Bloomberg News

USDA Boxed Beef Cutout Closing Prices for May 25

May 25, 2012

May 25 (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: 194.63 185.46 Change from prior day: (0.93) (1.38) ------------------------------------------------------------------------------- Choice/Select spread: 9.17

Total Load Count (Cuts, Trimmings, Grids): 177 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 276.13 255.24 Primal Chuck 160.38 157.96 Primal Round 165.18 165.03 Primal Loin 283.14 254.92 Primal Brisket 135.52 131.06 Primal Short Plate 122.14 125.82 Primal Flank 102.85 99.11 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 05/24 75 58 24 38 195 195.56 186.84 05/23 102 58 20 40 220 195.37 187.65 05/22 84 72 23 36 215 194.28 187.04 05/21 103 47 25 20 195 194.59 186.47 05/18 77 58 22 23 180 192.51 186.56 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 194.46 186.91 -------------------------------------------------------------------------------- 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 66.88 loads 2,675,397 pounds Select Cuts 61.75 loads 2,470,083 pounds Trimmings 19.47 loads 778,971 pounds Ground Beef 29.37 load 1,174,995 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 19 42,919 540.53 600.50 550.65 112A 3 Rib, ribeye, bnls, light 19 61,870 621.39 667.00 650.47 112A 3 Rib, ribeye, bnls, heavy 41 110,589 602.00 664.00 644.13 113C 1 Chuck, semi-bnls, neck/off 3 3,155 205.75 210.00 208.40 114 1 Chuck, shoulder clod 16 66,310 202.00 214.58 206.28 114A 3 Chuck, shoulder clod, trmd 38 208,381 208.00 228.00 216.71 114D 3 Chuck, clod, top blade 8 47,067 270.00 317.75 277.20 114E 3 Chuck, clod, arm roast 5 8,608 245.00 270.00 247.69 114F 5 Chuck, clod tender (IM) 9 14,319 344.00 383.00 356.18 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 49 188,684 219.34 241.00 231.79 116B 1 Chuck, chuck tender (IM) 25 54,569 215.00 227.00 220.99

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 38 90,630 197.73 227.00 209.07 120A 3 Brisket, point/off, bnls 15 21,960 306.00 339.60 318.61 123A 3 Short Plate, short rib 7 17,904 310.00 366.00 347.57 130 4 Chuck, short rib 29 78,574 184.20 230.00 198.74 160 1 Round, bone-in 6 12,372 195.50 212.00 200.94 161 1 Round, boneless 7 9,301 208.50 216.00 213.92

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 47 189,580 230.00 245.00 236.03 168 1 Round, top inside round 25 122,004 205.00 220.99 209.17 168 3 Round, top inside round 27 252,426 208.25 230.00 215.51 169 5 Round, top inside, denuded 12 21,268 247.60 262.00 250.40

3 Round, top inside, side off 170 1 Round, bottom gooseneck 12 9,200 192.00 211.00 201.93 171B 3 Round, outside round 40 114,170 199.00 219.00 205.57 171C 3 Round, eye of round (IM) 32 101,703 202.00 226.00 209.50 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 18 63,921 592.75 637.00 608.84 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 9 11,440 523.75 587.42 547.67 180 3 Loin, strip, bnls, 0x1 26 52,534 652.42 701.00 672.97 184 1 Loin, top butt, bnls, heavy 6 11,495 329.00 336.50 331.91 184 3 Loin, top butt, boneless 24 56,576 325.00 360.00 350.55 185A 4 Loin, bottom sirloin, flap 18 73,949 431.00 455.00 437.57 185B 1 Loin, ball-tip, bnls, heavy 15 102,644 219.00 240.00 232.53 185C 1 Loin, sirloin, tri-tip (IM) 10 34,347 305.00 339.00 325.71 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 26 86,187 935.00 1026.00 954.09 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 10 9,618 401.00 447.00 428.82 ------------------------------------------------------------------------------- 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 17 52,328 508.70 535.00 533.69 112A 3 Rib, ribeye, bnls, light 11 97,841 534.37 587.00 556.65 112A 3 Rib, ribeye, bnls, heavy 20 76,681 531.39 580.50 558.98 113C 1 Chuck, semi-bnls, neck/off 4 24,397 207.00 209.25 207.03 114 1 Chuck, shoulder clod 7 19,532 200.11 215.85 207.28 114A 3 Chuck, shoulder clod, trmd 21 62,175 210.39 225.00 216.25 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 10 14,009 306.36 355.50 330.55 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 38 271,861 220.00 245.00 230.51 116B 1 Chuck, chuck tender (IM) 17 26,086 210.25 235.00 218.59

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 36 819,440 193.70 225.00 199.59 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 11 22,037 243.00 361.00 312.21 130 4 Chuck, short rib 6 42,471 184.20 200.00 191.15 160 1 Round, bone-in 0 0 161 1 Round, boneless 4 9,014 207.00 213.50 211.88

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 23 75,346 230.00 250.00 235.82 168 1 Round, top inside round 9 78,584 201.00 213.75 208.29 168 3 Round, top inside round 14 58,165 204.37 225.00 211.66 169 5 Round, top inside, denuded

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 2,693 195.65 210.00 199.87 171B 3 Round, outside round 19 84,443 197.00 216.50 203.75 171C 3 Round, eye of round (IM) 18 42,766 205.00 230.00 209.05 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 14 23,874 508.25 553.11 532.73 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 16 69,430 498.00 549.85 505.49 184 1 Loin, top butt, bnls, heavy 6 11,658 297.33 326.00 306.11 184 3 Loin, top butt, boneless 17 48,473 304.00 335.00 310.42 185A 4 Loin, bottom sirloin, flap 8 82,613 426.35 460.00 436.73 185B 1 Loin, ball-tip, bnls, heavy 5 13,216 230.00 251.00 231.24 185C 1 Loin, sirloin, tri-tip (IM) 9 41,007 299.00 336.79 301.43 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 16 117,132 881.00 937.00 889.95 191A 4 Loin, butt tender, trimmed 3 1,514 915.50 930.07 929.41 193 4 Flank, flank steak (IM) 12 20,962 375.00 440.00 405.85 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 10 8,691 112.29 130.00 118.56 121D 4 Plate, Inside Skirt (IM) 22 40,736 349.00 372.00 353.91 121C 4 Plate, Outside Skirt (IM) 12 9,350 515.00 551.00 526.83 121E 6 Outside Skirt, pld (IM) 7 10,665 650.50 715.00 668.60

Cap, Wedge Meat & (IM) Lean 32 143,553 224.00 250.50 231.62

Pectoral Meat 19 38,248 232.92 254.00 238.05 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 25 335,949 150.00 184.00 164.46 Ground Beef 75% 0 0 Ground Beef 81% 43 231,201 204.40 234.00 218.93 Ground Beef 85% Ground Beef 90% Ground Beef 93% 20 80,274 253.00 286.00 267.83 Ground Beef Chuck 80% 16 187,026 198.00 233.00 213.95 Ground Beef Round 85% 11 95,329 220.40 245.00 228.32 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% 9 59,936 208.74 230.00 215.15 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% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 16 444,761 51.00 58.50 52.81 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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