Bloomberg News

USDA Boxed Beef Cutout Closing Prices for May 29

May 29, 2012

May 29 (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: 195.74 187.21 Change from prior day: 1.11 1.75 ------------------------------------------------------------------------------- Choice/Select spread: 8.53

Total Load Count (Cuts, Trimmings, Grids): 171 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 279.42 255.73 Primal Chuck 161.01 160.97 Primal Round 166.62 165.57 Primal Loin 282.76 256.43 Primal Brisket 136.30 131.05 Primal Short Plate 125.36 130.30 Primal Flank 103.96 100.33 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 05/25 67 62 19 29 177 194.63 185.46 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 194.88 186.69 -------------------------------------------------------------------------------- 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 79.93 loads 3,197,232 pounds Select Cuts 42.47 loads 1,698,734 pounds Trimmings 20.78 loads 831,351 pounds Ground Beef 27.72 load 1,108,912 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 31 126,746 550.59 591.00 558.88 112A 3 Rib, ribeye, bnls, light 12 37,710 621.00 675.00 650.22 112A 3 Rib, ribeye, bnls, heavy 40 91,374 619.00 675.00 648.81 113C 1 Chuck, semi-bnls, neck/off 7 62,796 181.00 211.00 191.18 114 1 Chuck, shoulder clod 8 116,451 200.00 214.25 206.72 114A 3 Chuck, shoulder clod, trmd 31 89,455 211.00 230.43 220.02 114D 3 Chuck, clod, top blade 14 17,143 255.00 294.76 279.75 114E 3 Chuck, clod, arm roast 25 145,906 224.00 256.50 229.43 114F 5 Chuck, clod tender (IM) 7 6,061 360.00 385.00 365.17 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 52 240,308 225.00 241.00 232.52 116B 1 Chuck, chuck tender (IM) 25 61,983 215.00 228.15 222.42

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 39 159,936 201.00 226.00 210.47 120A 3 Brisket, point/off, bnls 17 8,071 317.78 338.30 325.10 123A 3 Short Plate, short rib 23 44,739 265.00 356.00 343.32 130 4 Chuck, short rib 28 59,237 184.20 233.80 195.93 160 1 Round, bone-in 6 5,075 195.00 210.52 197.77 161 1 Round, boneless 8 3,834 207.00 218.00 212.75

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 59 198,538 226.00 245.00 235.31 168 1 Round, top inside round 18 53,460 198.00 215.50 211.44 168 3 Round, top inside round 20 84,128 213.00 228.00 219.61 169 5 Round, top inside, denuded 24 110,933 245.00 261.25 249.18

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 40 176,433 195.00 221.00 205.54 171C 3 Round, eye of round (IM) 52 101,453 209.00 224.70 216.31 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 23 155,514 588.00 635.50 596.35 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 7 5,840 565.00 615.00 593.31 180 3 Loin, strip, bnls, 0x1 49 140,575 626.00 740.00 669.92 184 1 Loin, top butt, bnls, heavy 4 3,925 320.00 339.57 331.41 184 3 Loin, top butt, boneless 45 280,023 340.86 367.00 347.67 185A 4 Loin, bottom sirloin, flap 21 50,759 425.00 464.00 448.82 185B 1 Loin, ball-tip, bnls, heavy 18 27,207 235.00 247.00 240.89 185C 1 Loin, sirloin, tri-tip (IM) 6 21,047 326.25 351.00 337.59 185D 4 Loin, tri-tip, pld (IM) 13 12,626 444.00 465.00 451.15 189A 4 Loin, tndrloin, trmd, heavy 47 150,497 928.15 1015.00 959.31 191A 4 Loin, butt tender, trimmed 10 4,987 937.45 970.00 946.76 193 4 Flank, flank steak (IM) 15 12,302 425.04 460.00 441.05 ------------------------------------------------------------------------------- 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 21 34,688 509.00 535.50 521.06 112A 3 Rib, ribeye, bnls, light 8 53,247 559.00 603.00 569.51 112A 3 Rib, ribeye, bnls, heavy 36 60,716 537.00 599.94 573.51 113C 1 Chuck, semi-bnls, neck/off 18 41,394 206.00 211.00 209.53 114 1 Chuck, shoulder clod 10 14,137 199.62 215.80 208.26 114A 3 Chuck, shoulder clod, trmd 22 56,434 215.00 228.25 220.78 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 12 13,546 335.00 365.13 344.50 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 36 185,113 222.00 238.00 231.33 116B 1 Chuck, chuck tender (IM) 12 30,003 212.11 225.00 220.02

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 13 40,526 205.25 225.50 210.46 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 7 18,791 245.00 355.00 267.46 130 4 Chuck, short rib 14 48,990 184.20 211.00 196.81 160 1 Round, bone-in 161 1 Round, boneless 7 16,845 207.00 219.25 214.38

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 20 85,599 226.00 243.00 232.77 168 1 Round, top inside round 12 38,146 196.00 215.00 202.54 168 3 Round, top inside round 24 47,637 210.00 225.00 216.73 169 5 Round, top inside, denuded 5 9,595 245.00 261.00 253.33

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 19 41,172 199.00 214.38 203.69 171C 3 Round, eye of round (IM) 20 40,342 205.00 220.00 212.99 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 21 80,581 504.23 553.00 530.56 175 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 94,216 491.00 556.00 516.88 184 1 Loin, top butt, bnls, heavy 7 59,588 295.00 308.67 302.61 184 3 Loin, top butt, boneless 26 87,657 302.80 335.00 311.05 185A 4 Loin, bottom sirloin, flap 9 28,765 432.00 449.82 435.15 185B 1 Loin, ball-tip, bnls, heavy 10 17,593 220.00 239.85 234.54 185C 1 Loin, sirloin, tri-tip (IM) 13 25,159 307.00 325.49 314.94 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 20 34,936 882.40 946.00 905.19 191A 4 Loin, butt tender, trimmed 9 8,163 919.00 933.00 924.26 193 4 Flank, flank steak (IM) 19 32,678 395.31 455.00 413.75 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 12 15,189 113.00 125.00 116.44 121D 4 Plate, Inside Skirt (IM) 33 176,617 346.00 372.00 353.78 121C 4 Plate, Outside Skirt (IM) 14 60,487 501.00 531.00 513.08 121E 6 Outside Skirt, pld (IM) 12 35,746 657.40 715.00 698.77

Cap, Wedge Meat & (IM) Lean 34 77,374 219.00 253.00 233.01

Pectoral Meat 42 69,334 234.00 250.17 238.39 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 52 224,548 160.00 190.25 171.98 Ground Beef 75% Ground Beef 81% 49 229,185 205.00 230.00 219.38 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 20 41,363 262.50 281.00 276.25 Ground Beef Chuck 80% 37 263,687 202.75 241.00 218.55 Ground Beef Round 85% 22 106,789 222.00 235.00 230.88 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% 11 45,758 210.25 229.00 217.61 Blended Ground Beef 85% Blended Ground Beef 90% Blended Ground Beef 93% Blended Ground Beef Chuck 80% 0 0 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 36 786,701 52.28 72.00 56.41 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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