Bloomberg News

USDA Boxed Beef Cutout Closing Prices for June 14

June 14, 2012

June 14 (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: 198.17 181.96 Change from prior day: 0.41 (0.07) ------------------------------------------------------------------------------- Choice/Select spread: 16.21

Total Load Count (Cuts, Trimmings, Grids): 257 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 300.13 261.16 Primal Chuck 155.31 153.06 Primal Round 155.25 156.19 Primal Loin 303.90 250.42 Primal Brisket 137.03 134.96 Primal Short Plate 122.11 126.61 Primal Flank 105.17 98.22 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 06/13 121 104 24 46 295 197.76 182.03 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 197.46 182.97 -------------------------------------------------------------------------------- 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 128.58 loads 5,143,142 pounds Select Cuts 59.80 loads 2,391,928 pounds Trimmings 18.65 loads 745,972 pounds Ground Beef 50.15 load 2,005,957 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 14 33,625 630.00 653.00 641.14 112A 3 Rib, ribeye, bnls, light 9 9,282 671.50 725.00 690.76 112A 3 Rib, ribeye, bnls, heavy 32 57,249 671.94 735.00 710.48 113C 1 Chuck, semi-bnls, neck/off 3 4,245 195.00 201.50 197.95 114 1 Chuck, shoulder clod 22 82,663 189.00 210.03 204.44 114A 3 Chuck, shoulder clod, trmd 38 153,290 204.00 228.68 209.94 114D 3 Chuck, clod, top blade 10 7,975 293.00 320.53 299.70 114E 3 Chuck, clod, arm roast 11 118,253 214.00 261.25 219.29 114F 5 Chuck, clod tender (IM) 17 19,941 354.50 385.63 359.86 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 67 316,860 213.00 231.50 217.83 116B 1 Chuck, chuck tender (IM) 37 197,942 208.00 228.00 211.95

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 46 140,163 205.73 229.00 214.64 120A 3 Brisket, point/off, bnls 17 16,767 330.00 342.30 333.60 123A 3 Short Plate, short rib 36 88,913 249.00 373.50 285.08 130 4 Chuck, short rib 49 416,389 181.55 229.53 187.31 160 1 Round, bone-in 11 15,252 187.00 211.50 190.41 161 1 Round, boneless 8 41,705 186.54 213.65 209.04

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 57 516,248 204.00 228.00 211.46 168 1 Round, top inside round 53 497,965 192.75 213.55 196.22 168 3 Round, top inside round 37 205,179 204.00 220.00 208.28 169 5 Round, top inside, denuded 16 32,405 235.00 257.50 250.49

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 11,474 196.00 206.00 197.20 171B 3 Round, outside round 94 1,252,152 180.00 201.64 181.86 171C 3 Round, eye of round (IM) 56 261,668 199.95 219.00 204.77 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 15 11,751 653.00 675.00 668.49 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 6 3,464 681.00 701.00 689.51 180 3 Loin, strip, bnls, 0x1 23 45,292 780.40 796.00 784.59 184 1 Loin, top butt, bnls, heavy 5 6,575 345.00 354.80 347.10 184 3 Loin, top butt, boneless 37 66,332 350.16 376.00 362.81 185A 4 Loin, bottom sirloin, flap 33 44,752 441.50 482.00 463.72 185B 1 Loin, ball-tip, bnls, heavy 22 99,425 227.00 255.00 232.39 185C 1 Loin, sirloin, tri-tip (IM) 21 28,484 349.00 377.00 364.17 185D 4 Loin, tri-tip, pld (IM) 11 9,123 469.35 500.00 483.07 189A 4 Loin, tndrloin, trmd, heavy 27 60,251 955.00 1026.00 976.64 191A 4 Loin, butt tender, trimmed 3 2,128 950.00 980.19 952.33 193 4 Flank, flank steak (IM) 20 13,659 440.50 486.00 463.88 ------------------------------------------------------------------------------- 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 15 55,387 508.00 539.65 524.80 112A 3 Rib, ribeye, bnls, light 9 17,664 550.00 599.50 573.32 112A 3 Rib, ribeye, bnls, heavy 26 27,419 570.00 595.00 584.96 113C 1 Chuck, semi-bnls, neck/off 9 18,749 190.00 203.50 194.66 114 1 Chuck, shoulder clod 17 154,400 188.00 215.00 190.99 114A 3 Chuck, shoulder clod, trmd 24 72,043 204.00 225.00 209.36 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 15 122,213 300.50 330.50 304.02 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 43 223,107 212.00 230.00 217.68 116B 1 Chuck, chuck tender (IM) 18 77,084 207.00 218.00 210.71

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 26 148,208 209.50 226.00 215.23 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 13 53,467 245.00 365.50 267.97 130 4 Chuck, short rib 12 77,001 185.00 199.00 188.81 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 28 122,765 204.00 237.00 212.00 168 1 Round, top inside round 22 155,641 194.00 208.00 197.90 168 3 Round, top inside round 22 146,490 200.00 219.00 207.07 169 5 Round, top inside, denuded 7 15,103 229.10 257.50 239.82

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 6 5,847 186.72 205.00 200.78 171B 3 Round, outside round 30 134,788 183.00 203.00 189.10 171C 3 Round, eye of round (IM) 21 50,073 204.00 222.00 209.50 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 25 25,107 495.00 561.00 518.67 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 28 45,715 490.00 556.00 518.53 184 1 Loin, top butt, bnls, heavy 13 30,245 280.00 301.25 286.09 184 3 Loin, top butt, boneless 32 74,335 287.14 314.65 293.31 185A 4 Loin, bottom sirloin, flap 16 27,215 429.87 464.00 454.10 185B 1 Loin, ball-tip, bnls, heavy 14 45,972 221.00 244.10 228.90 185C 1 Loin, sirloin, tri-tip (IM) 9 15,185 320.00 342.44 329.36 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 15 13,398 880.00 944.89 897.10 191A 4 Loin, butt tender, trimmed 7 11,984 873.34 930.00 875.28 193 4 Flank, flank steak (IM) 19 22,997 412.00 460.50 425.61 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 19 20,398 113.50 140.61 122.24 121D 4 Plate, Inside Skirt (IM) 53 232,272 352.04 371.00 360.28 121C 4 Plate, Outside Skirt (IM) 26 25,166 518.50 557.00 539.42 121E 6 Outside Skirt, pld (IM) 4 9,286 737.00 760.00 755.14

Cap, Wedge Meat & (IM) Lean 53 128,856 225.00 250.00 234.16

Pectoral Meat 36 60,064 230.00 252.00 236.94 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 39 240,775 142.00 177.00 151.93 Ground Beef 75% Ground Beef 81% 46 467,984 170.00 211.25 176.54 Ground Beef 85% Ground Beef 90% Ground Beef 93% 17 77,482 241.00 282.50 260.30 Ground Beef Chuck 80% 34 598,952 179.82 210.65 205.70 Ground Beef Round 85% 11 21,454 201.00 218.00 215.81 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% 3 6,568 199.00 201.10 200.44 Blended Ground Beef 85% Blended Ground Beef 90% 0 0 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 25 702,132 43.00 54.65 48.05 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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