Bloomberg News

USDA Boxed Beef Cutout Midday Prices for June 11

June 11, 2012

June 11 (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: 196.66 183.59 Change from prior day: (0.28) 0.94 ------------------------------------------------------------------------------- Choice/Select spread: 13.07

Total Load Count (Cuts, Trimmings, Grids): 107 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 297.41 259.37 Primal Chuck 153.75 153.83 Primal Round 159.50 158.71 Primal Loin 294.81 254.57 Primal Brisket 138.50 134.75 Primal Short Plate 123.95 128.91 Primal Flank 105.91 98.24 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 06/08 83 56 24 32 194 196.94 182.65 06/07 77 58 38 28 201 197.42 184.31 06/06 130 107 27 67 331 197.13 184.77 06/05 121 92 17 45 274 196.40 185.15 06/04 84 48 5 23 161 197.62 185.49 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 197.10 184.47 -------------------------------------------------------------------------------- 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 50.01 loads 2,000,483 pounds Select Cuts 31.57 loads 1,262,798 pounds Trimmings 8.69 loads 347,662 pounds Ground Beef 16.78 load 671,182 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 21 155,347 603.08 636.50 610.81 112A 3 Rib, ribeye, bnls, light 4 5,163 700.00 710.00 707.42 112A 3 Rib, ribeye, bnls, heavy 37 60,513 658.00 710.00 695.87 113C 1 Chuck, semi-bnls, neck/off 4 40,039 190.00 207.11 190.26 114 1 Chuck, shoulder clod 114A 3 Chuck, shoulder clod, trmd 23 136,302 201.00 225.39 209.92 114D 3 Chuck, clod, top blade 7 6,157 285.00 310.11 294.93 114E 3 Chuck, clod, arm roast 8 58,560 220.00 253.00 235.39 114F 5 Chuck, clod tender (IM) 5 4,561 351.23 363.11 359.10 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 31 102,894 216.00 234.50 221.64 116B 1 Chuck, chuck tender (IM) 9 24,983 210.00 231.39 213.30

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 16 88,327 209.00 228.00 218.16 120A 3 Brisket, point/off, bnls 4 1,831 323.50 339.50 336.20 123A 3 Short Plate, short rib 14 19,250 265.00 373.00 335.43 130 4 Chuck, short rib 19 39,131 183.00 232.00 196.68 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 22 87,708 217.00 237.00 225.70 168 1 Round, top inside round 11 70,528 200.00 210.10 205.69 168 3 Round, top inside round 19 64,139 203.00 223.00 209.35 169 5 Round, top inside, denuded 11 69,290 240.00 255.00 248.48

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 26 182,702 181.00 206.00 189.96 171C 3 Round, eye of round (IM) 22 32,028 205.20 215.80 210.47 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 10 118,450 650.00 666.50 651.12 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 6 4,418 646.00 692.50 678.97 180 3 Loin, strip, bnls, 0x1 27 75,293 748.08 785.00 763.05 184 1 Loin, top butt, bnls, heavy 5 3,906 340.00 351.00 341.84 184 3 Loin, top butt, boneless 23 137,976 360.00 375.00 361.27 185A 4 Loin, bottom sirloin, flap 10 54,358 450.00 465.00 459.46 185B 1 Loin, ball-tip, bnls, heavy 10 6,669 235.00 244.00 237.24 185C 1 Loin, sirloin, tri-tip (IM) 6 20,463 343.85 373.00 366.14 185D 4 Loin, tri-tip, pld (IM) 3 2,400 478.00 485.00 478.97 189A 4 Loin, tndrloin, trmd, heavy 24 163,767 955.00 985.11 967.03 191A 4 Loin, butt tender, trimmed 7 5,951 945.11 980.00 955.03 193 4 Flank, flank steak (IM) 10 7,886 460.00 470.11 466.69 ------------------------------------------------------------------------------- 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 7 3,159 527.00 550.00 530.29 112A 3 Rib, ribeye, bnls, light 5 5,755 580.00 585.00 581.35 112A 3 Rib, ribeye, bnls, heavy 17 46,708 560.52 595.30 585.82 113C 1 Chuck, semi-bnls, neck/off 5 11,791 199.61 210.00 202.51 114 1 Chuck, shoulder clod 4 46,131 190.00 217.80 192.16 114A 3 Chuck, shoulder clod, trmd 10 48,443 203.61 222.60 210.67 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 5 3,690 325.00 345.00 332.70 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 16 157,986 217.35 231.38 220.36 116B 1 Chuck, chuck tender (IM) 7 7,821 212.00 220.50 215.19

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 6 14,657 209.11 220.00 218.92 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 12,718 246.00 356.00 298.82 130 4 Chuck, short rib 6 35,843 183.00 196.00 187.09 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 10 133,190 203.92 229.25 215.34 168 1 Round, top inside round 8 55,821 199.00 218.49 203.60 168 3 Round, top inside round 8 58,156 205.00 223.00 210.57 169 5 Round, top inside, denuded

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 0 0 171B 3 Round, outside round 13 130,700 181.00 204.80 189.75 171C 3 Round, eye of round (IM) 5 7,142 210.50 213.00 211.53 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 7 11,216 494.00 550.00 509.65 175 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 14 27,400 460.00 567.00 487.28 184 1 Loin, top butt, bnls, heavy 5 103,299 275.00 306.00 275.30 184 3 Loin, top butt, boneless 9 8,103 300.00 327.00 308.74 185A 4 Loin, bottom sirloin, flap 5 36,296 418.00 460.25 424.19 185B 1 Loin, ball-tip, bnls, heavy 3 4,709 231.00 233.65 233.54 185C 1 Loin, sirloin, tri-tip (IM) 5 3,312 329.50 344.00 334.55 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 9 7,961 890.00 927.00 905.16 191A 4 Loin, butt tender, trimmed 5 2,236 914.00 937.00 926.55 193 4 Flank, flank steak (IM) 6 1,490 398.92 439.00 413.75 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 6 2,042 115.10 125.00 120.24 121D 4 Plate, Inside Skirt (IM) 16 118,404 352.00 380.00 359.34 121C 4 Plate, Outside Skirt (IM) 10 5,254 520.00 551.00 533.42 121E 6 Outside Skirt, pld (IM) 6 15,655 720.00 750.00 723.75

Cap, Wedge Meat & (IM) Lean 30 188,571 222.75 253.00 235.46

Pectoral Meat 15 33,367 230.35 252.00 236.89 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 38 238,054 143.96 177.00 154.85 Ground Beef 75% 0 0 Ground Beef 81% 30 267,721 175.00 217.50 183.31 Ground Beef 85% Ground Beef 90% Ground Beef 93% 3 1,572 258.50 270.00 261.46 Ground Beef Chuck 80% 11 33,379 190.00 204.80 197.01 Ground Beef Round 85% 14 74,706 212.00 225.00 220.78 Ground Beef Sirloin 90% 0 0 ------------------------------------------------------------------------------- BLENDED GB - STEER/HEIFER/COW SOURCE- 10 Pound Chub Basis - Coarse & Fine Grind ------------------------------------------------------------------------------- Blended Ground Beef 73% 0 0 Blended Ground Beef 75% Blended Ground Beef 81% 5 25,400 198.10 217.70 210.06 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 12 347,662 47.75 53.50 51.53 Frozen 50% lean trimmings 0 0 -------------------------------------------------------------------------------- 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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