 232.00 229.63 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 32 808,429 42.00 70.96 55.54 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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