Bloomberg News

USDA Boxed Beef Cutout Closing Prices for June 12

June 12, 2012

June 12 (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: 197.48 182.22 Change from prior day: (0.21) (1.44) ------------------------------------------------------------------------------- Choice/Select spread: 15.26

Total Load Count (Cuts, Trimmings, Grids): 212 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 297.40 258.35 Primal Chuck 153.11 152.03 Primal Round 158.33 157.50 Primal Loin 301.01 251.31 Primal Brisket 136.88 137.16 Primal Short Plate 124.66 130.08 Primal Flank 105.76 99.49 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 06/11 84 53 27 27 191 197.69 183.66 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 197.11 184.11 -------------------------------------------------------------------------------- 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 90.33 loads 3,613,371 pounds Select Cuts 76.98 loads 3,079,090 pounds Trimmings 13.61 loads 544,370 pounds Ground Beef 31.51 load 1,260,531 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 20 48,177 590.00 642.00 617.07 112A 3 Rib, ribeye, bnls, light 11 11,917 680.00 721.50 702.79 112A 3 Rib, ribeye, bnls, heavy 68 127,787 655.00 717.00 686.12 113C 1 Chuck, semi-bnls, neck/off 6 34,332 190.00 205.00 191.10 114 1 Chuck, shoulder clod 23 83,507 192.00 212.00 201.48 114A 3 Chuck, shoulder clod, trmd 28 223,862 204.00 229.89 208.17 114D 3 Chuck, clod, top blade 12 70,836 274.12 315.00 286.15 114E 3 Chuck, clod, arm roast 14 14,721 224.35 261.25 239.97 114F 5 Chuck, clod tender (IM) 13 14,601 350.03 392.00 362.64 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 62 320,732 212.60 230.00 218.96 116B 1 Chuck, chuck tender (IM) 21 132,894 208.00 222.00 212.27

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 38 133,332 201.00 228.00 211.21 120A 3 Brisket, point/off, bnls 12 21,205 325.19 357.00 336.22 123A 3 Short Plate, short rib 28 52,905 265.00 367.00 327.47 130 4 Chuck, short rib 30 68,106 186.05 230.54 197.65 160 1 Round, bone-in 6 8,684 188.50 211.50 208.20 161 1 Round, boneless 6 21,965 198.00 213.00 204.78

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 47 317,232 211.85 232.00 218.26 168 1 Round, top inside round 41 339,172 195.00 215.70 199.28 168 3 Round, top inside round 42 305,906 200.00 221.00 207.82 169 5 Round, top inside, denuded 9 10,461 240.00 265.54 246.95

3 Round, top inside, side off 170 1 Round, bottom gooseneck 6 17,488 186.00 211.00 187.75 171B 3 Round, outside round 63 368,455 185.50 205.00 190.97 171C 3 Round, eye of round (IM) 42 67,368 201.50 239.00 210.51 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 18 9,856 640.00 680.58 668.15 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 7 10,129 642.00 681.00 668.36 180 3 Loin, strip, bnls, 0x1 36 50,317 700.00 785.15 760.32 184 1 Loin, top butt, bnls, heavy 14 16,523 332.00 352.00 338.67 184 3 Loin, top butt, boneless 28 70,263 343.53 375.00 357.78 185A 4 Loin, bottom sirloin, flap 28 80,031 445.00 480.68 460.63 185B 1 Loin, ball-tip, bnls, heavy 7 7,106 235.00 256.00 247.99 185C 1 Loin, sirloin, tri-tip (IM) 11 16,950 341.88 385.00 365.76 185D 4 Loin, tri-tip, pld (IM) 9 5,561 475.00 504.50 480.46 189A 4 Loin, tndrloin, trmd, heavy 23 42,366 965.00 1016.00 989.87 191A 4 Loin, butt tender, trimmed 8 9,058 934.00 982.00 938.80 193 4 Flank, flank steak (IM) 28 30,426 435.00 478.00 459.40 ------------------------------------------------------------------------------- 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 52,366 511.00 535.00 526.08 112A 3 Rib, ribeye, bnls, light 11 48,926 555.00 591.09 569.39 112A 3 Rib, ribeye, bnls, heavy 42 84,670 543.00 597.00 573.08 113C 1 Chuck, semi-bnls, neck/off 18 65,125 194.50 209.75 197.37 114 1 Chuck, shoulder clod 15 211,879 191.00 210.00 199.05 114A 3 Chuck, shoulder clod, trmd 26 156,375 203.95 219.85 209.85 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 8 17,841 335.00 365.22 354.66 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 43 270,175 214.00 230.00 218.65 116B 1 Chuck, chuck tender (IM) 14 70,785 208.00 230.00 210.87

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 13 99,452 203.50 244.00 213.60 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 8 22,631 245.00 355.00 282.50 130 4 Chuck, short rib 12 46,898 190.00 210.00 195.77 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 24 77,908 214.00 234.00 223.47 168 1 Round, top inside round 33 352,380 195.00 213.65 197.22 168 3 Round, top inside round 24 146,353 200.00 218.00 206.72 169 5 Round, top inside, denuded 3 2,301 247.00 252.24 250.66

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 2,267 191.00 210.00 199.95 171B 3 Round, outside round 49 358,668 181.00 200.00 190.95 171C 3 Round, eye of round (IM) 28 65,307 200.00 220.54 206.28 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 15 36,274 485.00 550.54 504.98 175 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 18 27,881 504.00 565.00 514.08 184 1 Loin, top butt, bnls, heavy 6 13,690 286.03 304.00 290.02 184 3 Loin, top butt, boneless 14 131,387 276.00 309.00 286.08 185A 4 Loin, bottom sirloin, flap 9 15,754 425.47 461.00 436.18 185B 1 Loin, ball-tip, bnls, heavy 16 21,545 218.39 245.00 227.86 185C 1 Loin, sirloin, tri-tip (IM) 14 63,849 315.00 343.50 325.09 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 29 173,321 887.40 928.75 891.13 191A 4 Loin, butt tender, trimmed 7 1,893 896.25 932.80 909.23 193 4 Flank, flank steak (IM) 14 18,095 415.00 448.00 423.55 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 12 25,388 111.85 120.65 113.42 121D 4 Plate, Inside Skirt (IM) 44 161,472 351.00 372.00 356.76 121C 4 Plate, Outside Skirt (IM) 19 27,064 505.00 550.00 528.48 121E 6 Outside Skirt, pld (IM) 8 26,656 702.20 750.00 721.82

Cap, Wedge Meat & (IM) Lean 24 94,762 227.00 256.00 234.14

Pectoral Meat 42 279,804 228.00 246.50 232.48 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 68 505,979 142.56 177.00 158.34 Ground Beef 75% Ground Beef 81% 44 272,510 172.00 215.00 188.99 Ground Beef 85% Ground Beef 90% Ground Beef 93% 21 97,050 250.00 281.50 257.06 Ground Beef Chuck 80% 17 128,388 190.00 228.00 193.76 Ground Beef Round 85% 14 44,033 212.00 220.54 214.33 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% 8 51,501 195.50 233.00 221.56 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 22 544,370 45.00 52.00 50.26 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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