Bloomberg News

USDA Boxed Beef Cutout Midday Prices for June 13

June 13, 2012

June 13 (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: 197.17 182.12 Change from prior day: (0.31) (0.10) ------------------------------------------------------------------------------- Choice/Select spread: 15.04

Total Load Count (Cuts, Trimmings, Grids): 192 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 295.81 259.92 Primal Chuck 152.38 152.56 Primal Round 157.25 157.21 Primal Loin 302.79 250.34 Primal Brisket 136.23 134.36 Primal Short Plate 124.47 130.02 Primal Flank 105.58 98.95 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 06/12 90 77 14 32 212 197.48 182.22 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 197.33 183.52 -------------------------------------------------------------------------------- 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 73.29 loads 2,931,429 pounds Select Cuts 67.39 loads 2,695,783 pounds Trimmings 15.95 loads 637,916 pounds Ground Beef 35.73 load 1,429,250 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 23 12,377 629.28 665.00 641.26 112A 3 Rib, ribeye, bnls, light 20 43,117 678.00 726.00 686.14 112A 3 Rib, ribeye, bnls, heavy 44 125,964 675.29 722.93 692.55 113C 1 Chuck, semi-bnls, neck/off 9 23,717 195.00 210.00 198.98 114 1 Chuck, shoulder clod 18 62,067 191.00 215.00 202.14 114A 3 Chuck, shoulder clod, trmd 51 186,790 204.00 225.00 212.17 114D 3 Chuck, clod, top blade 9 13,206 296.00 306.25 301.47 114E 3 Chuck, clod, arm roast 9 81,517 221.00 235.00 221.57 114F 5 Chuck, clod tender (IM) 11 21,737 350.00 378.44 369.66 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 64 235,506 210.50 234.50 219.66 116B 1 Chuck, chuck tender (IM) 35 65,554 209.00 222.00 215.11

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 44 116,764 209.02 225.00 215.97 120A 3 Brisket, point/off, bnls 26 21,796 298.53 342.00 323.17 123A 3 Short Plate, short rib 26 37,334 262.50 341.00 312.75 130 4 Chuck, short rib 23 67,835 182.00 216.00 192.85 160 1 Round, bone-in 10 8,930 191.00 204.00 197.78 161 1 Round, boneless 13 52,128 194.00 210.61 200.41

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 60 114,555 211.97 233.00 218.57 168 1 Round, top inside round 37 158,260 195.00 213.15 199.65 168 3 Round, top inside round 46 441,638 198.57 227.50 207.15 169 5 Round, top inside, denuded 24 52,609 237.00 254.00 240.32

3 Round, top inside, side off 170 1 Round, bottom gooseneck 6 6,122 194.50 205.00 199.99 171B 3 Round, outside round 59 335,110 186.00 200.30 190.11 171C 3 Round, eye of round (IM) 46 61,345 200.00 220.50 207.39 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 33 20,638 653.00 682.00 672.31 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 20 16,856 662.00 686.00 678.08 180 3 Loin, strip, bnls, 0x1 41 51,725 762.00 797.80 778.71 184 1 Loin, top butt, bnls, heavy 20 20,475 345.00 358.00 347.22 184 3 Loin, top butt, boneless 27 42,491 344.55 377.00 362.60 185A 4 Loin, bottom sirloin, flap 21 34,085 450.00 476.00 462.26 185B 1 Loin, ball-tip, bnls, heavy 32 30,855 229.52 254.52 240.63 185C 1 Loin, sirloin, tri-tip (IM) 16 27,101 354.20 371.00 358.17 185D 4 Loin, tri-tip, pld (IM) 12 28,931 470.00 507.39 472.89 189A 4 Loin, tndrloin, trmd, heavy 48 111,335 955.00 1043.60 969.11 191A 4 Loin, butt tender, trimmed 5 1,077 975.00 980.00 975.25 193 4 Flank, flank steak (IM) 9 14,844 465.00 481.00 468.06 ------------------------------------------------------------------------------- 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 28 79,344 513.00 543.03 523.67 112A 3 Rib, ribeye, bnls, light 20 39,295 548.00 596.00 561.70 112A 3 Rib, ribeye, bnls, heavy 50 112,353 548.00 599.28 578.47 113C 1 Chuck, semi-bnls, neck/off 18 43,792 195.00 213.00 204.04 114 1 Chuck, shoulder clod 17 125,303 191.00 215.00 197.09 114A 3 Chuck, shoulder clod, trmd 19 55,519 205.00 225.00 215.58 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 6 5,075 329.00 355.43 334.30 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 50 209,670 213.00 230.00 218.63 116B 1 Chuck, chuck tender (IM) 20 28,171 210.00 230.00 215.86

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 17 95,056 200.89 224.80 206.06 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 14 2,823 265.00 265.00 265.00 130 4 Chuck, short rib 21 20,151 188.00 200.00 191.86 160 1 Round, bone-in 161 1 Round, boneless 9 8,683 192.00 215.11 203.00

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 27 51,335 213.00 235.00 218.87 168 1 Round, top inside round 30 210,315 195.00 209.11 198.28 168 3 Round, top inside round 24 104,383 204.00 220.00 209.02 169 5 Round, top inside, denuded 12 13,706 242.00 251.00 244.68

3 Round, top inside, side off 170 1 Round, bottom gooseneck 6 2,423 196.00 210.00 199.31 171B 3 Round, outside round 32 146,739 182.00 204.11 188.89 171C 3 Round, eye of round (IM) 22 23,045 206.00 220.00 210.35 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 31 41,590 514.00 557.00 543.02 175 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 47 288,710 495.00 566.00 506.56 184 1 Loin, top butt, bnls, heavy 20 47,861 275.00 296.00 286.22 184 3 Loin, top butt, boneless 39 230,702 275.00 323.61 282.51 185A 4 Loin, bottom sirloin, flap (M) 185B 1 Loin, ball-tip, bnls, heavy 23 38,013 220.00 246.17 229.39 185C 1 Loin, sirloin, tri-tip (IM) 15 113,043 313.00 348.61 320.59 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 25 57,439 870.00 928.61 894.18 191A 4 Loin, butt tender, trimmed 8 1,591 900.00 930.00 923.16 193 4 Flank, flank steak (IM) 11 36,915 405.00 449.46 413.04 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 16 110,579 113.39 120.50 116.33 121D 4 Plate, Inside Skirt (IM) 20 38,248 354.00 370.00 360.58 121C 4 Plate, Outside Skirt (IM) 22 31,097 518.50 546.00 536.12 121E 6 Outside Skirt, pld (IM) 10 21,499 715.00 750.00 740.66

Cap, Wedge Meat & (IM) Lean 52 157,686 228.00 250.30 235.74

Pectoral Meat 31 41,048 229.00 257.00 240.75 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 69 255,181 146.00 179.03 154.86 Ground Beef 75% Ground Beef 81% 96 371,775 173.00 219.61 183.16 Ground Beef 85% Ground Beef 90% Ground Beef 93% 37 108,893 247.50 283.61 257.37 Ground Beef Chuck 80% 40 239,844 179.00 215.82 190.31 Ground Beef Round 85% 39 180,716 210.00 226.00 215.80 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% 5 48,194 197.60 210.20 199.66 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 16 610,236 45.00 56.00 48.03 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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