Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 194.51 187.15 Change from prior day: (0.08) 0.68 ------------------------------------------------------------------------------- Choice/Select spread: 7.35

Total Load Count (Cuts, Trimmings, Grids): 111 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 277.46 251.35 Primal Chuck 162.95 162.84 Primal Round 166.31 163.82 Primal Loin 276.58 257.48 Primal Brisket 134.44 133.37 Primal Short Plate 125.28 131.10 Primal Flank 100.76 97.05 -------------------------------------------------------------------------------- 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 40.85 loads 1,634,125 pounds Select Cuts 39.45 loads 1,577,881 pounds Trimmings 2.44 loads 97,700 pounds Ground Beef 27.86 load 1,114,200 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 14 42,776 540.39 577.00 543.73 112A 3 Rib, ribeye, bnls, light 7 15,526 610.00 645.00 619.42 112A 3 Rib, ribeye, bnls, heavy 34 45,846 602.00 646.00 630.09 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 12 21,294 200.00 210.00 204.85 114A 3 Chuck, shoulder clod, trmd 16 45,226 206.00 225.87 213.46 114D 3 Chuck, clod, top blade 6 10,545 253.25 292.89 274.26 114E 3 Chuck, clod, arm roast 6 14,787 225.00 253.25 238.02 114F 5 Chuck, clod tender (IM) 10 9,793 349.65 385.00 352.80 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 32 173,230 222.00 238.00 225.87 116B 1 Chuck, chuck tender (IM) 16 20,756 210.12 230.00 214.47

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 35 104,402 200.00 213.00 206.40 120A 3 Brisket, point/off, bnls 8 3,755 306.00 328.00 313.40 123A 3 Short Plate, short rib 21 28,320 265.00 345.00 302.99 130 4 Chuck, short rib 25 71,589 186.00 220.00 196.71 160 1 Round, bone-in 5 12,403 211.00 212.00 211.86 161 1 Round, boneless 4 4,614 207.00 214.00 213.03

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 35 146,444 228.00 243.00 233.87 168 1 Round, top inside round 19 74,220 203.00 216.00 207.86 168 3 Round, top inside round 13 104,488 215.00 228.00 223.71 169 5 Round, top inside, denuded 6 2,914 239.00 256.00 248.54

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 22 23,967 197.00 218.00 208.66 171C 3 Round, eye of round (IM) 20 19,448 207.00 228.00 214.52 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 6 3,359 591.50 610.00 598.56 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 0 0 180 3 Loin, strip, bnls, 0x1 24 21,519 601.00 651.00 618.27 184 1 Loin, top butt, bnls, heavy 11 5,937 308.50 330.50 316.78 184 3 Loin, top butt, boneless 22 237,801 336.01 356.00 342.49 185A 4 Loin, bottom sirloin, flap 19 49,642 420.00 450.00 435.22 185B 1 Loin, ball-tip, bnls, heavy 185C 1 Loin, sirloin, tri-tip (IM) 5 5,088 305.29 341.50 326.81 185D 4 Loin, tri-tip, pld (IM) 12 17,012 443.45 455.20 448.58 189A 4 Loin, tndrloin, trmd, heavy 15 48,703 930.00 985.60 950.42 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 22 13,704 401.00 455.00 415.66 ------------------------------------------------------------------------------- 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 20,484 500.79 535.00 504.83 112A 3 Rib, ribeye, bnls, light 6 40,104 520.00 546.20 520.57 112A 3 Rib, ribeye, bnls, heavy 32 94,421 519.21 570.50 539.20 113C 1 Chuck, semi-bnls, neck/off 8 10,959 202.75 213.00 207.73 114 1 Chuck, shoulder clod 4 25,228 203.79 211.00 208.27 114A 3 Chuck, shoulder clod, trmd 14 31,976 215.59 228.00 218.54 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 4 2,798 311.50 340.59 329.14 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 24 162,113 216.40 235.00 222.52 116B 1 Chuck, chuck tender (IM) 19 68,433 210.00 225.00 214.57

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 19 150,087 200.00 215.12 205.14 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 11 17,056 245.00 355.00 299.51 130 4 Chuck, short rib 11 49,549 193.00 205.00 199.30 160 1 Round, bone-in 161 1 Round, boneless 5 3,651 203.15 212.75 207.70

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 11 13,248 236.00 238.00 237.12 168 1 Round, top inside round 5 8,577 196.00 210.00 207.23 168 3 Round, top inside round 10 22,151 208.40 225.87 213.80 169 5 Round, top inside, denuded 3 24,296 246.32 248.00 246.57

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 14 54,692 200.00 217.00 203.75 171C 3 Round, eye of round (IM) 11 42,628 205.73 220.87 209.89 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 13 13,253 515.02 550.87 529.57 175 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 13,586 526.00 566.00 547.35 184 1 Loin, top butt, bnls, heavy 7 30,989 295.00 310.00 299.09 184 3 Loin, top butt, boneless 13 31,288 304.00 330.00 310.26 185A 4 Loin, bottom sirloin, flap 6 25,346 418.00 440.00 424.92 185B 1 Loin, ball-tip, bnls, heavy 10 39,913 210.59 241.00 213.52 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 16 36,046 899.00 950.00 911.50 191A 4 Loin, butt tender, trimmed 8 2,719 924.00 935.00 932.00 193 4 Flank, flank steak (IM) 13 26,005 369.47 418.00 387.31 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 121D 4 Plate, Inside Skirt (IM) 58 469,735 337.59 360.10 349.09 121C 4 Plate, Outside Skirt (IM) 9 7,222 510.00 530.00 518.81 121E 6 Outside Skirt, pld (IM) 3 6,704 675.00 682.00 678.70

Cap, Wedge Meat & (IM) Lean 23 76,506 219.20 248.00 232.89

Pectoral Meat 24 70,510 229.86 249.55 236.59 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 13 271,058 170.00 185.00 172.11 Ground Beef 75% Ground Beef 81% 12 83,100 215.00 235.00 232.43 Ground Beef 85% Ground Beef 90% Ground Beef 93% 16 156,324 255.84 282.14 273.85 Ground Beef Chuck 80% 20 283,993 219.13 235.00 224.34 Ground Beef Round 85% 17 50,517 215.84 235.13 225.90 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% 7 70,071 223.60 232.00 230.11 Blended Ground Beef 85% Blended Ground Beef 90% Blended Ground Beef 93% 0 0 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 0 0 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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